Indian Markets Hit Record Highs As Exit Polls Predict Modi Win

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14 May 2014, 11:25

By Siddhartha Kumar (DPA)

NEW DELHI — India's stock markets hit record highs Tuesday after exit polls predicted that Hindu nationalist leader Narendra Modi was on course to become the next prime minister.

The 30-share Sensex of the Bombay Stock Exchange rose over 2 per cent at midday to cross the 24,000 level for the first time. It closed the day's trade at 23,871.23, a gain of 320.23 points.

The index has gained more than 1,500 points in three sessions since Friday.

The National Stock Exchange's 50-share Nifty also closed at a record high of 7,108.75, up 94.50 points or 1.35 per cent.

Market analysts said investors were optimistic that the Modi-led Bharatiya Janata Party would form a stable government and initiate measures to revive the economy that has seen a slowdown in recent years.

"Exit polls indicate the possibility of a stable government. In the initial jubilation surrounding a new government, the markets are expected to see a swift rise," said Sudhakar Ramasubramanian, chief of Aditya Birla Money.

"The budget and the ability of the new government to address the (economic) policy paralysis and kick-start the investment cycle will have major bearing on the extent of investor optimism in the marketplace," he said.

The NSE has surged around 20 per cent since Modi was declared the BJP prime ministerial candidate on September 13, broadcaster NDTV reported.

A large part of gains have come on account of strong buying by foreign investors, who have purchased cash shares worth about 4.3 billion dollars so far this year.

Modi is currently chief minister of Gujarat, one of India's most economically advanced states. He has promised to develop new jobs and investment in Asia's third-largest economy.

Most exit polls released after the five-week elections that ended Monday suggest that Modi's party will secure enough seats in the 543-member parliament to enable him to become premier.

But Indian exit polls have been wrong in the past, and some political analysts remain wary of them. Official results will be released on Friday.

In New Delhi, Premier Manmohan Singh received a standing ovation and emotional farewells on his last day at work after a decade in office.

Singh, 81, bid goodbye to his personal staff in South Block near the Parliament House in the Indian capital, the IANS news agency reported.

The economist-turned-politician had announced earlier this year that he would not seek a third term even if his party won this time.

Singh was to chair his last cabinet meet Saturday after which he will leave office.

Taiwanese Say Factories Damaged in Vietnam's Anti-China Protest

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14 May 2014, 11:25

Protesters hold banners and shout anti-China slogans during a rally against China in Hanoi, Vietnam, 11 May 2014. About a thousand protesters gathered near the embassy of China in Hanoi to call for an end to 'Chinese aggression in the South China Sea', parts of which are claimed by both countries (DPA).

TAIPEI (DPA) — Taiwan summoned the Vietnamese ambassador Wednesday over damage to Taiwanese business properties in southern Vietnam during anti-China demonstrations this week.

At least two Taiwanese were injured, and Taiwanese-owned factories and facilities were damaged, Foreign Minister David Lin said.

The protests were triggered by China's deployment of an oil rig in what Vietnam considers to be its territory in the South China Sea.

The ministry urged Taiwanese businessmen in Vietnam to put up signs saying "Taiwan" in Vietnamese outside their factories, to avoid being mistaken for Chinese, state-run Central News Agency reported.

Hon Hai Precision Industry Co, the world's largest contract electronics maker, said Wednesday that its production base in Vietnam was not affected by the anti-China protests.

But damage and loss were reported by other Taiwanese companies, including shoe manufacturer Pou Chen Groups and textile plant Far Eastern.

Malaysian Premier Calls for Aviation Reforms After MH370 Tragedy

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14 May 2014, 11:25

An image released by Australian Maritime Safety Authority 26 April 2014 shows current planned search areas in Indian Ocean, west of Australia, for the wreckage of flight MH370 (DPA).

KUALA LUMPUR (DPA) — Malaysian Prime Minister Najib Razak called for reforms in the global aviation industry Wednesday after the disappearance of commerical jetliner more than two months ago.

