More public companies in the Philippines eyeing Singapore market for funds

SINGAPORE: More Filipino companies may be looking at the Singapore market to raise funds, with some eyeing a dual listing while others an initial public offering (IPO), say analysts.

Public companies in the Philippines that seek to list on the Singapore Exchange (SGX) usually do so to raise their profile and broaden their investor base.

Filipino food producer Alliance Select Foods International is seeking to list on Singapore's SGX-Catalist board in 2013, a move that will make it the first publicly-traded Filipino company to debut in Singapore.

Alliance Select Foods International was incorporated in 2003 and listed on the Philippines Stock Exchange in 2006, with Singapore investors forming its largest shareholders.

"Singapore is a regional hub for finance especially in ASEAN. We felt very strongly because of our strong Singapore based shareholders, we felt that it was natural for us to seek a dual listing here in Singapore," said Jonathan Dee, president and CEO of Alliance Select Foods International

"The interest rate in Singapore is (also) much lower than that of the Philippines… we chose the Catalist primarily because of our size. Our market cap today is 50 million dollars and so Catalist would fit perfectly with that," he added.

Experts also said that it was time for local investors to start looking at investment opportunities in the Philippine stock exchange, as the Filipino market gains attention in the international arena.

The Philippines' stock market is Asia's 12th largest with a market capitalisation of about US$212 billion.

"There are international investors, especially banks, which are actually overweight in the Philippines in terms of their Asia exposure, primarily because they see Philippines as a re-flation story," said Daryl Liew, head of Portfolio Management at Reyl.

"It's pretty much a domestic consumption play which is a pretty hot theme at this point in time. And actually if you look at the stock market performance, the Philippines stock market is probably the best stock market performance year to date," said Mr Liew.

"Last I checked it's up about 27 per cent, which is higher than the Thai stock market, the Indian stock market and the Hang Seng," he added.

Some public companies in the Philippines are already popular with international institutional investors.

Once the Philippines stock exchange is connected with the ASEAN trading link, analysts say these new linkages will help elevate its profile as well as increase retail investors' interest in Filipino public companies.

The ASEAN trading link comprises seven exchanges in six countries, with the Singapore Exchange and Bursa Malaysia being the first two exchanges to connect in September 2012. The stock exchange of Thailand followed suit on 15th October.

- CNA/jc

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Congress in habit of denigrating institutions: BJP

NEW DELHI: BJP today hit out at Congress after former CAG official R P Singh did a volte-face on his claims on the national auditor's 2G report, saying the ruling party is in the habit of damning and denigrating institutions whenever it stands embarrassed.

"This has become the habit of Congress party. Whenever it embarrasses them or whenever they are in trouble, they try to damn the institutions. They have done the same thing earlier also. You are all aware, denigrating and destabilising the institution from time to time is the old habit of Congress party starting from the Emergency times," BJP leader Venkaiah Naidu said.

He cited the examples of the government expanding institutions like the Election Commission and said it was attempting to do so for the CAG and even the PAC.

Naidu also criticised Prime Minister Manmohan Singh for starting the criticism of CAG and undermining the Public Accounts Committee when he questioned the figures reported in the CAG report on 2G.

"On the first day the Prime Minister said that these figures are disputable and we will challenge it before the Public Accounts Committee. PAC is an independent body of Parliament. The Prime Minister is saying what the PAC is going to do?," Naidu said.

"This is unfortunate. The Congress is totally exposed. Congress should reply to the nation on this issue," he demanded.

The BJP leader said the ruling party should have taken care before raising fingers at institutions like the CAG on the basis of claims by retired officials like R P Singh, who has made a U-turn on his allegations.

He said the government's attempts to denigrating institutions is "not a small issue, it is a serious matter."

Former CAG official R P Singh had yesterday said, "I knew the content of the report...There was a written order. I had to comply. There is no scope for refusing. You would earn wrath," he said.

Singh said there "is no tradition of disagreeing or opposing orders of CAG in my department".

He had also said that he was misquoted by a newspaper that PAC Chairman Murli Manohar Joshi sought to influence the CAG report on 2G whilst the report was being prepared. PTI

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Bounce houses a party hit but kids' injuries soar

CHICAGO (AP) — They may be a big hit at kids' birthday parties, but inflatable bounce houses can be dangerous, with the number of injuries soaring in recent years, a nationwide study found.

Kids often crowd into bounce houses, and jumping up and down can send other children flying into the air, too.

