SINGAPORE: The Government of Singapore Investment Corp (GIC) has raised US$1.25 billion by selling about 596 million shares in warehouse operator Global Logistic Properties (GLP).
GIC sold the shares at S$2.60 each, which is a 4.8 per cent discount to Monday's closing price.
Following the share sale, it now holds a 37 per cent stake in GLP, down from 49 per cent.
GIC said the move is part of the fund's portfolio rebalancing and it will remain a substantial shareholder for the long run.
- CNA/ms
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LUXOR, Egypt A hot air balloon flying over Egypt's ancient city of Luxor caught fire and crashed into a sugar cane field on Tuesday, killing at least 18 foreign tourists, a security official said.
It was one of the worst accidents involving tourists in Egypt and is likely to push the key tourism industry deeper into recession. The casualties included French, British, Japanese nationals and nine tourists from Hong Kong, the official said.
Three survivors of the crash -- two tourists and one Egyptian -- were taken to a local hospital. Local media reports say the pilot was among the survivors.
According to the Egyptian security official, the balloon carrying at least 20 tourists was flying over Luxor when it caught fire, which triggered an explosion in its gas canister, then plunged at least 1,000 feet from the sky.
It crashed into a sugar cane field outside al-Dhabaa village just west of Luxor, 320 miles south of Cairo, said the official, speaking on condition of anonymity because he was not authorized to talk to the media.
Bodies of the dead tourists were scattered across the field around the remnants of the balloon. An Associated Press reporter at the crash site counted eight bodies as they were put into body bags and taken away. The security official said all 18 bodies have been recovered.
The official said foul play has been ruled out. He also said initial reports of 19 dead were revised to 18 as confusion is common in the aftermath of such accidents.
In Hong Kong, a travel agency said nine of the tourists that were aboard the balloon were natives of the semiautonomous Chinese city. It did not say whether all nine were killed. The information was posted on the agency's website.
In Paris, a diplomatic official said French tourists were among those involved in the accident, but would give no details on how many, or whether French citizens were among those killed.
Speaking on condition of anonymity because he wasn't authorized to be publicly named according to government policy, the official said French authorities were working with their Egyptian counterparts to clarify what happened. French media reports said 2 French tourists were among the dead but the official wouldn't confirm that.
Hot air ballooning, usually at sunrise over the famed Karnak and Luxor temples as well as the Valley of the Kings, is a popular pastime for tourists visiting Luxor.
The site of the accident has seen past crashes. In 2009, 16 tourists were injured when their balloon struck a cell phone transmission tower. A year earlier, seven tourists were injured in a similar crash.
Egypt's tourism industry has been decimated since the 18-day uprising in 2011 against autocrat leader Hosni Mubarak and the political turmoil that followed and continues to this day.
Luxor's hotels are currently about 25 percent full in what is supposed to be the peak of the winter season.
Arthur Benjamin is sitting at the edge of a small stage, wearing a lavender Hawaiian shirt and nursing a bottle of San Miguel Light beer. The 6-foot-6 mustachioed Texan lazily watches the half dozen or so girls dancing rather unenergetically around the stage's pole.
"I forgot your gift again, it's in the car," Benjamin says to one of the girls on stage, shouting above the pop music blaring from the speaker system.
The small, dingy bar, which Benjamin says he owns, is called Crow Bar. It's in a rundown part of the picturesque Subic Bay in the western Philippines, about a three hour drive from the capital, Manila. Home for 50 years to a United States naval base, Subic Bay has become synonymous with foreigners looking for sex in the long string of bars that line the main road along the coast.
Watch the full story on "Nightline" TONIGHT at 12:35 a.m. ET
The bars in this area are often packed with older foreign men ogling the young Filipina women available for the night for a "bar fine" of around 1,500 Filipino pesos, or just over $35. Many of the bars are owned and operated by Americans, often former military servicemen who either served on the base or whose ships docked here until the base was shuttered under political pressure in 1992.