Najib said reforms the industry can adopt include the use of real-time tracking, as well as changing communications systems so those cannot be disabled in mid-air.

"One of the most astonishing things about this tragedy is the revelation that an airliner the size of a Boeing 777 can vanish, almost without a trace," he said in a commentary published in Wall Street Journal.

"In an age of smartphones and mobile internet, real-time tracking of commercial airplanes is long overdue."

"We should also consider changing communications systems – namely transponders and Aircraft Communications Addressing and Reporting Systems – so they can't be disabled mid-air," he said.

Najib lamented that the industry did not implement recommendations of investigators of the Air France 447 that crashed into the Atlantic Ocean in 2009, "that would help search teams quickly locate a crash site and reach any survivors."

The prime minister said policymakers should also consider improving the capabilities of plane flight data and voice recorders.

"At the moment, the location pingers – which are activated if a plane crashes – last only for 30 days. This should be increased to at least 90 days, as the European Union has proposed," he said.

He added that audio recording capability should be increased to at least 24 hours, from the present capability of two hours.

"These changes may not have prevented the MH370 or Air France 447 tragedies. But they would make it harder for an aircraft to simply disappear, and easier to find any aircraft that did," he said.

Najib admitted the Malaysian government "didn't get everything right" in the first few days after the Beijing-bound flight MH370, with 239 people aboard, disappeared March 8 an hour after takeoff from Kuala Lumpur International Airport.

But Najib said Malaysia did its best "under near-impossible circumstances." He vowed to continue searching until the plane is found.

Joint Thai-Myanma Visakha Bucha Celebration

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13 May 2014, 19:11

Buddhists from Thailand and Myanmar came together to celebrate the birth, enlightenment, and death of Lord Buddha in a religious ceremony held near the Thai-Myanmar border in Tak province, 13 May 2014.

TAK — Buddhists from Thailand and Myanmar came together to celebrate the birth, enlightenment, and death of Lord Buddha in a religious ceremony held near the Thai-Myanmar border in Tak province today.

The ceremony was jointly chaired by Tak Govenor Suriya Prasartbandit and Myanmar's Myawaddy Governor Lui Go U. Officials said more than 10,000 citizens attended the ceremony, which involved Buddhist worshippers offerings food to monks and performing other religious merits.

Visakha Bucha Day is considered to be the most important religious holiday by Buddhists in Thailand. Alcohol sale is banned across the country today to comply with Buddhist teachings.

Mr. Suriya told reporters that the ceremony, organised by the authorities in Mae Sot district, was meant to honour the long relationship and history of interactions between Thailand and Myanmar.

"The majority of people in both countries similarly have faith in Buddhism and adopt its dhamma teachings as the pillar for their soul," Mr. Suriya said. "So our way of life and cultures are in fact very similar."

He also praised the construction of Thai-Myanmar Friendship Bridge across Moei River in Mae Sot district as the gateway to the district, which is now home to many ethnicities and faiths.

"The border trade has helped foster good friendship between the two nations," Mr. Suriya said.

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Surachai: Article 7 To Go Forward If Govt Doesn't Offer 'New Solution'

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13 May 2014, 17:55

Senate Speaker Surachai Liengboonlertchai speaking at a press conference, 13 May 2014

BANGKOK — Senate Speaker Surachai Liengboonlertchai has said that the government must present a "new solution" in order to avoid the appointment of an unelected Prime Minister by the Senate.

Anti-government protesters have demanded the Senate replace caretaker Prime Minister Niwatthamrong Boonsongphaisarn with a royally-approved unelected PM. While a number of Senators and anti-government activists claim the move is legal under Article 7 of the 2007 Constitution, governmental officials and numerous experts have dismissed the plan as unconstitutional.

Mr. Surachai has not yet called a Senate meeting to deliberate on the invocation of Article 7 as anti-government protesters have requested, but he said in a press conference today that Article 7 might be invoked if the government does not present its own solution to the ongoing political crisis.