The numbers suggest 30 U.S. children a day are treated in emergency rooms for broken bones, sprains, cuts and concussions from bounce house accidents. Most involve children falling inside or out of the inflated playthings, and many children get hurt when they collide with other bouncing kids.

The number of children aged 17 and younger who got emergency-room treatment for bounce house injuries has climbed along with the popularity of bounce houses — from fewer than 1,000 in 1995 to nearly 11,000 in 2010. That's a 15-fold increase, and a doubling just since 2008.

"I was surprised by the number, especially by the rapid increase in the number of injuries," said lead author Dr. Gary Smith, director of the Center for Injury Research and Policy at Nationwide Children's Hospital in Columbus, Ohio.

Amusement parks and fairs have bounce houses, and the playthings can also be rented or purchased for home use.

Smith and colleagues analyzed national surveillance data on ER treatment for nonfatal injuries linked with bounce houses, maintained by the U.S. Consumer Product Safety Commission. Their study was published online Monday in the journal Pediatrics.

Only about 3 percent of children were hospitalized, mostly for broken bones.

More than one-third of the injuries were in children aged 5 and younger. The safety commission recommends against letting children younger than 6 use full-size trampolines, and Smith said barring kids that young from even smaller, home-use bounce houses would make sense.

"There is no evidence that the size or location of an inflatable bouncer affects the injury risk," he said.

Other recommendations, often listed in manufacturers' instruction pamphlets, include not overloading bounce houses with too many kids and not allowing young children to bounce with much older, heavier kids or adults, said Laura Woodburn, a spokeswoman for the National Association of Amusement Ride Safety Officials.

The study didn't include deaths, but some accidents are fatal. Separate data from the product safety commission show four bounce house deaths from 2003 to 2007, all involving children striking their heads on a hard surface.

Several nonfatal accidents occurred last year when bounce houses collapsed or were lifted by high winds.

A group that issues voluntary industry standards says bounce houses should be supervised by trained operators and recommends that bouncers be prohibited from doing flips and purposefully colliding with others, the study authors noted.

Bounce house injuries are similar to those linked with trampolines, and the American Academy of Pediatrics has recommended against using trampolines at home. Policymakers should consider whether bounce houses warrant similar precautions, the authors said.

___

Online:

Pediatrics: http://www.pediatrics.org

Trade group: http://www.naarso.com

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AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

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President Obama Prepares for Cabinet Shuffle

Nov 26, 2012 6:45am

Carolyn Kaster/AP Photo

As President Obama prepares for his second term, preparations have begun for the traditional shuffling of the Cabinet.

Top priority for the president: filling slots for those top officials heading — if not running — for the door: Secretary of State Hillary Clinton and Secretary of the Treasury Tim Geithner.

To replace Clinton, Democratic insiders suggest that U.S. Ambassador to the United Nations Dr. Susan Rice is the frontrunner, with Sen. John Kerry, D-Mass., also a viable candidate.

Rice has been harshly criticized by Republicans for the erroneous comments she made on Sunday news talk shows after the attack on the U.S. compound in Benghazi, Libya, comments that were based on intelligence reports that falsely blamed the attack on a protest against an anti-Muslim video. When the president, during his recent press conference, offered a vociferous defense of Rice, many of those close to him began to suspect he was tipping his hand as to what he might decide.

To replace Geithner at Treasury, White House chief of staff Jack Lew is thought to have the inside track if he wants it, with other possibilities including Neal Wolin, the current deputy secretary of the Treasury and Lael Brainard, current under secretary of the Treasury for international affairs.

Other informed sources suggest that there is consideration being given to a business/CEO type such as investor Roger Altman, former Time/Warner chair Richard Parsons, and Facebook’s Sheryl Sandberg.

Those are the two most pressing jobs to fill, with Clinton exhausted from a long stretch in government — eight years as first lady, eight as senator, and four as secretary of state — and the president having personally promised Geithner’s wife that he could leave as soon as possible after the election.

Any of the business/CEO types being discussed for treasury secretary could also serve as secretary of commerce, a position that for the Obama administration has proved as troublesome as the role of drummer in Spinal Tap. Jeff Zients, the acting director of the Office of Management & Budget, is said to be under consideration.

