More employers offering work-life arrangements






SINGAPORE: More employers in Singapore are offering work-life arrangements, according to a survey conducted by the Ministry of Manpower (MOM).

In 2012, 41 per cent of establishments offered at least one form of work-life arrangement to their employees, up from 38 percent in 2011.

Working part-time was the most common work-life arrangement offered by 33 per cent of establishments.

At a distant second was flexitime (8.2%), followed by staggered hours (7.5%) and tele-working (4.0%).

These were some of the key findings from the 2012 Conditions of Employment Survey conducted by MOM's Research and Statistics Department.

The survey covered 3,500 establishments in the private sector -- each with at least 25 employees -- and the public sector. The response rate was 91 per cent.

The survey also found that increasingly, employers were going beyond statutory requirements to provide various leave benefits to help their employees cope with family commitments.

Most establishments gave compassionate leave (89%) and marriage leave (73%). Slightly over half granted paternity leave (53%), 36 per cent provided study/examination leave, while 16 per cent gave parental care/sick leave.

The 5-day work-week continued to be the norm, with 44 per cent of full-time employees in 2012 under such a work-week arrangement.

Lagging significantly behind were shift work (17%), 6-day (18%) and 5-1/2-day work-week (14%).

Absenteeism due to illness was broadly stable over the years. In 2011, 58 per cent of employees took outpatient sick leave and 4.2 per cent took hospitalisation leave. These were broadly comparable to 55 per cent and 4.3 per cent respectively in 2009.

- CNA/al



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BJP leading in Gujarat, Himachal

AHMEDABAD/SHIMLA: The ruling BJP was leading in both Gujarat and Himachal Pradesh over Congress in the assembly elections for which the counting of votes began today.

TV channels put BJP well ahead of the Congress in both the states. One channel placed the BJP ahead in 57 constituencies against Congress' 34 while another gave the figure of 56 and 28 respectively. Yet others projected BJP as being ahead in 46 and Congress 23 and 48 and 23 respectively.

The Gujarat Parivartan Party (GPP) headed by former chief minister Keshubhai Patel was not doing well leading in only three seats.

The Gujarat Assembly has 182 seats. The BJP has 117 in the outgoing assembly against Congress' 53.

In Himachal Pradesh, three TV channels showed BJP ahead in 12 constituencies and Congress in six. One of the channels showed BJP ahead in 14 and Congress six.

Himachal has a 68-member Assembly in which BJP had won 43 seats in the 2003 elections against Congress' 16.

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Experts: Kids are resilient in coping with trauma


WASHINGTON (AP) — They might not want to talk about the gunshots or the screams. But their toys might start getting into imaginary shootouts.


Last week's school shooting in Connecticut raises the question: What will be the psychological fallout for the children who survived?


For people of any age, regaining a sense of security after surviving violence can take a long time. They're at risk for lingering anxiety, depression, post-traumatic stress disorder.


But after the grief and fear fades, psychiatrists say most of Newtown's young survivors probably will cope without long-term emotional problems.


"Kids do tend to be highly resilient," said Dr. Matthew Biel, chief of child and adolescent psychiatry at MedStar Georgetown University Hospital.


And one way that younger children try to make sense of trauma is through play. Youngsters may pull out action figures or stuffed animals and re-enact what they witnessed, perhaps multiple times.


"That's the way they gain mastery over a situation that's overwhelming," Biel explained, saying it becomes a concern only if the child is clearly distressed while playing.


Nor is it unusual for children to chase each other playing cops-and-robbers, but now parents might see some also pretending they're dead, added Dr. Melissa Brymer of the UCLA-Duke National Center for Child Traumatic Stress.


Among the challenges will be spotting which children are struggling enough that they may need professional help.


Newtown's tragedy is particularly heart-wrenching because of what such young children grappled with — like the six first-graders who apparently had to run past their teacher's body to escape to safety.


There's little scientific research specifically on PTSD, post-traumatic stress disorder, in children exposed to a burst of violence, and even less to tell if a younger child will have a harder time healing than an older one.


