AIG moves to sell final shares in AIA

HONG KONG: US insurance giant American International Group (AIG) will sell its remaining stake in Asian insurer AIA, in a deal that could raise up to $6.5 billion.

The sale will mark AIG's total exit from AIA after the US insurer, which was bailed out by Washington during the financial crisis, sold two-thirds of the unit in a Hong Kong listing in 2010 to help repay the financial aid.

The Hong Kong initial public offering in 2010 raised US$20.5 billion, making it one of the world's biggest.

AIG, which holds 13.69 per cent in AIA, started selling 1.65 billion shares at a price range of HK$29.65-HK$30.65 ($3.82-$3.95), Dow Jones Newswires said, quoting a term sheet.

In a short statement AIA said trading in it had been suspended in Hong Kong on Monday pending the potential sale by AIG on a "significant portion" of its stake.

AIA said it expects the trading to resume no later than Tuesday.

AIG has sold off assets as it restructured itself back to a path of profitability, and raising money to repay the $182 billion bailout it received from the US government four years ago.

It has sold AIA shares twice this year, raising a total of $8 billion.

The move also comes a week after the US Treasury sold off all of its remaining shares in AIG, earning the government $7.6 billion from the sale and taking the government's net profit on the AIG bailout to $22.7 billion.

- AFP/ck

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Railways to adopt PPP mode for modernization: Bansal

SANGRUR: Union railway minister Pawan Bansal said on Sunday that public private partnership (PPP) mode would be adopted for modernizing and upgrading the railway infrastructure.

The minister, who was in Sangrur and Barnala districts of Punjab to lay the foundation stones for new railway projects, said that Rs 1.10 lakh crore would be generated through PPP mode for implementing the revamping plan.

"Railways is failing in mobilizing the required funds through internal sources. The annual plan for the ongoing fiscal has been cut short by over Rs 4,000 crore and the plan outlay has been reduced from earlier Rs 60,100 crore to Rs 55,900 crore," he said.

Bansal, who belongs to Tapa town of Barnala district, said, "The railways has chalked out ambitious plans for doubling the tracks, electrification, laying of new railway lines and manufacture of coaches in the next five years. All this will be done on PPP mode."

Bansal said that railways will need about 30,000 more coaches in the coming years and for this, all the states have been asked to provide land on which railways will set up coach factories.

"Both Punjab and Haryana have already shown keen interest in the plan," said Bansal.

He said that presently, there are 14,000 unmanned railway crossings in India and the railways is inching towards making these manned in a phased manner.

Bansal said that the Kolkata-Ludhiana and Delhi-Mumbai freight corridors will be completed during the next five years.

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Space Pictures This Week: Frosty Mars, Mini Nile, More

Photograph by Mike Theiss, National Geographic

The aurora borealis, also known as the northern lights, illuminates the Arctic sky in a recent picture by National Geographic photographer Mike Theiss.

A storm chaser by trade, Theiss is in the Arctic Circle on an expedition to photograph auroras, which result from collisions between charged particles released from the sun's atmosphere and gaseous particles in Earth's atmosphere.

After one particularly amazing show, he wrote on YouTube, "The lights were dancing, rolling, and twisting, and at times looked like they were close enough to touch!" (Watch his time-lapse video of the northern lights.)

Published December 14, 2012

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Obama: Nation Faces 'Hard Questions' After Shooting

President Barack Obama said at an interfaith prayer service in this mourning community this evening that the country is "left with some hard questions" if it is to curb a rising trend in gun violence, such as the shooting spree Friday at Newtown's Sandy Hook Elementary School.

After consoling victims' families in classrooms at Newtown High School, the president said he would do everything in his power to "engage" a dialogue with Americans, including law enforcement and mental health professionals, because "we can't tolerate this anymore. These tragedies must end. And to end them we must change."

Mandel Ngan/AFP/Getty Images

President Obama: 'Newtown You Are Not Alone' Watch Video

Sandy Hook Elementary Shooting: Remembering the Victims Watch Video

The president was not specific about what he thought would be necessary and did not even use the word "gun" in his remarks, but his speech was widely perceived as prelude to a call for more regulations and restrictions on the availability of firearms.

