Temasek raises stake in Olam

SINGAPORE: Temasek Holdings has raised its stake in commodity trader Olam International to 17 percent from 16.3 percent.

In a filing with the Singapore Exchange, Olam said Temasek had bought 200,000 shares for S$293,000 from the open market on Tuesday through its investment vehicle Aranda Investments.

In an emailed comment to Channel NewsAsia, a Temasek spokesperson said: "We have invested in Olam over several years. In our judgement, the company represents a reasonably attractive investment over the long term and we are pleased to have the opportunity to add to our stake."

Earlier this month, Olam said Temasek is backing its rights issue of bonds and warrants to raise as much as US$1.2 billion.

This could potentially translate to the investment firm owning as much as 29 percent of Olam if it exercises all the warrants in 2016 at the earliest.

Kewalram Chanrai Group, Olam's largest investor with nearly a 20 percent stake, has also said it will back the issue.

Olam has been the target of short-seller Carson Block and his research firm Muddy Waters, which questioned the company's allegedly flawed accounting standards that they claimed masked its debts.

- CNA/al

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National Geographic turns off Instagram over new terms

The backlash over announced changes to Instagram's terms of service has led National Geographic to suspend its posting activity on the photo sharing app.

The Facebook-owned app ignited a storm of protest with the announcement earlier this week that it had perpetual right to sell users' photographs without payment or notification. Under the new policy, Facebook claimed the perpetual right to license all public Instagram photos to companies or any other organization, including for advertising purposes, effectively transforming the Web site into the world's largest stock photo agency.

National Geographic, a magazine long respected for presenting high-quality photographs that are both artistic and journalistic, made the announcement today on its Instagram account. "We are very concerned with the direction of the proposed new terms service and if they remain as presented we may close our account," the post reads.

Recent comments by Instagram suggest such action may not be necessary. The app maker apologized to its users today, saying it will "remove" language from its legal terms that would have let it sell users' photos or use them in advertisements.

In a blog post this afternoon, Chief Executive Kevin Systrom said it's "our mistake that this language is confusing" and that the company is "working on updated language."

"Since making these changes, we've heard loud and clear that many users are confused and upset about what the changes mean," he wrote.

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Obama moves on taxes in latest "cliff" counter-proposal

President Obama gave up Monday on his demand for higher taxes on households earning $250,000 and upped it to $400,000 while embracing smaller cost-of-living Social Security raises in a counter-proposal to House Speaker John Boehner meant to narrow differences and forge a pre-Christmas "fiscal cliff" deal.

Mr. Obama and Boehner met for nearly an hour in the Oval Office on Monday and sources familiar with the talks released specific details of the White House proposal.

Boehner aides said it brought the two sides closer but said a deal was not at hand.

"Any movement away from the unrealistic offers the President has made previously is a step in the right direction, but a proposal that includes $1.3 trillion in revenue for only $930 billion in spending cuts cannot be considered balanced," said Brendan Buck, a Boehner spokesman.

Other senior Republican aides told reporters on Capitol Hill they are not rejecting the latest White House offer, but they also said that there is not parity or balance in the White House plan and substantive issues remain unresolved. One senior aide said the issues that they are talking about are not technically difficult to resolve, but they were wary the differences might be fundamental issues that are difficult to resolve.

But the depth, specificity and fine-grain nature of discussions over policy, tax revenue and spending cuts belied the tough rhetoric from the two sides in the negotiation. Signs point to a deal before the New Year's fiscal cliff deadline -- and possibly an announcement as early as Wednesday.

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Boehner's "fiscal cliff" offer brings optimism to Capitol Hill

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Boehner's "fiscal cliff" concessions come with a price

Talks picked up genuine momentum on Friday when Boehner agreed to higher income tax rates on households earning $1 million and above. Previously, Boehner opposed all income tax increases. He also gave in on raising the debt ceiling, a vote some Republicans wanted to use as leverage against Obama in 2013. Both gestures, top White House aides said, broke the logjam.