Overall, scientists say studies of natural disasters and wars suggest most children eventually recover from traumatic experiences while a smaller proportion develop long-term disorders such as PTSD. Brymer says in her studies of school shootings, that fraction can range from 10 percent to a quarter of survivors, depending on what they actually experienced. A broader 2007 study found 13 percent of U.S. children exposed to different types of trauma reported some symptoms of PTSD, although less than 1 percent had enough for an official diagnosis.


Violence isn't all that rare in childhood. In many parts of the world — and in inner-city neighborhoods in the U.S., too — children witness it repeatedly. They don't become inured to it, Biel said, and more exposure means a greater chance of lasting psychological harm.


In Newtown, most at risk for longer-term problems are those who saw someone killed, said Dr. Carol North of the University of Texas Southwestern Medical Center, who has researched survivors of mass shootings.


Friday's shootings were mostly in two classrooms of Sandy Hook Elementary School, which has about 450 students through fourth-grade.


But those who weren't as close to the danger may be at extra risk, too, if this wasn't their first trauma or they already had problems such as anxiety disorders that increase their vulnerability, she said.


Right after a traumatic event, it's normal to have nightmares or trouble sleeping, to stick close to loved ones, and to be nervous or moody, Biel said.


To help, parents will have to follow their child's lead. Grilling a child about a traumatic experience isn't good, he stressed. Some children will ask a lot of questions, seeking reassurance, he said. Others will be quiet, thinking about the experience and maybe drawing or writing about it, or acting it out at playtime. Younger children may regress, becoming clingy or having tantrums.


Before second grade, their brains also are at a developmental stage some refer to as magical thinking, when it's difficult to distinguish reality and fantasy. Parents may have to help them understand that a friend who died isn't in pain or lonely but also isn't coming back, Brymer said.


When problem behaviors or signs of distress continue for several weeks, Brymer says it's time for an evaluation by a counselor or pediatrician.


Besides a supportive family, what helps? North advises getting children back into routines, together with their friends, and easing them back into a school setting. Studies of survivors of the Sept. 11 terrorist attacks found "the power of the support of the people who went through it with you is huge," she said.


Children as young as first-graders can benefit from cognitive-behavioral therapy, Georgetown's Biel said. They can calm themselves with breathing techniques. They also can learn to identify and label their feelings — anger, frustration, worry — and how to balance, say, a worried thought with a brave one.


Finally, avoid watching TV coverage of the shooting, as children may think it's happening all over again, Biel added. He found that children who watched the 9/11 clips of planes hitting the World Trade Center thought they were seeing dozens of separate attacks.


___


EDITOR'S NOTE — Lauran Neergaard covers health and medical issues for The Associated Press in Washington.


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Inquiry harshly criticizes U.S. State Department over Benghazi attack


WASHINGTON (Reuters) - Security at the U.S. mission in Benghazi, Libya was grossly inadequate to deal with a September 11 attack that killed a U.S. ambassador and three others because of systemic failures within the State Department, an official inquiry found on Tuesday.


In a scathing assessment, the review cited "leadership and management" deficiencies at two bureaus of the department, poor coordination among officials in Washington and "real confusion" on the ground over who had the responsibility, and the power, to make decisions that involved policy and security concerns.


The attack killed Ambassador Christopher Stevens and three other Americans and set off a political furor as Republicans used the issue to attack President Barack Obama before the November 6 election.


The report's harsh assessment seemed likely to tarnish the four-year tenure of Secretary of State Hillary Clinton, who said in a letter accompanying the review that she would adopt all of its recommendations.


"Systemic failures and leadership and management deficiencies at senior levels within two bureaus of the State Department ... resulted in a special mission security posture that was inadequate for Benghazi and grossly inadequate to deal with the attack that took place," said the report by the official "Accountability Review Board."


The report specifically faulted the State Department's Bureau of Near Eastern Affairs and its Bureau of Diplomatic Security.


The incident has raised questions about the adequacy of security at U.S. embassies around the globe and where to draw the line between protecting American diplomats in dangerous places while giving them enough freedom to do their jobs.


Jon Alterman, head of the Middle East program at the Center for Strategic and International Studies, said the assessment reflected poorly on Clinton and its recommendations would probably make life harder for diplomats in the field


"This is a mark against Secretary Clinton. While she was not singled out, the report highlighted the lack of leadership and organization on security issues, and those fall into her bailiwick," Alterman said.