It’s too flip to refer to it as a consolation prize, but informed sources say that — with Defense Secretary Leon Panetta also planning on leaving — Kerry could be offered the position secretary of defense if he wants it, though the Massachusetts senator has suggested he only wants State. Another option, Michelle Flournoy, a former under secretary of defense for Policy, would be the first female to serve in that position. There was some discussion of National Security Adviser Tom Donilon moving across the river, but it seems clear, sources say, that he’s staying where he is.

If Lew leaves to take the position at Treasury, some possible replacements for him as chief of staff include deputy National Security Adviser Denis McDonough or Vice President Biden’s former chief of staff Ron Klain. Tom Nides, deputy secretary of state for management and resources, has also been discussed.

President Obama’s senior adviser David Plouffe has also long discussed leaving the White House. There are many options to fill his shoes, including the elevation of communications director Dan Pfeiffer. Also possible: bringing back former press secretary Robert Gibbs, or former deputy chief of staff/campaign manager Jim Messina. Another option might be to bring in some of the people who were part of the messaging shop in the campaign — David Simus, who served as director of opinion research for the campaign, or Larry Grisolano, who did ads for campaign.

– Jake Tapper

SHOWS: World News

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Egypt stocks plunge after Mursi power grab

CAIRO (Reuters) - Egypt's stock market plunged on Sunday in its first day open since Islamist President Mohamed Mursi seizure of new powers set off street violence and a political crisis, unraveling efforts to restore stability after last year's revolution.

More than 500 people have been injured in protests since Friday, when Egyptians awoke to news that Mursi had issued a decree widening his powers and shielding them from judicial review.

Mursi's Muslim Brotherhood supporters were expected to turn out again on the streets in a show of support after prayers on Sunday afternoon. His supporters and opponents are both planning massive demonstrations on Tuesday that many fear will lead to more violence.

Sunday's stock market fall of nearly 10 percent - halted only by automatic curbs - was the worst since the uprising that toppled Hosni Mubarak in Feb 2011. Images of protesters clashing with riot police and tear gas wafting through Cairo's Tahrir Square were an unsettling reminder of that revolution.

"We are back to square one, politically, socially," said Mohamed Radwan of Pharos Securities, an Egyptian brokerage firm.

Judges announced on Saturday they would go on strike. Liberal politician Mohammed ElBaradei called Mursi a "dictator".

Forged out of the once-banned Muslim Brotherhood, the Mursi administration has defended his decree as an effort to speed up reforms that will complete Egypt's democratic transformation.

Yet leftists, liberals, socialists and others say it has exposed the autocratic impulses of a man once jailed by Mubarak, while Islamist parties have rallied behind Mursi.

"There is no room for dialogue when a dictator imposes the most oppressive, abhorrent measures and then says 'let us split the difference'," prominent opposition leader ElBaradei said.

"I am waiting to see, I hope soon, a very strong statement of condemnation by the U.S., by Europe and by everybody who really cares about human dignity," he said in an interview with Reuters and the Associated Press.

Activists opposed to the Mursi decree were camped out in central Cairo for a third consecutive day. State media reported that Mursi met for a second day with his advisers.

"I am really afraid that the two camps are paving the way for violence," said Hassan Nafaa, a professor of political science at Cairo University. "Mursi has misjudged this, very much so. But forcing him again to relinquish what he has done will appear a defeat."

WARNINGS FROM WEST

Mursi's decree drew warnings from Western countries to uphold democracy, a day after he had received glowing tributes from the United States and others for his work brokering a deal to end eight days of violence between Israel and Hamas.

"Investors know that Mursi's decisions will not be accepted and that there will be clashes on the street," said Osama Mourad of Arab Financial Brokerage.

Investors had grown more confident in recent months that a legitimately elected government would help Egypt put its economic and political problems behind it. The stock market's main index had risen 35 percent since Mursi's victory.

Just last week, investor confidence was helped by a preliminary agreement with the International Monetary Fund over a $4.8 billion loan needed to shore up state finances.

Issued late on Thursday, the Mursi decree marks an effort to consolidate his influence after he successfully sidelined Mubarak-era generals in August. Analysts say it reflects Muslim Brotherhood suspicions of sections of a judiciary that is largely unreformed from the Mubarak era.

The decree defends from judicial review decisions taken by Mursi until a new parliament is elected. That vote is expected early next year.

It also shields the Islamist-dominated assembly writing Egypt's new constitution from a raft of legal challenges that have threatened the body with dissolution, and offers the same protection to the Islamist-controlled upper house of parliament.

