Wednesday, August 12, 2015

MH370 families reject Malaysia's conclusion on plane debris

MH370 families reject Malaysia's conclusion on plane debris


[KUALA LUMPUR] An MH370 families' organisation said on Wednesday it would not accept the Malaysian government's declaration that wreckage found on an Indian Ocean island came from the ill-fated flight until more analysis is completed, and called for an impartial investigation.
The statement by Voice 370, an international next-of-kin group, adds to doubts over the debris that have been expressed already by a number of individual family members.
"Needless to say, most families have refused to accept the Malaysian verdict, and are awaiting a more definite and conclusive analysis," the group said.
Malaysian Prime Minister Najib Razak announced last week that a wing part known as a flaperon, which washed up on the French island of Reunion, had been confirmed by experts in France as part of MH370.





Najib called it proof of his government's assertion that the jet met a disastrous end somewhere in the Indian Ocean, a position backed by many aviation experts.
But many MH370 family members remain deeply suspicious of Malaysia's handling of the aviation enigma and have rejected that conclusion, with some still harbouring the belief that the plane landed safely somewhere.
Voice 370 said Malaysia is the only party to have conclusively stated that the Reunion wreckage was from MH370.
French authorities have said there was a "very high probability" that the debris was linked to the Malaysia Airlines Boeing 777.
MH370 vanished on March 8, 2014 with 239 passengers and crew, triggering one of aviation's greatest mysteries. A search operation - the biggest in history - is still ongoing in the southern Indian Ocean.
Experts in France are examining the flaperon for any clues into what may have caused the aircraft to inexplicably veer off course en route from Kuala Lumpur to Beijing.
Authorities in Reunion, the island nation of Mauritius, and elsewhere in the Indian Ocean also have announced stepped-up vigilance for possible debris.
No further results of the flaperon analysis have been released, nor has any other debris been confirmed as from MH370.
Malaysia's government and the state flag carrier have faced intense criticism from next-of-kin who accuse both of a fumbled response to the jet's disappearance, confusing statements, and failing to share information with relatives, charges that are denied.
Voice 370 said families remain "apprehensive" about Malaysia's handling of the issue, and have "doubts about their expertise, capabilities and intentions".
It called for all potential MH370 debris to "be analysed at a reputable place with the appropriate expertise and equipment", including possibly the French government or air-safety authorities from other "advanced nations".
Australian authorities leading the search of the southern Indian Ocean seafloor for MH370 wreckage, along with other experts, believe the flaperon likely came from MH370.
The search operation's headquarters said in a statement Wednesday that it was "in all probability" from MH370.
Malaysia has said certain characteristics of the wing fragment, including its paint, matched MH370 maintenance records.
Scientists have also said barnacles on the flaperon could indicate how long it was in the water, and perhaps where it had been, information that could help to narrow the current massive search zone.
Search crews hope to locate a crash site and recover the plane's data recorders, which would be analysed for clues on the cause of the disaster.
AFP

India rupee weakens to two-year low as stocks drop on yuan slump

India rupee weakens to two-year low as stocks drop on yuan slump


[MUMBAI] India's rupee slid to its weakest level in almost two years and stocks fell for a fourth day as China's devaluation of the yuan roiled Asian markets.
The rupee decreased 0.9 per cent to 64.7950 a dollar at the close in Mumbai, after sliding to the weakest level since September 2013. The 30-stock S&P BSE Sensex dropped 1.3 per cent to a two-week low of 27,512.26. Sovereign bonds held steady.
The Sensex is still the biggest advancer among the four largest emerging markets over the past two months, fueling optimism that India is more insulated from a slowdown in China. The rupee has slid less than other developing Asian currencies in the past month. A weaker yuan benefits India, a net importer of Chinese goods, according to Royal Bank of Canada.
"The rupee is relatively less impacted in Asia as India is less export dependent," said Sue Trinh, head of Asia foreign exchange strategy at RBC in Hong Kong.



"A weaker yuan is arguably beneficial for India."
Global investors have bought a net US$210 million of Indian shares this month, the only inflows among eight Asian markets tracked by Bloomberg. They plowed in US$882.4 million in July. Local investors added 58.4 billion rupees (US$901 million) to equity mutual funds in July, extending 15 straight months of net purchases, data from the Association of Mutual Funds in India show.
The 53 per cent plunge in Brent oil prices has helped cool India's retail inflation, improve public finances and allowed the central bank to lower interest rates three times this year. Consumer-price gains slowed to 3.78 per cent in July, the lowest reading since November, data released after the close of trading Wednesday showed. The increase was below the median estimate of a 4.4 per cent advance.
In addition to the these factors, falling borrowing costs make for a "great cocktail for a bull market," Ramesh Damani, an investor and a member of the Bombay Stock Exchange Ltd, said in a Bloomberg TV India interview. "Liquidity is the mother's milk of a bull market, and that's intact."
The yuan devaluation won't affect India much as its economy isn't as dependent on exports as China's, Mr Damani said. India runs a US$42 billion trade deficit with China, data compiled by Bloomberg show.
A gauge of Asian currencies headed for its biggest two-day slide since 1998 on Wednesday. The yuan tumbled for a second day after the People's Bank of China stuck to its plan to give market forces more sway in determining the exchange rate.
Standard Chartered and Barclays Plc say the Reserve Bank of India won't weaken the rupee aggressively even as a move by Vietnam to widen the dong's trading band boosted speculation faltering exports may spark a currency war.
The Sensex has risen 6 per cent in the past year as global funds bought US$11.5 billion of local shares amid steps by Prime Minister Narendra Modi to bolster the economy.
"There will be punctuations marks - Greece, the Fed and China - but India's bull market will continue," Mr Damani said, adding he's bullish on drugmakers, software, consumer goods and media companies, and property developers.
Vedanta Ltd, the nation's biggest copper produce, plunged 7.9 per cent to its lowest level since April 2009, and Hindalco Industries Ltd., an aluminum producer, tumbled 7.1 per cent to a two-year low.
Coal India Ltd fell for a sixth day before its quarterly results, the longest run of losses since the period ended Sept 17, 2014. State Bank of India Ltd lost 4.6 per cent, extending this year's decline to 18 per cent. Tata Motors Ltd, owner of Jaguar Land Rover, slid 3.8 per cent.
The 50-stock CNX Nifty index lost 1.3 per cent to 8,349.45. The India VIX Index soared 9.8 per cent, the most since May 12, to 17.44 at the close in Mumbai.
The yield on sovereign notes due May 2025 was little changed from Tuesday at 7.80 per cent.
BLOOMBERG

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