"The report, however, relies a little too much on bureaucratic fixes," he added. "Sprinkling people throughout the system who are not only empowered to say 'no,' but have an institutional interest in doing so, will make it harder for diplomats to get out of tightly guarded facilities."


The political uproar in the United States over the Benghazi attack has already claimed one victim.


U.S. Ambassador to the United Nations Susan Rice, widely tipped as a front-runner to replace Clinton when she steps down as secretary of state early next year, last week withdrew her name from consideration, saying she wished to avoid a potentially disruptive Senate confirmation process.


Republican lawmakers had blasted Rice for comments she made on several television talk shows in the aftermath of the attack in which she said preliminary information suggested the assault was the result of protests over an anti-Muslim video made in California rather than a premeditated strike.


The review. however, concluded that no protest took place before the attack.


Rice has said she was relying on talking points drawn up by U.S. intelligence officials.


(Editing by Christopher Wilson)



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Benghazi inquiry slams "grossly inadequate" security






WASHINGTON: A long-awaited inquiry into a deadly militant attack on the US mission in the Libyan city of Benghazi late Tuesday slammed State Department security arrangements there as "grossly inadequate".

But the months-long probe also found there had been "no immediate, specific" intelligence about a threat against the mission, which was overrun by dozens of heavily armed militants on September 11 who killed four Americans.

"Systemic failures and leadership and management deficiencies at senior levels within two bureaus of the State Department resulted in a Special Mission security posture that was inadequate for Benghazi and grossly inadequate to deal with the attack that took place," the damning report said.

The Accountability Review Board (ARB) also concluded "there was no protest prior to the attacks, which were unanticipated in their scale and intensity."

The attack has become fiercely politicized, with Republicans skewering the US administration for security failings as well as a possible cover-up over Al-Qaeda's role.

In the unclassified section of their report, the five-strong board added they believed every effort had been made to rescue ambassador Chris Stevens, who died in the attack -- the first US envoy killed on duty since 1979.

US Secretary of State Hillary Clinton said she accepted "every one" of the 29 recommendations made by the ARB, which has spent the last three months investigating the events of that night.

She also said the State Department was working with the Pentagon to "dispatch hundreds of additional Marine Security Guards to bolster our posts".

Repeated requests for additional support from embassy staff in both Benghazi and the Libyan capital Tripoli had been ignored, the report said.

The inquiry "found a pervasive realization among personnel who served in Benghazi that the Special Mission was not a high priority for Washington," the report added.

The Benghazi mission was also hampered by poor resources, and the reliance on armed "but poorly skilled" local militiamen from the February 17 Martyrs Brigade as well as local unarmed staff hired by a British company, Blue Mountain, was "misplaced", it said.

Clinton has now entrusted Deputy Secretary Tom Nides with heading up a team which met for the first time Tuesday to implement the report's recommendations.

The classified findings of the investigation were on Tuesday sent to members of two House and Senate committees.

ARB chairman, veteran diplomat Thomas Pickering, and team member Admiral Mike Mullen, the former chairman of the Joint Chiefs of Staff, will brief lawmakers on Wednesday behind closed doors.

The Benghazi report was sent by courier to Clinton at home on Monday, and she has read the highly-anticipated findings. But she will not be testifying herself this week after falling ill and being told by doctors to rest.

- AFP/al



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Funds crunch hits war on malaria

NEW DELHI: The amount of funds available for malaria prevention and control globally is less than half what is needed, the World Health Organization (WHO) has said in a report. While it is estimated that $5.1 billion is needed every year between 2011 and 2020 to achieve universal access to malaria interventions, only $2.3 billion was available in 2011. The WHO has blamed this on a slowing down in the efforts to reverse the epidemic.

This was stated in the World Malaria Report released on Monday, which summarised information from 104 malaria-endemic countries, including India. International funding for malaria control has been steadily rising, going up from less than $100 million in 2000 to $1.71 billion in 2010. National government funding for malaria programmes has also been increasing in recent years, touching an estimated $625 million in 2011. Yet the funds are far from adequate as malaria hits the poorest countries with higher proportions of their population living in poverty (less than $1.25 per person per day) have higher mortality rates from malaria.