Mr. Obama responded with big concessions of his own on Monday. He offered a $400,000 income threshold for a Clinton-era top tax bracket of 39.6 percent. Boehner had proposed that tax rate for millionaires and a total 10-year tax revenue figure of $1 trillion. Obama wants $1.2 trillion in new revenue. Both sides look for hundreds of billions in new revenue in 2013 through a tax reform process that eliminates some tax deduction and closes loopholes.

The president also wants a two-year ceasefire on raising the debt ceiling. Boehner offered one year.

In addition to disagreement on income levels for tax rates or some other way to get more revenue, the two sides have not set in stone an actual tax reform process. It sounds like they are talking about creating a new sequester-like mechanism in 2014 as incentive for both tax reform and entitlement reforms.

Speaking of entitlements, Boehner also asked the White House to increase the eligibility age for Medicare but Mr. Obama again refused. This difference could loom large as Republicans want structural cost-saving changes in Medicare in exchange for raising income tax rates.

Mr. Obama has given ground on cost-of-living adjustments to Social Security and other federal benefits, but is trying to shield Medicare. Democrats have warned Obama they might bolt if he folds on raising Medicare's eligibility age. They have been less emphatic about cost-of-living adjustments.

Other components of the president's counter-proposal include:

• $1.2 trillion in new income tax revenue with a 39.6 percent (up from 35 percent) on income of $400,000 or more.
• $1.2 trillion in spending cuts divided this way: $800 billion in cuts; $290 billion in interest savings due to lower deficits; $130 billion in cost-of-living adjustments - - with specific protections to preserve increases for economically disadvantaged beneficiaries. Because changing cost-of-living adjustments would also affect where people fell in various tax brackets, this move would raise $90 billion
• The $800 billion in cuts would come from $400 billion in savings to health care entitlements like Medicare and Medicaid; $200 billion in better tax revenue collection, increased financial transaction fees and reduced federal employee benefits.
• $200 billion in domestic discretionary -- annual spending on basic government functions - divided equally between defense and non-defense programs.
• At least $50 billion devoted next year to infrastructure spending and more in latter years - figures still subject to negotiation.
• A one-year extension of unemployment insurance benefits.

Both sides have already agreed to create long-term solutions for the annual ritual of adjusting the Alternative Minimum Tax, the reimbursement formulas for Medicare physicians and a grab-bag of pro-business tax breaks.

Obama also did not ask for an extension of the temporary 2 percent payroll tax - a priority for some Democrats.

Funding for Superstorm Sandy will be handled separately from the emerging fiscal cliff package. The Senate is considering the administration's $60.4 billion request and the White House expects swift, bipartisan approval.

CBS News Capitol Hill producer Jill Jackson contributed to this report.

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

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

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

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

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

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

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

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

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

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

CLICK HERE for a tribute to the shooting victims.

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

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

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

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

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

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

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

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

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Syrian rebels take control of Damascus Palestinian camp

BEIRUT (Reuters) - Syrian rebels took full control of the Yarmouk Palestinian refugee camp on Monday after fighting raged for days in the district on the southern edge of President Bashar al-Assad's Damascus powerbase, rebel and Palestinian sources said.

The battle had pitted rebels, backed by some Palestinians, against Palestinian fighters of the pro-Assad Popular Front for the Liberation of Palestine-General Command (PFLP-GC). Many PFLP-GC fighters defected to the rebel side and their leader Ahmed Jibril left the camp two days ago, rebel sources said.

"All of the camp is under the control of the (rebel) Free Syrian Army," said a Palestinian activist in Yarmouk. He said clashes had stopped and the remaining PFLP fighters retreated to join Assad's forces massed on the northern edge of the camp.

The battle in Yarmouk is one of a series of conflicts on the southern fringes of Assad's capital, as rebels try to choke the power of the 47-year-old leader after a 21-month-old uprising in which 40,000 people have been killed.

Government forces have used jets and artillery to try to dislodge the fighters but the violence has crept into the heart of the city and activists say rebels overran three army stations in a new offensive in the central province of Hama on Monday.