The grieving small town hosted the memorial service this evening as the the nation pieces together the circumstances that led to a gunman taking 26 lives Friday at the community's Sandy Hook Elementary School, most first graders.

"Someone once described the joy and anxiety of parenthood as the equivalent of having your heart outside your body all of the time, walking around," he said, speaking of the joys and fears of raising children.

"So it comes as a shock at a certain point when you realize no matter how much you love these kids you can't do it by yourself," he continued. "That this job of protecting kids and teaching them well is something we can only do together, with the help of friends and neighbors, with the help of a community, and the help of a nation."

CLICK HERE for Full Coverage of the Tragedy at Sandy Hook

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Japan votes in poll likely to eject ruling party

TOKYO - Voters in Japan went to the polls Sunday in an election likely to return conservatives to power at a time of growing tension with China and as the nation seeks to arrest economic decline.

Polls point to a heavy defeat for Prime Minister Yoshihiko Noda's government, but observers say the electorate will hand the reins of power only reluctantly to the opposition Liberal Democratic Party (LDP).

Hawkish one-time premier Shinzo Abe appeared set for a return to office, after a campaign in which he has sketched out a harder line on foreign policy, as tensions rise with China over disputed islands in the East China Sea.

Polls opened early Sunday and exit polls from broadcasters will be released shortly after the ballot boxes are sealed at 8:00 pm (1100 GMT).

Abe, whose brief stint as premier in 2006-2007 ended ignominiously, has pledged to right Japan's listless economy, which has suffered years of deflation, made worse by a soaring currency that has squeezed exporters.

"With stronger monetary policies, fiscal policies and growth policies, we will end deflation, correct a high yen, and grow the economy," said Abe Saturday.

"It's time to put an end to the confusion and doldrums of three years and three months," Abe said, referring to the stint in power of Noda's Democratic Party of Japan.

"We've got to take a fresh step forward. Please join us for the fight," added the former premier, whose party ruled Japan almost continuously for more than five decades until it was ousted by the DPJ.

He has also pledged to boost spending on infrastructure projects at a time when large parts of the tsunami-ravaged northeast have yet to see significant rebuilding following the March 2011 catastrophe.

The collapse of an ageing highway tunnel that claimed nine lives earlier this month lent credence to his calls, which have been criticised by opponents as a return to the LDP's "construction state" of the last century.

Public unease about a deteriorating security environment -- North Korea launched a rocket over Japan's southern islands last week and China sent a plane into Japanese airspace -- has bolstered Abe's cause.

He has promised to boost defences and revitalise a security alliance with the United States that is widely thought to have drifted under Noda's party.

"It is an urgent task to rebuild the Japan-US alliance as unshakable and achieve peace and stability in Asia," Abe's LDP said in a statement issued ahead of the Sunday vote.

The DPJ disappointed voters who handed it a hefty majority in 2009 polls. Policy missteps, diplomatic gaffes and vicious factional infighting saw it burn through three premiers in as many years and squander its electoral hand.

A plodding and sometimes confused response to the disaster at Fukushima where nuclear reactors went into meltdown after the tsunami last year did it no favours either.

"Let us have another try... a lot of promises have yet to be fulfilled," Noda was quoted as saying in newspaper adverts published on Sunday.

Opinion polls show that despite a strong anti-nuclear feeling in Japan, an array of smaller parties promising an atomic exit may struggle to get much traction.

But commentators say there is little enthusiasm for any party, and the LDP's likely victory will come from their perceived status as the least-worst option.

- AFP/ir

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Haryana residents prefer khaps over courts: Report

CHANDIGARH: A survey carried out by a sub-committee constituted by Haryana Backward Class Commission (HBCC) to ascertain possibility of reservation for jats and other communities has found out that rustic Haryanvis have more faith in social panchayats than judicial courts and prefer to approach khaps for remedial measures.