Many of Mursi's political opponents share the view that Egypt's judiciary needs reform. But they see the decree as a threat to the country's nascent democracy.

(Editing by Peter Graff)

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SMTOWN Live World Tour in Singapore electrifies fans

SINGAPORE: It was a sell-out concert for the SMTown Live World Tour III last Friday.

About 25,000 tickets were sold with prices ranging from S$168 to S$268.

The star-studded show, which cost some S$5 million to put together, featured eight iconic Korean pop acts: Kangta, BoA, TVXQ, Super Junior, Girls' Generation, SHINee, f(x) and EXO.

Organised by Korean record label SM Entertainment, the concert was held at the Float@Marina Bay for the first time in Singapore.

The stage took more than 200 people and 96 hours to set up.

For local K-pop fans, SMTOWN might have well been the concert of the year.

There were earlier reports of fans who queued for days to get a good vantage point of the stars at the mosh pits.

"Even though you don't understand the language, you can actually follow the music," said a fan.

"I also love their songs, because it's catchy and fun to listen to and I never get bored listening to them," said 11-year-old Jannah, a fan of the artistes.

Some international fans had also travelled to Singapore to see their idols.

The stars themselves were thrilled to be in Singapore although they were one-and-a-half hours late for their press conference.

"It's been almost 10 years since I was in Singapore in 2003 for MTV Music Awards in Asia," said BoA. "So I'm very happy to be back in Singapore and I can't wait to see all of my fans, of course."

"I think Singapore is such a beautiful place and this is the first time for us here. We want to thank all the fans that came to the airport," said Kris from the boy band EXO.

Stars also shared their memorable experiences backstage, showing that preparations are not always all work and no play.

"Backstage, be it seniors or juniors, we'll always chat, and encourage each other in their performances," said Victoria, the leader of girl group f(x).

"There was once we had a chance to have a drink with our senior, Yunho (from TVXQ), and he got a little bit tipsy after a few drinks," revealed Super Junior member Donghae.

"After that, he did this dance move which was really fantastic, which we'll like to show you one day. It is not a charismatic sort of dance move, it is something you can't imagine him doing."

The mood was electrifying as fans screamed and cheered throughout the four-hour long concert.

The heavy rain towards the end of the concert did little to dampen fans' spirits.

The artistes performed a whopping 50 songs with slick dance moves and ended the concert by performing together and mingling with the fans.

- CNA/xq

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Retired CAG officers ready for debate on 2G spectrum report

NEW DELHI: Joining the controversy over the CAG report on 2G spectrum allocation, retired senior officers of the public auditor have expressed their keenness to debate the issue with government functionary on any platform.

"If the Minister and his colleagues having been outdone on television debates and still desire another public debate, we -- retired senior officers -- are willing for any debate on any platform of their choice. After all, their star performer is also a retired Indian Audit & Accounts Service officer," B S Gill, former deputy Comptroller and Auditor General (CAG) on behalf of senior retired officials, said in a statement.

The statement comes in response to a call by Information and Broadcasting Minister Manish Tewari who sought an open debate on the 2G spectrum report with Comptroller and Auditor General Vinod Rai.

A new twist to the controversy had been added earlier by retired CAG Director General R P Singh who had distanced himself from the report which had said that government suffered a presumptive loss of Rs 1.76 lakh crore on account of allocation of 2G spectrum without auction.

The CAG, the statement said, is too high and dignified a Constitutional authority to engage in any unseemly public debate.

"It is for good reasons that the founding fathers of our Constitution have compared his (CAG) position to that of a Supreme Court judge. Even when Ministers preferring to ignore Constitutional decorum, make such unreasonable statements, we would never advise the CAG to be a party to such an extraordinary impropriety," Gill said.

Noting that government finding CAG reports uncomfortable was not a new phenomenon, he said, "never has there been such a strident attack in the media against the institution of the CAG. To prop up a retired officer and have him make disparaging remarks against the professional practices of the department is a new low."

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AP PHOTOS: Simple surgery heals blind Indonesians

PADANG SIDEMPUAN, Indonesia (AP) — They came from the remotest parts of Indonesia, taking crowded overnight ferries and riding for hours in cars or buses — all in the hope that a simple, and free, surgical procedure would restore their eyesight.

Many patients were elderly and needed help to reach two hospitals in Sumatra where mass eye camps were held earlier this month by Nepalese surgeon Dr. Sanduk Ruit. During eight days, more than 1,400 cataracts were removed.