"If they don't want to see the invocation of Article 7 of the Constitution, then they should present a solution," Mr. Surachai said, referring to the caretaker government. "Or if any agency or organisation can give us confidence that they can lead the country to normalcy, the Senate will be willing to quit this quest."

Mr. Surachai’s comments appear to ignore that the caretaker government has consistently offered elections as a solution for resolving the country’s protracted political crisis.

Mr. Surachai added, "Let me stress that the Senate has not agreed on any particular solution. Please don't distort the facts and claim that we are on this side or that side. We were only meeting for the first day, but a certain political party has said they will press charge on the Senators for supporting the insurrection. Please stop this kind of discouraging behaviour."

Mr. Surachai insisted that the Senate is open to "all suggestions," and said that the final solution adopted by the Senate will be based on "national interests."

The Senate convened a second day of informal meetings today to debate measures for steering the country out of its political stalemate. It also invited representatives from the government to attend the session and consult with the Senators, but PM Niwatthamrong declined the invitation, citing his busy schedule, Mr. Surachai said.

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China Sends Fighter Jets to Protect Oil Rig in Disputed Zone

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13 May 2014, 16:28

Protesters hold banners and shout anti-China slogans during a rally against China in Hanoi, Vietnam, 11 May 2014 (DPA).

HANOI/BEIJING (DPA) — China sent warplanes to protect an oil rig located in disputed waters in the South China Sea, reports from Vietnam said Monday.

China repeatedly flew two groups of jet fighters over Vietnamese ships that have been trying to prevent the installation of a Chinese oil rig in waters claimed by Hanoi, Colonel Ngo Ngoc Thu, vice commander of Vietnam's coast guard, was quoted as saying.

Vietnamese ships fought back with water cannon after being attacked Monday, Tuoi Tre newspaper reported, posting pictures shot by reporters at the scene.

The clashes lasted an hour, and there were no reported injuries.

China has deployed as many as 80 vessels including warships to guard the drilling platform since May 1, Thu said.

China insists the oil rig site is inside its "sovereign territory" near the disputed Paracel islands, which Beijing claims as the Xisha islands.

The government and state media did comment on the Vietnamese reports of military jets in the area, which Hanoi says is within Vietnam's exclusive economic zone.

On Sunday, Vietnamese Premier Nguyen Tan Dung denounced China at a regional summit in Myanmar over its actions in the sea, where other nations also have territorial claims.

Dung called the move "extremely dangerous action" and "directly threatening peace, stability and maritime security and safety in the South China Sea."

A declaration by the 10-member Association of South-East Asian Nations called on all sides to "refrain from taking actions that would further escalate tension and to work towards an early conclusion of the Code of Conduct in the South China Sea."

Thousands of Vietnamese protested over the weekend against China's deployment of the oil rig.

In Washington, Secretary of State John Kerry called China's deployment of fighter jets an "aggressive act" and backed creation of a "code of conduct" to calm down tensions.

"All nations that are engaged in navigation and traffic within the South China Sea, the East China Sea, are deeply concerned about this aggressive act," Kerry said ahead of a meeting with Singapore's Foreign Minister Kasiviswanathan Shanmugam.

Redshirts Warn Senate Not To Invoke Article 7

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13 May 2014, 16:01

Senate Speaker Surachai Liangboonlertchai welcoming PCAD leader Suthep Thaugsuban into the House of Parliament to discuss plans for an appointed PM, 12 May 2014.

BANGKOK — The Redshirts have issued yet another threat to stage a massive uprising if the Senate accepts anti-government protesters' demand for an appointed Prime Minister.

Speaking to a crowd of pro-government supporters on the third day of their rally at Aksa Avenue in western Bangkok, Redshirt leader Jatupon Prompan criticised Senate Speaker Surachai Liangboonlertchai’s decision to meet in person with the leader of anti-government movement inside the House of Parliament yesterday.