Most of the prostitutes working in the bars are indeed 18 or older. But in the Philippines, just a small scratch to the surface can reveal a layer of young, underage girls who have mostly come from impoverished rural provinces to sell their bodies to help support their families.
Benjamin, 49, is, according to his own statements, one of the countless foreigners who has moved beyond just having sex with underage girls to owning and operating a bar where girls in scantily-clad outfits flaunt their bodies for patrons.
"My wife recently found out that I have this place," he tells an ABC News "Nightline" team, unaware they are journalists and recording the conversation on tiny hidden cameras disguised as shirt buttons.
Benjamin said that a "disgruntled waitress" had written his wife on Facebook, detailing his activities in Subic Bay.
"She sent her this thing saying that I have underage girls who stayed with me, that I [have anal sex with them], I own a bar, I've got other girls that I'm putting through high school, all this other crap," he said.
"All of which is true," he laughed. "However, I have to deny."
He sends a text message summoning his current girlfriend, a petite dark-skinned girl called Jade, who he said is just 16 years old. Benjamin says he bought the bar for her about a year ago and while most still call it Crow Bar, he officially re-named it with her last name.
"She needed a place to stay, I needed a place to do her. I bought a bar for her," he says, explaining that she lives in a house out back by the beach.
"You're not going to find anything like this in the States, not as a guy my age," he said as he looked down at Jade. "Ain't going to happen."
Benjamin is the latest target of Father Shay Cullen, a Catholic priest with a thick Irish brogue and fluency in the local language, Tagalog. Through his non-profit center called Preda, he's been crusading against underage sex trafficking in the Philippines for 40 years.
Susmita Mohanty, the founder of India’s first private space company, Earth2Orbit, wants India to claim bigger piece of the space-launch pie
How active is India's space programme?
The Indian Space Research Organization (ISRO), which was founded in 1969, launches rockets, builds and uses satellites extensively for earthly applications and has recently started planetary exploration. It tested its first astronaut capsule for atmospheric re-entry in 2007, and is planning to build a residential astronaut training facility. ISRO is also planning a lunar lander mission for 2014 and will launch a mission to Mars this year.
How does your company, Earth2Orbit, fit in with this programme?
We want to commercialise India's space capabilities, in particular the Polar Satellite Launch Vehicle. It is one of the world's most reliable in its class. I want to make it the rocket of choice for international satellite-makers looking to get to low Earth or sun-synchronous orbits. India could build and launch up to six each year, but currently launches only two. We need to step up to full throttle. The same goes for satellites and ground equipment. Over the next decade or two, I think India should be aiming for at least a quarter of the multibillion-dollar global space market, if not more.
What do you think of the way spacecraft for carrying humans are currently designed?
The way the world aerospace industry is set up, it is closely linked to the defence sector – they share the technology, the tooling and the cumbersome contractual processes. Unlike commercial automobile or consumer-product companies, where the end user is the primary design driver, aerospace companies tend to please government customers. As a result, we often end up with over-engineered, under-designed crew craft with an exorbitant price tag.
How can we improve on these designs?
I want us to push the boundaries of technology and design and build intelligent spaceships – spaceships that think. Imagine if an international consortium of companies such as Apple, Samsung, Pininfarina, Space X and MIT Media Lab got together to design and build a spaceship! What would it look like? Could it think? Could it self-repair or self-clean? Would it challenge the crew?
The private sector is changing how we get into space. How has the X Prize contributed?
It created a tectonic shift in mindsets and showed how we can accelerate innovation in space exploration without having to spend taxpayer money. The first X Prize led to the first privately funded and designed spaceplane built by Burt Rutan. Then Richard Branson seized the opportunity: if all goes well, Virgin Galactic could fly more people to space in a year than the Russians or Americans have over the past 50 years!
What is next for space travel?
It barely takes 10 minutes to reach low Earth orbit. It probably takes longer for most urbanites to commute to work. I want to be able to "cab it" to low Earth orbit. I am dreaming of private astronaut taxis. The first generation will take paying passengers into orbit. The second generation will ferry us to the moon and Mars.