On the border with Lebanon, hundreds of Palestinian families fled across the frontier following the weekend violence in Yarmouk, a Reuters witness said.

Syria hosts half a million Palestinian refugees, most living in Yarmouk, descendants of those admitted after the creation of Israel in 1948, and has always cast itself as a champion of the Palestinian struggle, sponsoring several guerrilla factions.

Both Assad's government and the mainly Sunni Muslim Syrian rebels have enlisted and armed divided Palestinian factions as the uprising has developed into a civil war.

"NEITHER SIDE CAN WIN"

Syrian Vice President Farouq al-Sharaa said in a newspaper interview published on Monday that neither Assad's forces nor rebels seeking to overthrow him can win the war.

Sharaa, a Sunni Muslim in a power structure dominated by Assad's Alawite minority, has rarely been seen since the revolt erupted in March 2011 and is not part of the president's inner circle directing the fight against Sunni rebels. But he is the most prominent figure to say in public that Assad will not win.

Sharaa said the situation in Syria was deteriorating and a "historic settlement" was needed to end the conflict, involving regional powers and the U.N. Security Council and the formation of a national unity government "with broad powers".

"With every passing day the political and military solutions are becoming more distant. We should be in a position defending the existence of Syria. We are not in a battle for an individual or a regime," Sharaa was quoted as telling Al-Akhbar newspaper.

"The opposition cannot decisively settle the battle and what the security forces and army units are doing will not achieve a decisive settlement," he said, adding that insurgents fighting to topple Syria's leadership could plunge it into "anarchy and an unending spiral of violence".

Sources close to the Syrian government say Sharaa had pushed for dialogue with the opposition and objected to the military response to an uprising that began peacefully.

In a veiled criticism of the crackdown, he said there was a difference between the state's duty to provide security to its citizens, and "pursuing a security solution to the crisis".

He said even Assad could not be certain where events in Syria were leading, but that anyone who met him would hear that "this is a long struggle...and he does not hide his desire to settle matters militarily to reach a final solution."

In Hama province, rebels and the army clashed in a new campaign launched on Sunday by rebels to block off the country's north, activists said.

The Syrian Observatory for Human Rights, an opposition-linked violence monitor, said fighting raged through the provincial towns of Karnaz, Kafar Weeta, Halfayeh and Mahardeh.

It said there were no clashes reported in Hama city, which lies on the main north-south highway connecting the capital with Aleppo, Syria's second city.

Qassem Saadeddine, a member of the newly established rebel military command, said on Sunday fighters had been ordered to surround and attack army positions across the province. He said Assad's forces were given 48 hours to surrender or be killed.

In 1982 Hafez al-Assad, father of the current ruler, crushed an uprising in Hama city, killing up to 30,000 civilians.

Qatiba al-Naasan, a rebel from Hama, said the offensive would bring retaliatory air strikes from the government but that the situation is "already getting miserable".

(Additional reporting by Oliver Holmes, Erika Solomon and Dominic Evans in Beirut, Afif Diab at Masnaa, Lebanon; editing by Philippa Fletcher)

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Mayan calendar is only part of rich legacy

GUATEMALA CITY: The most precise and sophisticated calendar ever created is only one of the legacies of the ancient Maya, who also left their mark on the arts, architecture and cooking, experts say.

The Mayan "Long Count" calendar says an era of more than 5,000 years ends on December 21 - doomsday for some but a reason to rejoice for many others in Mexico and Central America, where the civilisation once flourished.

Millions of tourists are expected in the region on Friday to celebrate with fireworks, concerts and other spectacles held at more than three dozen archaeological sites.

"The Mayan calendar is not just a matter of counting seconds, minutes and hours," Guatemalan anthropologist Alvaro Pop, a member of the United Nations Permanent Forum on Indigenous Issues, told AFP.

The calendar also represents a model showing "the movements of celestial bodies and the way it affects human life in a cyclical manner," Pop explained.

That expertise enabled the ancient civilisation to detect the influence of celestial bodies on tides, births and plants, he noted.

