Panel makes recommendations to raise quality of financial advisory industry

SINGAPORE : Singaporeans planning to buy insurance products can look forward to paying lower costs.

This comes after the Financial Advisory Industry Review Panel made a slew of recommendations to raise the quality and efficiency of the financial advisory industry.

They include proposals aimed at lowering the distribution costs of insurance products.

The panel reviewing the financial advisory industry has recommended measures that include raising the minimum education qualification of new financial advisers.

They also propose that a website be set up to make it easier for consumers to shop for financial products.

Lee Chuan Teck, assistant managing director for Capital Markets at the Monetary Authority of Singapore (MAS), said: "The panel recommends that MAS work with the industry to develop a web aggregator that allows consumers to easily compare pricing, benefits and other features of similar products offered by different insurers."

A survey by MAS found that 80 per cent of Singaporeans are not prepared to pay an upfront fee for financial advice.

This led the panel to focus on how to lower distribution costs for insurance-based products.

It has proposed the introduction of a direct channel for consumers to buy basic insurance products directly from the insurers.

Tan Hak Leh, president of the Life Insurance Association, Singapore, said: "Any measures that lead to greater transparency would increase competitiveness and each player would then need to find ways to stay competitive in the market."

However, the financial adviser's role will not be displaced.

A financial adviser's services would still be required to sell some products.

Augustine Lee, president of the Association of Financial Advisers (Singapore), said: "Insurance (products) normally are sold and not bought, so you still need to have independent financial advisers to help you in terms of decision making and choosing the right product."

The Consumers Association of Singapore has welcomed the latest recommendations.

It said the main beneficiaries would ultimately be the consumers.

Seah Seng Choon, executive director of the Consumers Association of Singapore, said: "The issue about under insurance for Singaporeans may be addressed, now that the distribution costs can be lowered through competition."

MAS said it will consult the public on these recommendations and then decide on their implementation.

- CNA/ms

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Nintendo to combine handheld, console gaming divisions -- report

Nintendo's current corporate structure separating consoles and handhelds will be replaced, according to a new report.

Japan-based news outlet Nikkei is reporting today that Japan plans to combine its handheld and console divisions by February 16. The combined team will have 280 employees, made up of 130 employees from the console side and 150 from handhelds.

According to IGN, which was able to access the entire story behind a paywall, the team members will be organized by their specialties, including circuits, design, and others. Engadget claims to have spoken to a Nintendo spokesperson, which confirmed the news.

Nintendo has faced some trouble over the last few years as its latest hardware launches -- the 3DS and the
Wii U -- have failed to generate the kind of interest and sales of its previous releases. During December, for example, Nintendo could only muster 460,000 Wii U unit sales in the U.S., according to the company. NPD DisplaySearch, which releases game sales data for the U.S., said "sales of the
Wii U were lower on a unit basis when compared to the original Wii in December 2006."

It was a similarly troubling launch for the 3DS in 2011, when that device proved too expensive for consumers. After slashing the handheld's price, sales started to creep up.

By combining its handheld and console divisions, Nintendo believes that it will be able to deliver better products, according to Nikkei. The news outlet said that the combined effort will help Nintendo build next-generation hardware "that will turn heads." It's not clear what that means for the Wii U, which only launched a couple of months ago.

CNET has contacted Nintendo for comment on the Nikkei report. We will update this story when we have more information.

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Marine faces court martial over Taliban urinations

CAMP LEJEUNE, N.C. A U.S. Marine was set to face court martial Wednesday for urinating on the bodies of dead Taliban fighters in Afghanistan and then posing for photos with the corpses.

Staff Sgt. Edward W. Deptola is accused of the desecration of remains and posing for unofficial photographs with human casualties. He also is accused of failing to properly supervise junior Marines and not reporting the misconduct.

Deptola and another Marine based at Camp LeJeune, N.C., were charged last year after video surfaced showing four Marines in full combat gear urinating on the bodies of three dead Afghans in July 2011. In the video, one of the Marines looked down at the bodies and quipped, "Have a good day, buddy."

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Political fallout over Marines video

As CBS News national security correspondent David Martin reported after the video's disclosure last January, the Marines in the video were members of a 1,000-man battalion that had completed a combat tour in Afghanistan and returned to Camp Lejuene, where they apparently started showing the video around as a war trophy.

Staff Sgt. Joseph W. Chamblin pleaded guilty to similar charges last month. Chamblin was sentenced to 30 days confinement, reduced in rank, fined and ordered to forfeit part of his pay for six months. Three other Marines were given administrative punishments for their roles in the matter.