During the survey conducted on 49,870 households in rural areas, it was found that 66.6% families from 16 different castes said they preferred approaching khap panchayats than opting for judicial remedies for seeking justice whenever disputes arise. The survey was tasked to ascertain khaps' influence in Haryana and was conducted by a sub-committee headed by K S Sangwan, a former HoD of department of sociology at Maharishi Dayanand University, Rohtak.

The research was one of the 12 social indicators used by the sub-committee for determining social, educational and economical backwardness of various castes and communities of Haryana. While this part of the report has come as a shot in the arm for khap leaders, who claim khap panchayat to be legitimate dispute disputes platform, they have very conveniently chosen to trash the rest of the report.

"This is the only portion where the commission could not manipulate. We cannot rely on any other recommendations made in the report,'' said Sube Singh Samain, a spokesperson of Sarvjat Khap Panchayat.

Khaps in Haryana have been inviting criticism from various sections of the society as well as Punjab and Haryana High court for their diktats on barring same-village marriages and inter-caste marriages, which has led to incidents of honor killings in the state.

"Bhaichara (brotherhood) concept still exists in rural Haryana. Khaps have played important role in solving common problems. Villagers feel that in courts only one party wins the case. But when it comes to khap panchayats, it is a win-win situation for both the parties,'' said Sangwan.

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Space Pictures This Week: Frosty Mars, Mini Nile, More

Photograph by Mike Theiss, National Geographic

The aurora borealis, also known as the northern lights, illuminates the Arctic sky in a recent picture by National Geographic photographer Mike Theiss.

A storm chaser by trade, Theiss is in the Arctic Circle on an expedition to photograph auroras, which result from collisions between charged particles released from the sun's atmosphere and gaseous particles in Earth's atmosphere.

After one particularly amazing show, he wrote on YouTube, "The lights were dancing, rolling, and twisting, and at times looked like they were close enough to touch!" (Watch his time-lapse video of the northern lights.)

Published December 14, 2012

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Conn. Victim's Father Remembers 'Loving' Daughter

(Image credit: Emilie Parker Fund/Facebook)

Emilie Parker, the little girl with the blond hair and bright blue eyes, would have been one of the first to comfort her classmates at Sandy Hook Elementary School, had a gunman’s bullets not claimed her life, her father said.

“My daughter Emilie would be one of the first ones to be standing and giving support to all the victims because that’s the kind of kid she is,” her father, Robbie Parker said as he fought back tears, telling the world about his “bright, creative and loving” daughter who was one of the 20 young victims in the Newtown, Conn., shooting.

“She always had something kind to say about anybody,” her father said.  ”We find comfort reflecting on the incredible person Emilie was and how many lives she was able to touch.”

Emilie, 6, was helping teach her younger sisters to read and make things, and she was the little girls would go to for comfort, he said.

“They looked up to her,” Parker said.

READ: Complete List of Sandy Hook Victims

Parker moved his wife and three daughters to Newtown eight months ago after accepting a job as  a physician’s assistant at Danbury Hospital. He said Emilie, his oldest daughter, seemed to have adjusted well to her new school, and he was very happy with the school, too.

“I love the people at the school. I love Emilie’s teacher and the classmates we were able to get to know,” he said.

      (Image Credit: Alex von Kleydorff/AP Photo)

The family dealt with another tragic loss in October when Emilie lost her grandfather in an accident.

“[This] has been a topic that has been discussed in our family in the past couple of  months,” Parker said. “[My daughters ages 3 and 4] seem to get the idea that there’s somebody who they will miss very much.”

Emilie, a budding artist who carried her markers and pencils everywhere, paid tribute to her grandfather by slipping a special card she had drawn into his casket, Parker said.  It was something she frequently did to lift the spirits of others.

“I can’t count the number of times Emilie would find someone feeling sad or frustrated and would make people a card,” Parker said. “She was an exceptional artist.”

The girl who was remembered as “always willing to try new things, other than food” was learning Portuguese from her father, who speaks the language.

(Image Credit: Emilie Parker Fund/Facebook)

On Friday morning, Emilie woke up before her father left for his job and exchanged a few sentences with him in the language.

“She told me good morning and asked how I was doing,” Parker said. “She said she loved me, I gave her a kiss and I was out the door.”