But the contributions of the ancient civilisation - which reached its peak between the years 250 and 900 - far transcend their understanding of the stars, touching on everything from architecture to textiles to food.

The Mayas were the first to grow corn, some 3,000 years ago. Today, it remains the main staple in cuisines across the region.

The Mayas were also among the first to use and grow cocoa and, according to some, they came up with the idea of chewing chicle, a natural gum from a regional tropical evergreen tree and the precursor to chewing gum.

The Mayas and their descendants, notably in Guatemala, are also known for their multi-coloured fabrics, which "represent the most beautiful and explosive expression of life on the continent and in the world," according to Pop.

Their civilisation is also noted for the only known fully developed written language of the pre-Columbian Americas.

In total, the Mayas spoke 36 languages throughout their history and in different regions. Many of these, which feature very elaborate grammatical structures, are still spoken in indigenous communities.

The Popol Vuh, the Mayan holy book, is the most concrete example of that rich linguistic heritage. The mythological book explains the creation of the world, particularly of the Quiche people, one of the many Mayan ethnic groups.

According to Costa Rican anthropologist Ana Cecilia Arias, Mayan architects, who built imposing pyramids, and their descendants also made significant contributions, notably by helping design churches in the region.

Today the ruins of major urban and religious centres such as Chichen Itza in Mexico's Yucatan peninsula, Tikal in Guatemala, Copan in Honduras and Tazumal in El Salvador stand as shining examples of Mayan architectural knowhow.

Perhaps the more important legacy of the Mayas is human - millions of ethnic Mayan descendants today live in Central America, mainly in Guatemala and Mexico.

Most try to maintain the customs and traditions inherited from their illustrious ancestors even though they are often mired in poverty and face social exclusion.

-AFP/fl

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Samsung loses bid for new trial after Apple's $1B verdict

A federal judge today denied Samsung's request for a new trial against based on allegations of jury misconduct.

The South Korean electronics giant had asked that Apple's billion-dollar verdict be thrown out, arguing it was tainted by the jury foreman's failure to disclose previous litigation with Seagate Technology, a company in which Samsung is a major investor, as well as an alleged bias made evident by statements made to the media after the verdict.

Samsung argued that jury foreman Velvin Hogan should have revealed to the judge during jury selection that he had been sued by Seagate -- his former employer -- which led to his filing for personal bankruptcy in 1993. Also, in a post-verdict interviews with Reuters, Hogan said "the jury 'wanted to send a message to the industry at large that patent infringing is not the right thing to do, not just Samsung,'" and that the "message [the jury] sent was not just a slap on the wrist."

In seeking to have an August 24 verdict overturned that found Samsung liable for about $1.05 billion in damages arising from software patents on mobile devices, Samsung argued that Hogan was deliberately dishonest during jury questioning.

"Samsung has a substantial strategic relationship with Seagate, which culminated last year in the publicized sale of a division to Seagate in a deal worth $1.375 billion, making Samsung the single largest direct shareholder of Seagate," the company said in its October motion. "Mr. Hogan's failure to disclose the Seagate suit raises issues of bias that Samsung should have been allowed to explore in questioning," However, Lucy Koh, the U.S. District Court judge presiding over the patent case, noted that the statements he made regarding legal standards used during deliberations or the jurors' mental process were barred by federal evidence rules.

"Even if the standards related by Mr. Hogan were completely erroneous, those statements would still be barred, by Federal Rule of Evidence 606(b) and cannot be considered in deciding whether to hold an evidentiary hearing," Koh said.

She also blamed Samsung for not asking Hogan the proper questions to reveal any alleged bias against Seagate.

"Samsung could have uncovered the Seagate lawsuit, or at least Mr. Hogan's feelings regarding Seagate, had it exercised reasonable diligence in questioning Mr. Hogan during its allotted time in voir dire," she said. "Moreover, even without asking Mr. Hogan directly, Samsung could have exercised reasonable diligence outside of trial and could have discovered the lawsuit by requesting the bankruptcy file, exactly as Samsung did later, when it became motivated to do so."