Projections of both domestic and international resources available between 2013 and 2015 indicate that total funding for malaria control will remain at less than US$ 2.7 billion, substantially below the amount required.

The African continent accounts for the highest incidence of malaria with 219 million cases and 90% of all malarial deaths in the world. In the Southeast Asia region, India has the highest incidence of malaria (24 million cases) followed by Indonesia and Myanmar. According to the latest WHO estimates, worldwide there were about 219 million cases of malaria in 2010 and an estimated 660,000 deaths.

Together, the Democratic Republic of the Congo and Nigeria are estimated to account for over 40% of all malaria deaths globally. Similarly, the Democratic Republic of the Congo, India and Nigeria account for 40% of malaria cases.

The world report claims that 50 countries are on track to reduce their malaria case incidence rates by 75%, in line with World Health Assembly and Roll Back Malaria targets for 2015. However, these 50 countries account for just 3% (7 million) of the total estimated malaria cases. Moreover, malaria surveillance systems detect only around 10% of the estimated global number of cases, with case detection being lowest in the countries with the highest burden of malaria. In the African and Western Pacific Regions, the main constraint is the small proportion of patients attending public facilities who receive a diagnostic test for malaria.

In the Southeast Asia Region, the most important issue is the high proportion of patients who seek treatment in the private sector, as is happening in India where the private sector is not part of the health reporting system. With such constraints, most of the WHO figures are based on estimates and modelling.

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Experts: Kids are resilient in coping with trauma


WASHINGTON (AP) — They might not want to talk about the gunshots or the screams. But their toys might start getting into imaginary shootouts.


Last week's school shooting in Connecticut raises the question: What will be the psychological fallout for the children who survived?


For people of any age, regaining a sense of security after surviving violence can take a long time. They're at risk for lingering anxiety, depression, post-traumatic stress disorder.


But after the grief and fear fades, psychiatrists say most of Newtown's young survivors probably will cope without long-term emotional problems.


"Kids do tend to be highly resilient," said Dr. Matthew Biel, chief of child and adolescent psychiatry at MedStar Georgetown University Hospital.


And one way that younger children try to make sense of trauma is through play. Youngsters may pull out action figures or stuffed animals and re-enact what they witnessed, perhaps multiple times.


"That's the way they gain mastery over a situation that's overwhelming," Biel explained, saying it becomes a concern only if the child is clearly distressed while playing.


Nor is it unusual for children to chase each other playing cops-and-robbers, but now parents might see some also pretending they're dead, added Dr. Melissa Brymer of the UCLA-Duke National Center for Child Traumatic Stress.


Among the challenges will be spotting which children are struggling enough that they may need professional help.


Newtown's tragedy is particularly heart-wrenching because of what such young children grappled with — like the six first-graders who apparently had to run past their teacher's body to escape to safety.


There's little scientific research specifically on PTSD, post-traumatic stress disorder, in children exposed to a burst of violence, and even less to tell if a younger child will have a harder time healing than an older one.


Overall, scientists say studies of natural disasters and wars suggest most children eventually recover from traumatic experiences while a smaller proportion develop long-term disorders such as PTSD. Brymer says in her studies of school shootings, that fraction can range from 10 percent to a quarter of survivors, depending on what they actually experienced. A broader 2007 study found 13 percent of U.S. children exposed to different types of trauma reported some symptoms of PTSD, although less than 1 percent had enough for an official diagnosis.


Violence isn't all that rare in childhood. In many parts of the world — and in inner-city neighborhoods in the U.S., too — children witness it repeatedly. They don't become inured to it, Biel said, and more exposure means a greater chance of lasting psychological harm.


In Newtown, most at risk for longer-term problems are those who saw someone killed, said Dr. Carol North of the University of Texas Southwestern Medical Center, who has researched survivors of mass shootings.


Friday's shootings were mostly in two classrooms of Sandy Hook Elementary School, which has about 450 students through fourth-grade.


But those who weren't as close to the danger may be at extra risk, too, if this wasn't their first trauma or they already had problems such as anxiety disorders that increase their vulnerability, she said.