Marine's punishment scaled back in urination case

The urination video surfaced amid a string of embarrassing episodes for U.S. forces in Afghanistan. American troops were caught up in controversies over burning Muslim holy books, posing for photos with insurgents' bloodied remains and an alleged massacre of 16 Afghan villagers by a soldier.

The Marine Corps said the urination took place during a counterinsurgency operation in the Musa Qala district of Helmand province, located in the south of the country.

After the video garnered international attention on YouTube, senior military officials sternly condemned the behavior of the Marines involved.

The United States now has 66,000 troops in Afghanistan. The U.S. and its NATO allies agreed in November 2010 that they would withdraw all their combat troops by the end of 2014, but they haven't decided on the scope of future missions in the country and the size of any residual force remaining after that.

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NRA Ad Calls Obama 'Elitist Hypocrite'

Pablo Martinez Monsivais/AP Photo

As the White House prepares to unveil a sweeping plan aimed at curbing gun violence, the National Rifle Association has launched a preemptive, personal attack on President Obama, calling him an “elitist hypocrite” who, the group claims, is putting American children at risk.

In 35-second video posted online Tuesday night, the NRA criticizes Obama for accepting armed Secret Service protection for his daughters, Sasha and Malia, at their private Washington, D.C., school while questioning the placement of similar security at other schools.

“Are the president’s kids more important than yours? Then why is he skeptical about putting armed security in our schools, when his kids are protected by armed guards at their school?” the narrator says.

“Mr. Obama demands the wealthy pay their fair share of taxes, but he’s just another elitist hypocrite when it comes to a fair share of security,” it continues. “Protection for their kids and gun-free zones for ours.”

The immediate family members of U.S. presidents – generally considered potential targets – have long received Secret Service protection.

The ad appeared on a new website for a NRA advocacy campaign – “NRA Stand and Fight” — that the gun-rights group appears poised to launch in response to Obama’s package of gun control proposals that will be announced today.

An NRA spokesman said the video is airing on the Sportsman Channel and on the web for now but may appear in other broadcast markets at a later date.

The White House had no comment on the NRA ad.

In the wake of last month’s mass shooting at Sandy Hook Elementary School, the Obama administration has met with a cross-section of advocacy groups on all sides of the gun debate to formulate new policy proposals.

The NRA, which met with Vice President Joe Biden last week, has opposed any new legislative gun restrictions, including expanded background checks and limits on the sale of assault-style weapons, instead calling for armed guards at all American schools.

Obama publicly questioned that approach in an interview with “Meet the Press” earlier this month, saying, “I am skeptical that the only answer is putting more guns in schools. And I think the vast majority of the American people are skeptical that that somehow is going to solve our problem.”

Still, the White House has been considering a call for increased funding for police officers at public schools and the proposal could be part of a broader Obama gun policy package.

Fifty-five percent of Americans in the latest ABC News/Washington Post poll say they support adding armed guards at schools across the country.

“The issue is, are there some sensible steps that we can take to make sure that somebody like the individual in Newtown can’t walk into a school and gun down a bunch of children in a shockingly rapid fashion.  And surely, we can do something about that,” Obama said at a news conference on Monday.

“Responsible gun owners, people who have a gun for protection, for hunting, for sportsmanship, they don’t have anything to worry about,” he said.

ABC News’ Arlette Saenz, Mary Bruce and Jay Shaylor contributed reporting. 

This post was updated at 9:32 am on Jan. 16 to reflect include comment from an NRA spokesman.

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Syrian army on offensive in Aleppo after university blast

BEIRUT (Reuters) - Syrian armed forces launched a renewed offensive in the northern city of Aleppo on Wednesday, state media said, a day after 87 people were killed in explosions at the city's university.

The state news agency SANA said the military had killed dozens of "terrorists" - a term Damascus uses for rebels trying to overthrow President Bashar al-Assad - in the new fighting.

Reuters cannot independently verify reports due to media restrictions in Syria.

"The Armed Forces carried out several special operations against the mercenary terrorists in Aleppo and its countryside, inflicting heavy losses upon them in several areas," SANA said.

Aleppo is split roughly in half between government and rebel forces. SANA said dozens of "terrorists" were killed in the rebel strongholds of Sukari, Bab al-Hadeed and Bustan al-Qasr.

Government forces also killed militants in al-Laramon, a area of Aleppo from which Damascus says two rockets were fired into the University of Aleppo on Tuesday, it added.