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Two Topeka, Kan., police officers killed in shootout

Officials stand outside a Topeka, Kan., grocery store, where two police officers where killed in a shootout on Dec. 16, 2012. / WIBW-TV

Updated 11:48 p.m. ET

TOPEKA, Kan. Authorities say two Kansas police officers shot outside a grocery store have died at a hospital.

Police say the 22-year-old male suspect in Sunday evening's shooting in Topeka remains at large and is believed to still be armed.

CBS affiliate WIBW-TV in Topeka reports the name of the suspect being sought is David Edward Tiscareno, a Topeka resident.

The officers were shot when they responded to a report of a suspicious vehicle near the store. The officers have been identified as 50-year-old Cpl. David Gogian and 29-year-old Officer Jeff Atherly.

A witness told WIBW the shooting happened just outside the entrance of Dillons. The witness said he heard three gun clips emptied, then heard another series of shots.

A small crowd gathered for a candlelight vigil outside police headquarters as reporters nearby were given the news of the officers' deaths.

Gogian had been with the department since September 2004 and Atherly since April 2011.

Authorities found the reported vehicle outside a house 10 blocks from the store.

Officers searched the house but didn't find the suspect.

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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

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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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U.N. chief alarmed by escalating violence in Syria

UNITED NATIONS (Reuters) - U.N. Secretary-General Ban Ki-moon expressed alarm on Sunday at the worsening violence in Syria, including the reported mass killing of Alawites and alleged firing of long-range missiles on Syrian territory, Ban's spokesman said.

"The Secretary-General is alarmed by the continued dramatic escalation of violence in Syria over the past several days, and the grave danger facing civilians in areas under fire," Ban's spokesman, Martin Nesirky, said in a statement.

"There have been extremely worrisome reports earlier this week of a mass killing of civilians in the village of Aqrab near Hama, as well as alleged firing of long-range missiles in some areas of the country," he said.

In the Aqrab incident, up to 200 members of President Bashar al-Assad's Alawite minority were injured or killed in an attack on their village in central Syria on Tuesday, opposition activists said. The death toll was still not known.

There have also been reports of the Syrian government using Scud missiles. NATO's U.S. commander said on Friday the alliance was deploying the Patriot anti-missile system along Syria's northern frontier because Assad's forces had fired Scud missiles that landed near Turkish territory.

Nesirky said that "continued bombing raids by fixed-wing military aircrafts and attack helicopters on populated areas have been amply documented."

"Today's reports of aerial bombing amid intense violence resulting in many casualties among the Palestinian refugee population in the Yarmouk camp in Damascus are a matter of grave concern," he said.

Activists said fighter jets had bombed the Yarmouk camp, killing at least 25 people sheltering in a mosque.

Nesirky said Ban "calls on all sides to cease all forms of violence. The Secretary-General reminds all parties in Syria that they must abide by their obligations under international humanitarian law to protect civilians."

"Targeting civilians or carrying out military operations in populated areas, in an indiscriminate or disproportionate fashion that harms civilians is a war crime," he added.

Syrian Vice President Farouq al-Sharaa told a Lebanese newspaper that neither forces of President Bashar al-Assad nor rebels can win the war in Syria. That is a view a number of U.N. officials and diplomats have voiced privately to Reuters.

The U.N. Security Council has been incapable of taking any meaningful action in the conflict. Veto powers Russia and China refuse to condemn Assad or support sanctions. Assad's government accuses Saudi Arabia, Qatar, Turkey, the United States and other Western governments of supporting and arming the rebels, an allegation the governments deny.

Meanwhile, U.N.-Arab League envoy Lakhdar Brahimi has failed to bridge the gaps between the Russian and U.S. positions on Syria, which U.N. diplomats say is at the heart of the longstanding deadlock on the Security Council.

Nesirky said Ban "reiterates his call on the international community to make every effort to stop the tragic spiral of violence in Syria and urgently to promote an inclusive political process leading to a peaceful political transition."

(Reporting By Louis Charbonneau; Editing by Sandra Maler)

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