The patients camped out, sleeping side-by-side on military cots, eating donated food while fire trucks supplied water for showers and toilets. Many who had given up hope of seeing again left smiling after their bandages were removed.

"I've been blind for three years, and it's really bad," said Arlita Tobing, 65, whose sight was restored after the surgery. "I worked on someone's farm, but I couldn't work anymore."

Indonesia has one of the highest rates of blindness in the world, making it a target country for Ruit who travels throughout the developing world holding free mass eye camps while training doctors to perform the simple, stitch-free procedure he pioneered. He often visits hard-to-reach remote areas where health care is scarce and patients are poor. He believes that by teaching doctors how to perform his method of cataract removal, the rate of blindness can be reduced worldwide.

Cataracts are the leading cause of blindness globally, affecting about 20 million people who mostly live in poor countries, according to the World Health Organization.

"We get only one life, and that life is very short. I am blessed by God to have this opportunity," said Ruit, who runs the Tilganga Eye Center in Katmandu, Nepal. "The most important of that is training, taking the idea to other people."

During the recent camps, Ruit trained six doctors from Indonesia, Thailand and Singapore.

Here, in images, are scenes from the mobile eye camps:

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New Congress: Fewer Moderates Make Deals Harder

When the next Congress cranks up in January, there will be more women, many new faces and 11 fewer tea party-backed House Republicans from the class of 2010 who sought a second term.

Overriding those changes, though, is a thinning of pragmatic, centrist veterans in both parties. Among those leaving are some of the Senate's most pragmatic lawmakers, nearly half the House's centrist Blue Dog Democrats and several moderate House Republicans.

That could leave the parties more polarized even as President Barack Obama and congressional leaders talk up the cooperation needed to tackle complex, vexing problems such as curbing deficits, revamping tax laws and culling savings from Medicare and other costly, popular programs.

"This movement away from the center, at a time when issues have to be resolved from the middle, makes it much more difficult to find solutions to major problems," said William Hoagland, senior vice president of the Bipartisan Policy Center, a private group advocating compromise.

In the Senate, moderate Scott Brown, R-Mass., lost to Democrat Elizabeth Warren, who will be one of the most liberal members. Another GOP moderate, Richard Lugar of Indiana, fell in the primary election. Two others, Kay Bailey Hutchison of Texas and Olympia Snowe of Maine, are retiring.

Moderate Democratic senators such as Kent Conrad of North Dakota, Herb Kohl of Wisconsin, Ben Nelson of Nebraska, James Webb of Virginia are leaving, as is Democratic-leaning independent Joe Lieberman.

While about half the incoming 12 Senate freshmen of both parties are moderates, new arrivals include tea party Republican Ted Cruz of Texas, conservative Deb Fischer of Nebraska, and liberals such as Tammy Baldwin of Wisconsin and Hawaii's Mazie Hirono.

There's a similar pattern in the House, where 10 of the 24 Democratic Blue Dogs lost, are retiring or, in the case of Rep. Joe Donnelly, R-Ind., are moving to the Senate. That will further slash a centrist group that just a few years ago had more than 50 members, though some new freshmen might join.

Among Republicans, moderates like Reps. Judy Biggert of Illinois and New Hampshire's Charles Bass were defeated while others such as Reps. Jerry Lewis of California and Steven LaTourette of Ohio decided to retire.

"Congress seems to be going in the opposite direction of the country, just as the country is screaming for solutions to gridlock," said Democratic strategist Phil Singer.

Whether the changes are good is often in the eye of the beholder.

Seventy-one of the 83 House GOP freshmen of 2010 were re-elected Nov. 6, but 11 lost, including one of the group's highest profile members, conservative Rep. Allen West, R-Fla. Another faces a runoff in December.

"Some of the people who are the anti-government ideologues, some of them are gone," said House Minority Leader Nancy Pelosi, D-Calif. "And that message has been rejected by the American people."

Sal Russo, strategist for the Tea Party Express, said such departures would be balanced by newly elected conservatives, including the Senate's Cruz and GOP Reps.-elect Ted Yoho of Florida and Mark Meadows of North Carolina.

"Pretty much everybody that ran in 2012 was talking about the economic woes we face, stopping excessive spending, controlling unsustainable debt," he said.