If confirmed, the government's report of a rocket attack would suggest rebels in the area had been able to obtain and deploy more powerful weapons than previously used.

The Syrian Observatory for Human Rights, a Britain-based monitoring group, said 87 people were killed and dozens wounded in the explosions, but it could not identify the source of the blasts. It said the toll could rise to more than 100 as there were still body parts that were unaccounted for.

State television showed a body lying on the street and burning cars. An entire facade of a multi-story university building had crumbled and cars were overturned. An interior shot of a corridor showed that the ceiling had caved in.

Amateur video footage showed students carrying books out of the university after one of the explosions, walking quickly away from rising smoke. The camera then shakes to the sound of another explosion and people begin to run.

Syria has been plunged into bloodshed since a violent government crackdown in early 2011 on peaceful demonstrations for democratic reform which turned the unrest into an armed insurgency bent on overthrowing Assad.

Each side in the 22-month-old conflict blamed the other for Tuesday's blasts at the university, located in a government-held area of Syria's most populous city.

Some activists in Aleppo said a government air strike caused the explosions, while state television accused terrorists of firing two rockets at the university. A rebel fighter said the blasts appeared to have been caused by surface-to-surface missiles.

The nearest rebel-controlled area, Bustan al-Qasr, is more than a mile away from the university.

The Observatory said rebel sources on the ground reported they were fighting with government forces in the early hours of Wednesday around Bustan al-Qasr, implying a renewed push by government forces to expel the insurgents.

(Reporting by Oliver Holmes; Editing by Jon Boyle)

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Bidding showdown over F&N expected on Jan 21

SINGAPORE: A corporate shoot out over Fraser & Neave is expected on January 21.

The Securities Industry Council (SIC) has said the final time by which TCC Assets or OUE Baytown can revise its offer is 5.30pm on January 21. Each party will either announce any revision to their current takeover bids or walkaway from the deal.

In a statement issued on Tuesday, SIC said that "given that neither TCC nor OUE Baytown has declared its offer final, the council considers that the company's shareholders should be provided with certainty to make their investment decisions in respect of the competing offers."

If either TCC or OUE makes a revised offer on January 21, then an "auction procedure" will kick-in.

TCC Assets on Tuesday extended its S$8.88 per share offer for F&N for the seventh time to January 21, the very same day that rival bidder OUE's offer expires. A consortium led by OUE made a S$9.08 per share bid for F&N in November 2012.

This, after a first bid by Thai tycoon Charoen Sirivadhanabhakdi through his investment assets, TCC and Thai Beverage, in September.

But given that the tug-of-war has been ongoing for several months, some experts said that the Securities Industry Council will not allow for an indefinite period of market uncertainty.

Shares of F&N have been trading above the offers made by TCC Assets and OUE, indicating that shareholders are expecting higher bids.

Fraser & Neave shares ended Tuesday up 0.1 per cent at S$9.70.

-CNA/ac

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The biggest thing in the universe is really, really big

The Milky Way galaxy barely takes up a single pixel in this representation of Huge-LQG.

(Credit:
Roger G. Clowes)

You and I are really, really small. And we're even smaller than we thought we were last month, at least when compared with the size of the largest known item in the universe.

Last week, a team of astronomers based in the U.K. discovered the largest object in all of our observable existence: a celestial structure made up of 73 quasars that is up to 4 billion light years long.

How big is that exactly? Well, it would take tens of thousands of our own Milky Ways -- the big, galactic one, not the one that comes in a wrapper -- to equal the size of Huge-LQG (for Large Quasar Group), as it's become affectionately known.

Feel insignificant yet?

Yes, it does seem like something so inconceivably massive should have been noticed by now, and that's actually the most interesting part of the discovery.

The discovery of an astronomical body so large throws doubt upon one of the basic assumptions of the nature of the universe. That notion, known as the cosmological principle, assumes that the little corner of the universe we're able to observe from this particular rock is a reasonable sample of what the rest of the universe must also be like.

But Huge-LQG turns out to be so huge that it makes up a few percentage points of the observable universe on its own. It's a little bit like if we suddenly discovered a 51st state that consists entirely of a single building the size of Iowa.

So not only are we less than the most insignificant of specks in our universe, we apparently don't know nearly as much about that universe as we thought.

(Via The Atlantic.)