This article appeared in print under the headline "One minute with... Susmita Mohanty"
Susmita Mohanty is CEO of Earth2Orbit, which recently launched its first client satellite. She has worked at NASA and Boeing, and holds a PhD in aerospace architecture
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SINGAPORE: The government has introduced a slew of measures to help Singaporeans cope with the rising cost of living.
These measures include income tax rebates, extra GST voucher and Service & Conservancy Charges rebates.
Taxpayers who are 60 years and above will enjoy a higher income tax rebate of 50 per cent, capped at S$1,500.
Those who are below 60 years old will get a rebate of 30 per cent, which is also capped at S$1,500.
These measures were announced by Deputy Prime Minister in his Budget Statement on Monday.
Singaporeans will also get an extra one-off GST voucher on top of the permanent voucher.
The government will give rebates of one to three months for Service & Conservancy Charges.
One- and two-room HDB households will receive three months of rebates for 2013, while three- and four-room households will get two months of rebates.
The concessionary foreign domestic worker levy will be lowered for families with young children, elderly dependents and persons with disabilities.
The levy will be reduced from S$170 to S$120 per month.
- CNA/fa
STORY HIGHLIGHTS
(CNN) -- Call it winter weather, part two.
Just days after a storm walloped the Great Plains, a second one, bringing with it heavy snow and strong winds, was slamming the region early Monday, forcing airline cancellations and school closures from Colorado to Texas.
National Weather Service forecasters warned the storm was bringing potentially "life threatening" and "crippling" blizzard conditions with freezing temperatures to portions of southeast Kansas, northwest Oklahoma and the Texas panhandle overnight.
All flights in and out of Rick Husband Amarillo International Airport in Texas were canceled until noon on Monday.
"Nothing coming in or out until then at the earliest," airport spokesman Daryl Ware said.
A number of schools districts, senior centers and churches were closed in Oklahoma and the Texas Panhandle until at least Tuesday, while some state and local offices were also being temporarily shuttered.
Fearing a repeat of last week's storm that brought more than 22 inches of snow to some places in Kansas, forcing the closure of airports and schools, the governor on Sunday extended a state of emergency declaration to include the new storm.
Kansas City is expecting 9 to 15 inches of snow Monday night into Tuesday, according to the National Weather Service, and officials are calling for residents to stay off the roads.
"This storm has the potential to be more dangerous than last week's storm," Kansas Gov. Sam Brownback said late Sunday. "So, we ask you to stay off the road unless it's absolutely critical. If you have to be out, be prepared with a charged cell phone, an emergency kit with food, water, blankets, flares and a shovel."
'Call it a win'
Such forecasts raised alarms throughout the Plains, leading to crowded stores as residents prepared for the storm.
Amanda Roberts, an entrepreneur and blogger in Warrensburg, Missouri, hit the stores ahead of the storm that is expected to start hitting the state by late Monday.
"The snow has everyone stocking up on groceries," she said in a Twitter post. "Fresh produce is basically gone but I got the last gallon of chocolate milk. I call it a win."
Forecasters have upped their predictions for the amount of snow expected in northwest Oklahoma to 8 to 10 inches, with 15 inches in spots. This may be a shock to some, given that temperatures in places reached the mid-60s on Sunday.
"May see 4-6 foot drifts!" wrote National Weather Service meteorologist Rick Smith on Twitter. "Traveling is beyond discouraged!"
In Texas, the Department of Transportation closed portions of westbound I-40 from outside from Amarillo to Albuquerque, New Mexico, because of blizzard conditions.
The Texas Department of Public Safety, meanwhile, closed portions of U.S. Highways 87 and 187 due to overnight white out conditions expected to continue through Monday afternoon.
Salt truck drivers were on standby overnight in Oklahoma City.
"Well, we're pretty well prepared right now. We have 28 trucks loaded, plows on," Oklahoma City Emergency Management's Mike Love told CNN affiliate KWTV.