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Crisis over president's powers exposes Egypt divisions

CAIRO (Reuters) - Youths clashed with police in Cairo on Saturday as protests at new powers assumed by President Mohamed Mursi stretched into a second day, confronting Egypt with a crisis that has exposed the split between newly empowered Islamists and their opponents.

A handful of hardcore activists hurling rocks battled riot police in the streets near Tahrir Square, where several thousand protesters massed on Friday to demonstrate against a decree that has rallied opposition ranks against Mursi.

Following a day of violence in Cairo, Alexandria, Port Said and Suez, the smell of teargas hung over the square, the heart of the uprising that swept Hosni Mubarak from power in February 2011.

More than 300 people were injured on Friday. Offices of the Muslim Brotherhood, which propelled Mursi to power, were attacked in at least three cities.

Egypt's highest judicial authority said the decree marked an "unprecedented attack" on the independence of the judiciary, the state news agency reported.

Leftist, liberal and socialist parties have called for an open-ended sit-in with the aim of "toppling" the decree which has also drawn statements of concern from the United States and the European Union. A few dozen activists manning makeshift barricades kept traffic out of the square on Saturday.

Calling the decree "fascist and despotic", Mursi's critics called for a big protest on Tuesday against a move they say has revealed the autocratic impulses of a man jailed by Mubarak, who outlawed Mursi's Muslim Brotherhood.

"We are facing a historic moment in which we either complete our revolution or we abandon it to become prey for a group that has put its narrow party interests above the national interest," the liberal Dustour Party said in a statement.

Issued late on Thursday, the decree marks an effort by the Mursi administration to consolidate its influence after it successfully sidelined Mubarak-era generals in August.

The decree reflects the Muslim Brotherhood's suspicion towards sections of a judiciary unreformed from Mubarak's days: it guards from judicial review decisions taken by Mursi until a new parliament is elected in a vote expected early next year.

It also shields the assembly writing Egypt's new constitution from a raft of legal challenges that have threatened the Islamist-dominated assembly with dissolution.

The Mursi administration has defended the decree on the grounds that it aims to speed up a protracted transition from Mubarak's rule to a new system of democratic government.

"It aims to sideline Mursi's enemies in the judiciary and ultimately to impose and head off any legal challenges to the constitution," said Elijah Zarwan, a fellow with The European Council on Foreign Relations.

"We are in a situation now where both sides are escalating and its getting harder and harder to see how either side can gracefully climb down," Zarwan said.

"INTIFADA"

A central element of Egypt's transition, the drafting of the constitution has been plagued by divisions between Islamists and their more secular-minded opponents, nearly all of whom have withdrawn from the body writing the document.

Mursi's new powers allowed him to replace the prosecutor general - a Mubarak holdover who the new president had tried to replace in October only to kick up a storm of protest from the judiciary, which said he had exceeded his authorities.

At an emergency meeting called to discuss the decree, the Supreme Judicial Council, Egypt's highest judicial authority, urged "the president of the republic to distance this decree from everything that violates the judicial authority".

Al-Masry Al-Youm, one of Egypt's most widely read dailies, hailed Friday's protest as "The November 23 Intifada", invoking the Arabic word for uprising. "The people support the president's decisions," declared Freedom and Justice, the newspaper run by the Brotherhood's political party.

The ultraorthodox Salafi Islamist groups that have been pushing for tighter application of Islamic law in the new constitution have rallied behind the decree.

The Nour Party, one such group, stated its support for the Mursi decree. Al-Gama'a al-Islamiya, which carried arms against the state in the 1990s, said it would save the revolution from what it described as remnants of the Mubarak regime.

Facing the biggest storm of criticism since he won the presidential election in June, Mursi addressed his supporters outside the presidential palace on Friday. He said opposition did not worry him, but it had to be "real and strong".

Candidates defeated by Mursi in the presidential vote joined the protests against his decision on Friday. Former Arab League Secretary General Amr Moussa was photographed linking arms with leftist Hamdeen Sabahi, liberal Mohamed ElBaradei and others.

Mursi is now confronted with a domestic crisis just as his administration won international praise for mediating an end to the eight-day war between Israel and Palestinians in the Gaza Strip.

"The decisions and declarations announced on November 22 raise concerns for many Egyptians and for the international community," State Department spokeswoman Victoria Nuland said in a statement.

The European Union urged Mursi to respect the democratic process, while the United Nations expressed fears about human rights.

(Additional reporting by Omar Fahmy and Reuters TV; Editing by Alison Williams)

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