Right after a traumatic event, it's normal to have nightmares or trouble sleeping, to stick close to loved ones, and to be nervous or moody, Biel said.


To help, parents will have to follow their child's lead. Grilling a child about a traumatic experience isn't good, he stressed. Some children will ask a lot of questions, seeking reassurance, he said. Others will be quiet, thinking about the experience and maybe drawing or writing about it, or acting it out at playtime. Younger children may regress, becoming clingy or having tantrums.


Before second grade, their brains also are at a developmental stage some refer to as magical thinking, when it's difficult to distinguish reality and fantasy. Parents may have to help them understand that a friend who died isn't in pain or lonely but also isn't coming back, Brymer said.


When problem behaviors or signs of distress continue for several weeks, Brymer says it's time for an evaluation by a counselor or pediatrician.


Besides a supportive family, what helps? North advises getting children back into routines, together with their friends, and easing them back into a school setting. Studies of survivors of the Sept. 11 terrorist attacks found "the power of the support of the people who went through it with you is huge," she said.


Children as young as first-graders can benefit from cognitive-behavioral therapy, Georgetown's Biel said. They can calm themselves with breathing techniques. They also can learn to identify and label their feelings — anger, frustration, worry — and how to balance, say, a worried thought with a brave one.


Finally, avoid watching TV coverage of the shooting, as children may think it's happening all over again, Biel added. He found that children who watched the 9/11 clips of planes hitting the World Trade Center thought they were seeing dozens of separate attacks.


___


EDITOR'S NOTE — Lauran Neergaard covers health and medical issues for The Associated Press in Washington.


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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.






Don Emmert/AFP/Getty Images











Sandy Hook Victims: Jack Pinto's Funeral Held Watch Video









First Sandy Hook Shooting Victims to Be Buried Watch Video







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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Asian markets mostly higher on US fiscal hopes






HONG KONG: Asian markets mostly rose Tuesday, taking a lead from Wall Street as dealers grow confident US lawmakers will reach an agreement to avert the fiscal cliff.

Continued weakness of the yen helped send Japanese shares surging for a second straight session as Shinzo Abe prepares to take over as prime minister, vowing to press a more aggressive policy of monetary easing.

Tokyo rose 1.02 per cent, Sydney climbed 0.78 per cent, Hong Kong added 0.19 per cent, Seoul was up 0.17 per cent and Shanghai was flat.

Traders were reacting to news progress was finally being made in talks on a new deficit-cutting budget to replace the tax hikes and spending cuts due to come into effect at the start of January and which would likely tip the US economy into recession.

President Barack Obama hosted top Republican lawmaker John Boehner in the White House for 45 minutes Monday in the latest effort to avert going over the so-called fiscal cliff.

The meeting follows news that Boehner had changed his position on not allowing any more taxes, saying at the weekend that he would agree to some hikes for people earning more than $1 million.

Although Obama has said he would only agree to rises on people earning more than $250,000, analysts say the development shows the outline of a tentative deal is being formed.

Wall Street ended on a high, with the Dow closing up 0.76 per cent, the S&P 500 gaining 1.19 per cent and the Nasdaq adding 1.32 per cent.

Japanese shares continued to be supported by the falling yen, which helps the country's exporters, as dealers bet on fresh central bank moves to boost the economy.

The election of Abe and his Liberal Democratic Party on Sunday was widely expected and investors now expect the Band of Japan to unveil a further loosening of monetary policy at the end of its two-day meeting on Thursday.

In early Tokyo trade, the dollar bought 83.86 yen, compared with 83.88 yen in New York late Monday. The dollar has risen about 5 per cent against the yen since Abe made his vow to press for more BoJ measures last month.

The euro edged up to $1.3171 and 110.60 yen, compared with $1.3161 and 110.40 yen.

Oil prices rose, with New York's main contract, light sweet crude for delivery in January rising 35 cents to $87.57 a barrel and Brent North Sea crude for February delivery advancing 51 cents to $108.15.

Gold was at $1,698.40 at 0200 GMT compared with $1,690.10 late Monday.

- AFP/ck



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