Parker found out about the shooting while on lockdown in Danbury Hospital and found a television for the latest news.

“I didn’t think it was that big of deal at first,” he said. “With the first reports coming in, it didn’t sound like it was going to be as tragic as it was. That’s kind of what it was like for us.”

CLICK HERE for full coverage of the Sandy Hook shooting.

Parker said he knows that God can’t take away free will and would have been unable to stop the Sandy Hook shooting. While gunman Adam Lanza used his free agency to take innocent lives, Parker said he plans to use his in a positive way.

“I’m not mad because I have my  [free] agency to use this event to do whatever I can to make sure my family and my wife and my daughters are taken care [of],” he said. “And if there’s anything I can do to help to anyone at any time at anywhere, I’m free to do that.”

(Image credit: Emilie Parker Fund/Facebook)

Friday night, hours after he learned of his daughter’s death, Parker said he spoke at his church.

“I don’t know how to get through something like this. My wife and I don’t understand how to process all of this,” he said today. “We find strength in our religion and in our faith and in our family. ”

“It’s a horrific tragedy and I want everyone to know our hearts and prayers go out to them. This includes the family of the shooter. I can’t imagine how hard this experience must be for you and I want you to know our family … love and support goes out to you as well.”

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A normally stoic president sheds tears over mass shooting of ‘our children’

President Obama, so often cool and unemotional, struggled to maintain his composure Friday as he addressed a nation reeling from a mass shooting at a Connecticut elementary school.

“The majority of those who died today were children — beautiful little kids between the ages of 5 and 10 years old,” Obama said partway into a four-minute statement.

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Japan election candidates make final pitches

TOKYO: Hundreds of candidates vying for a seat in Japan's parliament are making their final pitches in an election expected to see the return of the country's old guard.

Opinion polls show the Liberal Democratic Party (LDP) on course for a convincing victory in Sunday's lower house election, over Prime Minister Yoshihiko Noda's Democratic Party of Japan.

Hawkish LDP leader Shinzo Abe is predicted to return to the premiership, a job he held without much distinction in 2006-7, in a move that may herald a hardening of Japan's foreign policy at a time of heightened tensions with China.

As light rain fell over Tokyo, some of the over 1,500 candidates running in the poll stood before train stations to make final pleas to voters, while their staff held banners with the candidates names and parties printed in bold typeface.

Abe donned a white windbreaker to speak with with voters in Wako-city, Saitama prefecture, north of the capital, reiterating his promise to reform Japan's education system, Kyodo News said.

Abe has pledged in previous campaign speeches to "repair the Japan-US alliance and firmly defend our territorial soil and waters".

Candidates have until 8:00 pm (1300 GMT) to campaign.

In one of the last gauges of the public mood before Sunday's vote, polls published Friday showed the LDP and its junior coalition party set to achieve a possible two-thirds majority in the lower house ballot.

That would hand Abe a mandate to try to fulfil his campaign pledge of bolstering Japan's military and coastal defences, particularly on the Tokyo-controlled Senkaku islands, which Beijing claims as the Diaoyus.

On Thursday, Japan scrambled fighter jets after a Chinese plane entered airspace over the Japanese-held chain. Tokyo said it was the first time a Chinese state-owned plane had breached its airspace.

North Korea's rocket launch earlier this week could also boost the right-wing vote in a country that lives uneasily next door to an unpredictable Pyongyang.

Polls indicate that despite a strong current of anti-nuclear feeling since the March 2011 tsunami sparked reactor meltdowns at Fukushima, an array of smaller parties promising an atomic exit may struggle to gain traction.

On the economic front, Abe has been vocal in calls to tackle deflation that has beset the economy, vowing to impose a three percent inflation target on the Bank of Japan and forcing it to buy bonds -- effectively deficit financing.

He has since rowed back after criticism he was endangering the independence of the central bank. But his comments helped pull down the high yen, delighting exporters hit hard by the surging currency.

The Democratic Party of Japan struggled in government to live up to the promise of its barnstorming 2009 election win that cracked the LDP's half-century virtual stranglehold on power.

- AFP/lp

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