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Long Island high school on lockdown

Police guard the entrance of Elmont Memorial High School, after reports of a suspicious person prompted a lockdown Tuesday, Jan. 15, 2013. / WCBS

ELMONT, N.Y. Elmont Memorial High School has been placed on lockdown after a report of a suspicious person, possibly with a weapon, in the area, CBS Station WCBS reports.

The lockdown was put into effect shortly after 8 a.m.

No injuries have been reported.

Nassau County Police are guarding the entrance of school.

A search of the school and the area is ongoing.

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Oprah Describes Intense Armstrong Interview

Oprah Winfrey said today that disgraced cyclist Lance Armstrong came well prepared for their highly anticipated interview, although he "did not come clean in the manner [she] expected."

Winfrey, who discussed the interview on "CBS This Morning" today, said, "We were mesmerized and riveted by some of his answers. I feel that he answered the questions in a way that he was ready. … He certainly had prepared himself for this moment. … He brought it. He really did."

Armstrong had apologized to staffers at the Livestrong Foundation before the Monday interview with Winfrey at a hotel in Austin, Texas, and reportedly admitted to them that he used performance-enhancing drugs throughout his storied career.

Armstrong also confessed to Winfrey to using the drugs, sources have told ABC News. Winfrey said this morning that the entire interview, for which she had prepared 112 questions, was difficult.

"I would say there were a couple of times where he was emotional," she said. "But that doesn't describe the intensity at times."

As for the cyclist's sense of remorse, Winfrey said that will be for viewers to decide.
"I would rather people make their own decisions about whether he was contrite or not," she said.

The interview will air on the OWN network for two nights, starting at 9 p.m. ET Thursday and continuing Friday.

Meanwhile, the federal government is likely to join a whistle-blower lawsuit against Armstrong, originally filed by his former cycling teammate Floyd Landis, sources told ABC News.

The government is seeking to recoup millions of dollars from Armstrong after years of his denying that he used performance-enhancing drugs, the sources said. The U.S. Postal Service, which is an independent agency of the federal government, was a longtime sponsor of Armstrong's racing career.

Joel Saget/AFP/Getty Images

Lance Armstrong Doping Confession: Why Now? Watch Video

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Lance Armstrong Stripped of Tour de France Titles Watch Video

The deadline for the government's potentially joining in the matter was a likely motivation for Armstrong's interview with Winfrey, sources told ABC News.

The lawsuit remains sealed in federal court.

Armstrong is now talking with authorities about possibly paying back some of the Postal Service sponsorship money, a government source told ABC News Monday.

The deadline for the department to join the case is Thursday, the same day Armstrong's much-anticipated interview with Winfrey is set to air.

Armstrong is also talking to authorities about confessing and naming names, giving up others involved in illegal doping. This could result in a reduction of his lifetime ban, according to a source, if Armstrong provides substantial and meaningful information.

As for the Winfrey interview, it was Armstrong's first since officials stripped him of his world cycling titles in response to doping allegations.

Word of Armstrong's admission comes after a Livestrong official said that Armstrong apologized Monday to the foundation's staff ahead of his interview.

The disgraced cyclist gathered with about 100 Livestrong Foundation staffers at their Austin headquarters for a meeting that included social workers who deal directly with patients as part of the group's mission to support cancer victims.

Armstrong's "sincere and heartfelt apology" generated lots of tears, spokeswoman Katherine McLane said, adding that he "took responsibility" for the trouble he has caused the foundation.

McLane declined to say whether Armstrong's comments included an admission of doping, just that the cyclist wanted the staff to hear from him in person rather than rely on second-hand accounts.

Armstrong then took questions from the staff.

Armstrong's story has never changed. In front of cameras, microphones, fans, sponsors, cancer survivors -- even under oath -- Lance Armstrong hasn't just denied ever using performance enhancing drugs, he has done so in an indignant, even threatening way.

Armstrong, 41, was stripped of his seven Tour de France titles and banned from the sport for life by the U.S. Anti-Doping Agency in October 2012, after allegations that he benefited from years of systematic doping, using banned substances and receiving illicit blood transfusions.

"Lance Armstrong has no place in cycling and he deserves to be forgotten in cycling," Pat McQuaid, the president of the International Cycling Union, said at a news conference in Switzerland announcing the decision. "This is a landmark day for cycling."

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Pakistan turmoil deepens as court orders PM's arrest

ISLAMABAD (Reuters) - Pakistan's Supreme Court ordered the arrest of the prime minister on Tuesday on corruption allegations, ratcheting up pressure on a government that is also facing a massive street protest led by a cleric who has a history of ties to the army.