"We run our emergency snow route. We'll run that until it's free and clear. And if this stuff comes in like they're saying tomorrow, with these high winds, look forward to some drifting."
By early Monday, with more than 9 inches of snow reported in some areas of Denver, airline operations in the Colorado capital were working to return to normal a day after more than 200 of 1,500 flights had been canceled and hundreds more flights were delayed because of the weather, according to the Federal Aviation Administration.
Up to 19 inches of snow was reported in Jefferson, about 70 miles southwest of Denver.
Rain, flooding the issue in Southeast
While millions will see snow -- including Chicago, where 3 to 5 inches of snow and sleet are expected Tuesday -- rain may rule for the next few days in parts of the Southeast.
In Mobile, Alabama, on the Gulf Coast, residents prepared for the possibility of heavy rains and wind gusts as strong as 30 mph by Monday night.
The rain is part of a band affecting five Southeastern states where flash flood watches are in effect from Monday afternoon through Tuesday morning.
Some areas from Louisiana to South Carolina could see up to 4 inches of rain.
Record-setting February
Kansas City International Airport set a February 21 record of 9 inches of snow, 4 more inches than the amount that fell the same date in 2010. Monday might bring 6 to 10 more inches, forecasters said.
Kansas City is approaching its February snowfall record of 20.7 inches, set in 1960.
The state of Kansas is also still digging out in many places.
Wichita saw its second-highest storm snowfall total on record last week with 14.2 inches over two days, the National Weather Service said.
The town of Russell in the state's middle lay under a 22-inch layer of white by the time the storm roared by.
CNN's AnneClaire Stapleton and Judson Jones contributed to this report.
First lady Michelle Obama, on a video screen, announces the winner for best picture along with actor Jack Nicholson at the 85th annual Academy Awards on Feb. 24, 2013, in Hollywood, Calif. / Getty
First lady Michelle Obama made a surprise appearance at the Oscars, opening the envelope that contained the name of the best-picture winner, "Argo."
Appearing via streaming video from the White House, Mrs. Obama said all of the nominees demonstrated that "we can overcome any obstacle."
She said that message is "especially important for our young people" and thanked Hollywood for encouraging children "to open their imaginations."
The first lady was introduced by Jack Nicholson, who noted that the best picture trophy is usually announced solo.
Mrs. Obama wore a silver, art deco-inspired gown by Indian-born American fashion designer Naeem Khan. It was the same dress she wore for the Obamas' dinner with the nation's governors at the White House on Sunday night.
"Argo" took home the top prize as best picture at the Oscars Sunday night, with first lady Michelle Obama announcing the winner from the White House.
"You directed a hell of a film," co-producer Grant Heslov told director and fellow producer Ben Affleck. "I couldn't be more proud of the film and more proud of our director."
Affleck was snubbed in the directing category but humbly accepted the best picture Oscar as one of the three producers on the film. George Clooney was the third.
Affleck thanked Steven Spielberg and the other best picture nominees and his wife Jennifer Garner for "working on our marriage."
"It's good, it's work," he said, adding, "but there's no one I'd rather work with."
For Full List of Winners
Acknowledging his last Oscar win, as a screenwriter for "Good Will Hunting," Affleck said, "I was really just a kid. I never thought I would be back here."
In the acting categories, Daniel Day-Lewis won the Oscar for best actor, being the first actor to three-peat in that category. As he accepted the award from Hollywood's greatest actress, Meryl Streep, he joked, "I had actually been committed to play Margaret Thatcher. ... Meryl was Stephen's first choice for Lincoln."
He also thanked his wife, Rebecca Miller, for "living with some very strange men," with each new role that he takes on.
"She's the versatile one in the family and she's been the perfect companion to all of them," he said.
Kevin Winter/Getty Images
Jennifer Lawrence won the award for best actress. She tripped on the stairs on her way to accepting her award but picked herself up and made her way to the stage, earning a standing ovation.