Suthep Thaugsuban, leader of the People's Committee for Absolute Democracy With the King As Head of State (PCAD), was given a grand welcome at the Parliament – despite the arrest warrants on Mr. Suthep – and was granted a private audience with Mr. Surachai for nearly an hour. Journalists were not allowed to observe their discussion.

Mr. Suthep has been urging the Senate to appoint a new Prime Minister with a royal endorsement from His Majesty the King. Mr. Suthep claims this move is legal under Article 7 of the Thai Constitution.

The government has dismissed the proposal as unconstitutional and insisted that the caretaker PM, Niwatthamrong Boonsongphaisarn, will stay on until the next election on July 20.

A number of appointed Senators have voiced their support for Mr. Suthep’s plan, leading pro-government supporters to suspect that the Senate may soon vote to appoint an unelected PM.

In his speech today, Mr. Jatupon said Senators risk becoming the servants of Mr. Suthep. The Redshirt leader lambasted Mr. Surachai for "conspiring" with Mr. Suthep in a bid to oust the elected government.

"Mr. Surachai has lost his dignity. He is no gentleman. He should know that Thais must live under the laws," Mr. Jatupon said.

Mr. Jatupon also challenged Mr. Surachai to reveal his true colours by granting Mr. Suthep's wish for the Senate to vote on an appointed PM.

"We UDD [the United Front of Democracy Against Dictatorship] like challenges. If Mr. Surachai is confident that Mr. Suthep can protect him, then he should just go for a royally-appointed PM under Article 7."

While Mr. Jatupon stressed that the Redshirts will hold their position on Aksa Avenue, he confirmed that they will immediately "escalate" their rally and possibly march to central Bangkok if the Senate invokes Article 7.

"So will the Senate use Article 7? Let us know soon. When Mr. Suthep is about to move, the UDD will move as well," Mr. Jatupon said to a loud cheer by the Redshirts.

Mr. Jatupon also questioned why Gen. Prayuth Chan-ocha, commander-in-chief of the Royal Thai Army, has not ordered the troops to vacate the Government House even though Mr. Suthep has announced his plan to seize the compound as his new "office."

"Why is Gen. Prayuth letting his subordinates accommodate the rebels?” Mr. Jatupon asked. “The military lets Mr. Suthep enter and use the area inside the Government House, they claim that they didn't want any clash. If one day Mr. Suthep is so arrogant that he wants to use the headquarters of the Royal Thai Army as his office, does it mean he can do so?"

Although Mr. Surachai has not openly stated his views on invoking Article 7, pro-government protesters suspect that he is highly sympathetic to the idea because of his backing from the appointed Senators – a pro-establishment faction in the Senate considered to be hostile to the current government.

Mr. Suthep has announced that he will give the Senate until the end of this week to decide on the invocation of Article 7. When the ultimatum expires, Mr. Suthep has said he will appoint himself as "Sovereign Body" and directly seek a royal intervention.

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Australians To Suffer "Pain With A Purpose" To Heal Budget

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13 May 2014, 15:30

Australian Prime Minister Tony Abbott is introducing cost-cutting measures for Australians and across government (DPA).

By Sid Astbury (DPA)

SYNDEY — Australians will work until they are 70, pay to visit the doctor, get less in welfare benefits and pay more for petrol as the new government moves to curb public spending and pay off debt, the government said Tuesday.

Prime Minister Tony Abbott warned of "pain with a purpose" in his first annual accounting since September's election victory.

"This is a problem-solving budget because we do have a very serious problem of debt and deficit, stretching as far as the eye can see," Abbott told local radio.

More than 70 government agencies will disappear or be merged and up to 16,000 civil service jobs will go.

A temporary deficit-reduction levy will see the highest earners paying more income tax. Fuel costs will rise after an excise tax hike and tighter qualification rules for welfare payments will see fresh assessments for those claiming disability pensions.

It will no longer be possible to draw a disability pension and live abroad. School-leavers will not be able to go straight on the dole.