The combination of the arrest order and the mass protest in the capital Islamabad led by Muslim cleric Muhammad Tahirul Qadri raised fears among politicians that the military was working with the judiciary to force out a civilian leader.

"There is no doubt that Qadri's march and the Supreme Court's verdict were masterminded by the military establishment of Pakistan," Fawad Chaudhry, an aide to Prime Minister Raja Pervez Ashraf, told Reuters.

"The military can intervene at this moment as the Supreme Court has opened a way for it."

However, the ruling coalition led by the Pakistan Peoples' Party (PPP) has a majority in parliament and lawmakers can simply elect another prime minister if Ashraf is ousted. In June, Ashraf replaced Prime Minister Yusuf Raza Gilani, who was disqualified by the Supreme Court in a previous showdown between the government and the judiciary.

Also, elections are due in a few months and President Asif Ali Zardari hopes to lead the first civilian government in Pakistan's 65 years as an independent nation that will complete its full term.

But power struggles will distract the unpopular government from tackling an array of problems - a Taliban insurgency, economic stagnation and growing sectarian tensions triggered by bomb attacks and tit-for-tat shootings.

The military, which sees itself as the guarantor of Pakistan's stability, has long regarded the PPP-led government as corrupt, incompetent and unable to prevent the nuclear-armed country from falling apart.

Pakistan's powerful army has a long history of coups and intervening in politics. These days generals seem to have little appetite for a coup but many believe they still try to exert behind-the-scenes influence.

Some politicians believe the military will try to dominate the caretaker administration that will oversee the run-up to the polls after parliament is dissolved, which is due to happen in March. An election date has yet to be announced.

The protest by Qadri and his followers has also been seen by commentators as being orchestrated by the military to add to the pressure on Zardari's government, although the military has denied any involvement.

Thousands of followers of the populist cleric camped near the federal parliament cheered and waved Pakistani flags as television channels broadcast news of the Supreme Court's order to arrest Ashraf on charges of corruption.

"We don't want any of those old politicians. They just take all the people's money," said 19-year-old student Mohammed Wasim. "We congratulate the whole nation (on the Supreme Court's order). Now we have to take the rest of the thieves to court."

BAFFLED

Government officials said they were baffled by the arrest order, which came hours after Chief Justice Iftikhar Chaudhry said elections should go ahead as scheduled.

"This was totally unexpected," an official in Ashraf's office told Reuters. "The prime minister and two or three of his friends were watching Qadri speak on television and this suddenly happened."

Pakistan's stock exchange fell by more than 500 points, or nearly three percent, on news of the court order, due to fears over fresh political turmoil, which comes against a backdrop of militant bombings and tension on the border with India.

Qadri, who played a role in backing a military coup in 1999, threatened to remain camped out near the federal parliament with thousands of supporters until his demands for the resignation of the government were met.

The fiery orator returned home from Canada less than a month ago to lead a call for electoral reforms to bar corrupt politicians from office that has made him an instant hit among Pakistanis disillusioned with the state.

In a speech from behind a bullet-proof shield in front of parliament, Qadri praised the military and the judiciary, the country's two other power centers.

"(The government) has wasted and brought a bad end to our armed forces, those armed forces who are highly sincere, highly competent and highly capable and highly professional," he said, alternating between Urdu and English.

"Even they can't do anything because the political government isn't able to deliver anything from this land. Judgments are being passed by our great, independent judiciary but the government is not ready to implement them."

Qadri is demanding that the government dissolve the legislature and announce the formation of a caretaker government to oversee the run-up to elections.

He told Reuters on Friday that the military could play a possible role in the selection of the interim administration, a stance which has sharpened fears he may be working at the army's behest. The military denies any ties to him.

One senior military officer, who said he was speaking in a purely personal capacity, said there was no appetite in the military to repeat the coups seen in Pakistan's past, but added the stand-off could be resolved if the army played a role in the formation of a caretaker government as a "moderator".

"We should try as far as possible to abide by the constitution and law in looking for change. The army chief has made this clear," the officer told Reuters.

"But things seem to be moving beyond control," the officer added. "It is totally incorrect to say the army is behind Qadri. But if he brings thousands of people to the streets and things get worse, there may be very few options."

(Additional reporting by Matthew Green and Mubasher Bukhari in ISLAMABAD and Jibran Ahmad in PESHAWAR; Writing by Michael Georgy; Editing by Raju Gopalakrishnan)

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