"You're just standing up because you feel bad that I fell and that's embarrassing," she said, before rattling off a list of thank-yous and leaving the stage looking slightly stunned.
Watch Jennifer Lawrence's Oscar Tumble
"Life of Pi," which had a total of 11 nominations, was another big winner of the night. Director Ang Lee took home the Oscar for best director over Steven Spielberg and David O. Russell.
"Thank you, movie god," Lee said, accepting his award.
As expected, the film took home the first technical awards of the night for cinematography and visual effects. "Life of Pi" also won for best original score.
The first big acting awards of the night went to Christoph Waltz and Anne Hathaway in the supporting actor categories.
In one of the biggest tossups, Waltz claimed the award for supporting actor for his role in "Django Unchained." It was his second Oscar for a Quentin Tarantino film; his first was for Tarantino's "Inglourious Basterds."
PHOTOS: Stars on the Red Carpet
As expected, Hathaway took home the award for best supporting actress for her role as Fantine in "Les Miserables."
"It came true," she said, launching into a breathy speech, in which she thanked the cast and crew, her team and her husband. "The greatest moment of my life was when you walked into it," she said.
Tarantino won the Oscar for best original screenplay for his slave revenge western "Django Unchained." He thanked his cast.
"I have to cast the right people," he said. "And boy this time did I do it."
Chris Terrio won the award for best adapted screenplay for "Argo," which also won for film editing.
For only the sixth time in Academy history, there was a tie at the Oscars. "Zero Dark Thirty" and "Skyfall" tied for sound editing.
See Other Ties in Academy History
NEW DELHI: Indian Prime Minister Manmohan Singh on Sunday appealed for calm as he flew to Hyderabad and visited some of the 117 people wounded in twin bombings last week which killed 16 people.
Singh also visited the blast site in Dilsukh Nagar, where two bicycle bombs exploded within a few minutes of each other outside a cinema and near a bus stand on Thursday evening.
The prime minister met with some of the blast survivors and medical staff in two city hospitals and expressed his condolences.
"It is most important that in this hour of grief the people should maintain calm," he said.
"I am happy that the people of Hyderabad have refused to be provoked by this nefarious incident," the prime minister told reporters.
"I pray for the speedy recovery of those who have been injured, to those who have died I send my condolences to all the bereaved families," Singh added.
His spokesman Pankaj Pachauri told AFP Singh was scheduled to be briefed by N. Kiran Kumar Reddy, chief minister of the southern state of Andhra Pradesh, on the incident.
Hyderabad, one of the major hubs of India's booming software industry, is the capital of coastal Andhra Pradesh.
The premier has vowed to bring to justice the perpetrators of what he called a "dastardly" attack, the first major bombings in India since 2011.
His Congress Party-led government was criticised in parliament on Friday by the opposition, which said the bombings had exposed systemic security failures at a time when India is on heightened alert.
India's main opposition BJP party mocked the premier's one-day trip to Hyderabad saying the blasts were a result of the Indian government's failure to tackle terrorism.
"The prime minister's visit to Hyderabad is a non-event," BJP leader Balbir Punj told reporters in New Delhi.
"In fact, if he and his government had been sensitive to the issue of terrorism in this country... this attack would not have taken place," he said.
Andhra Pradesh Home Minister P. Sabita Indra Reddy has said investigators have found "vital clues" but gave no details.
Newspapers have pointed the finger at the Indian Mujahideen, a banned militant outfit which has claimed responsibility for previous attacks.
The fitting of the explosive devices to bicycles was similar to other attacks by the outfit, local media reports quoted investigators as saying.
The homegrown group has links to Lashkar-e-Taiba, the Pakistan-based militant outfit blamed for the 2008 Mumbai attacks that claimed 166 lives, according to Indian intelligence officials.
New Delhi has long accused its neighbour of aiding and abetting the militant groups who have carried out attacks on Indian soil -- a charge that Pakistan rejects.
- AFP/fa
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