"Yes, there's got to be short-term pain but it's pain with a purpose," Abbott said.

In a promise to share the pain, a perk that gives former politicians free domestic air travel will go. And Abbott said he personally would be stung for 6,500 Australian dollars next fiscal year by the debt-reduction levy.

To boost the labour-participation rate, companies that take on workers over 50 stand to reap a bounty of 10,000 Australian dollars (9,300 US dollars) two years after employing them. The incentive payments will rise in increments the longer the person stays employed.

The pension age is to rise in stages to 70 by 2035.

This year's budget deficit is expected to come in at 38 billion Australian dollars – a sum inflated by a 10-billion-Australian-dollar transfer from the treasury to the central bank.

Economists are forecasting a deficit of 30 billion Australian dollars for the fiscal year beginning July, with the budget moving from deficit to surplus within a decade.

The economy is growing at a below-trend 2.8 per cent a year, inflation is below the central bank's 3-per-cent target and unemployment has likely peaked at close to 6 per cent.

Army Chief Ambivalent On Calls For Royal Intervention

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13 May 2014, 14:02

BANGKOK — Thailand's army chief has refused to say whether he will accept a proposal, submitted to him by a group of retired military commanders, that calls for royal intervention into the country's political crisis.

Calling themselves Ratthabukkol (Persons of the State, or Men of the State), the group is composed of elderly retired military strongmen, chaired by former Commander of the Royal Thai Armed Forces Gen. Saiyud Kerdphol.

Gen. Saiyud, who turned 92 this year, has been urging the military to seize power from the elected government and appoint a "neutral" government to "save the nation from crisis."

The retired general has also demanded caretaker Prime Minister Niwatthamrong Boonsongphaisarn and the entire Cabinet resign in order to pave the way for the invocation of Royal Power.

Yesterday, Gen. Saiyud and other members of the Men of the State met with representatives from three branches of the Thai armed forces to hand over sealed letters to the military commanders. Gen. Saiyud said in a press conference later that day that the letters detailed the group’s demands for the military to request "Royal Advice" from His Majesty the King on how to resolve Thailand’s ongoing political crisis.

Speaking to reporters today, Gen. Prayuth Chan-ocha, commander-in-chief of the Royal Thai Army, said he has received and read the letter from the Men of State, but has yet to make up his mind on the issue.

"The proposals are mere ideas of the Men of the State. They have no binding power on any one, they are only for consideration," Gen. Prayuth said, "Society should not criticise them yet."

Although Gen. Saiyud's proposal amounts to a thinly-veiled proposal for a military coup, Gen. Prayuth said the Men of the State should be allowed to voice their ideas, as they are simply seeking a solution for the country.

"Right now everyone wants the country to return to peace," Gen. Prayuth insisted.

Nevertheless. the army chief said the military needs to further study the proposals before they agree on a response, noting that a premature acceptance may lead to more conflicts in the future.

He added, "The army admires these [Men of the State] for their loyalty and dedication to peace in our country. It is better than many people who have done nothing except criticise others, without consideration of how much damage this country has suffered."

In the press conference yesterday Gen. Saiyud also urged the Army, the Navy, and the Air Force to establish a joint "task force" to defend whatever decision is handed down by His Majesty the King.

"They must crush those who dare [challenge the Royal Power] in order to show the sacredness of the Royal Decision," Gen. Saiyud was quoted as saying in a report published by Voice TV.

Gen. Saiyud added that he will give the armed forces until 14 May to answer, and that the military should request Royal Advice from His Majesty the King by 16 May.

When a reporter asked what further steps the Persons of the State will take if the military refused their proposals, Gen. Saiyud replied that he will stop his "mission".

"Old men can only think. We have no power. We just want to inspire," Gen. Saiyud said.

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Army Chief Ambivalent On Calls For Royal Intervention

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13 May 2014, 14:02

Former Commander of the Royal Thai Armed Forces Gen. Saiyud Kerdphol who has requested the military seek Royal Advice from His Majesty the King.