Clico policyholders may sue PM—Ramesh
Senior Counsel Ramesh Lawrence Maharaj says the United Policyholders Group will consider suing Prime Minister Kamla Persad-Bissessar and members of Cabinet if they fail to withdraw the June 30 deadline for acceptance of Government’s Clico bailout plan. Maharaj, who represents the group, made the statement in a press release yesterday.
He said if it was not withdrawn, his clients would consider making a claim against the ministers for punitive damages for misfeasance in public office. Maharaj added: “Consideration would be given to seek an order of the High Court to rule that the June 30 deadline does not apply to the relevant Executive Flexible Premium Annuity (EFPA) policyholders and in particular on whose behalf the judicial review claim has been filed.”
On April 19, Justice Joan Charles, who is presiding over the policyholders’ case, granted them leave to apply for judicial review against Persad-Bissessar and members of the Cabinet. In their application, the group’s attorneys contend that promises made by the previous administration in 2009 amounted to a guarantee that policyholders would be paid sums which were held in the cash-strapped conglomerate.
The policyholders claim the current plan is irrational and unreasonable and the Government’s actions were illegal and a violation of their legitimate expectations. The substantive matter will be litigated before Charles on November 21 and 22. Maharaj, in his four-page release, cited Justice Charles’ order as one reason for abandoning the June 30 deadline.
He said it was the Government’s duty to allow policyholders to litigate their rights in the courts without feeling threatened to take up the offer by the deadline. “If the deadline is not withdrawn, policyholders would believe Government is practising a form of blackmail against them to force them to abandon their legal rights and take up the offer,” Maharaj said.
As part of the lawsuit before the courts, the group sought documents, including a valuation of Clico’s assets, assets in Clico’s Statutory Fund and the money received from the sale of Clico’s assets. The group is expected to receive these documents before the next hearing of the case in November.
DIGICEL GROUP LIMITED announces strong financial results US$1.1 billion EBITDA for the year ended 31 march 2012
Digicel Group Ltd, the best value mobile operator, today announced a strong set of financial results for the year ended 31 March 2012.
With subscribers up 27% to 12.8 million and revenues for Digicel Group Limited (which comprises 30 markets in the Caribbean, Central America and the Pacific) up 14% to US$2.54 billion, EBITDA margins remained steady at a robust 45%.
The company posted EBITDA of US$1,082 million – up from US$954 million in the previous year – representing a year on year increase of 13%.
Value Added Services and data revenues were up an impressive 47% year on year and now account for 20% of overall service revenues. This growth was supported in part by Digicel’s 4G Mobile offering which is now available in 14 markets across the globe (with further rollouts planned) and by the rise in smartphone usage. The Diaspora business meanwhile saw its revenues grow by 28% year on year.
Digicel’s balance sheet and liquidity position has continued to improve with cash reserves of over US$657 million at 31 March 2012. The Group’s strong financial performance has been endorsed by ratings agency, Fitch, which in May reaffirmed the Group’s debt rating citing its “strong operational performance”.
Commenting on the performance, Digicel Group CEO, Colm Delves, said; “I am pleased to report that Digicel has closed out another strong year in which, for the first time in our 11 year history, our annual EBITDA was over US$1 billion. With 12.8 million subscribers across 30 markets, Digicel has delivered 14% revenue growth placing us at the leading edge of performance amongst telecoms operators worldwide.”
He continues; “I would like to take this opportunity to thank our customers for their loyalty to Digicel and our partners and staff who always go the extra mile to ensure that our customers benefit from what we do and how we do it.”
Denis O’Brien, Chairman and Founder of Digicel Group, commented; “The results announced today reflect the continued growth and development of Digicel in the Caribbean, Central America and Asia Pacific. The success of Digicel is due to the commitment of a very strong management team and workforce whose sole focus is on the highest standards of service delivery in all markets.”
Key achievements include:
- Rollout of 4G services based on HSPA+ technology in 14 markets – Aruba, Bonaire and Curacao, Barbados, Cayman Islands, Dutch Caribbean, Fiji, Haiti, Papua New Guinea, Samoa and Vanuatu
- Acquisition of Voila in Haiti and the completion of the acquisition and integration of Claro in Jamaica
- Spearheading a US$16 million “Fibralink” extension that will connect Haiti to the global economy through broadband services from July 2012
- Ongoing positive impact on communities by the Digicel Foundations – with a total of US$25 million invested in community projects in Haiti in the five years of the Foundation’s existence and a commitment to building a further 80 schools by the end of 2013, in addition to the existing 70 already opened; the completion of 52 projects in the year which have positively impacted over 25,000 people in Jamaica and the funding of 53 infrastructure projects in Papua New Guinea in the year (more than double the previous year).
Digicel’s investment across its 30 markets worldwide totals US$4.5 billion and the company employs over 4,700 people worldwide.
Wisconsin Governor Survives Recall Vote
Republican Governor Scott Walker of Wisconsin has defeated his Democratic opponent in a recall election that observers say has implications for the November presidential election.
With nearly all the votes counted, Walker was easily beating Milwaukee Mayor Tom Barrett by nearly a double digit margin in a race which attracted huge voter turnout. Barrett, who lost the 2010 general election to Walker, conceded the race hours after the polls closed.
Shortly after taking office, Walker pushed through a law that sharply curtailed the right of most government employees to bargain for pay raises and other benefits, angering unions and Democratic activists. The law set off days of large angry protests at the state capitol in Madison. A grassroots campaign earlier this year gathered nearly 1 million signatures in a petition drive to force the recall election.
In his victory speech, Walker told his supporters the voters of Wisconsin approved of his leadership.
“What has made the United States of America arguably one of the greatest countries in the history of the world, is that in times of crisis, be they economic or fiscal, be they military or spiritual, in times of crisis, what has made America amazing, has been the fact that throughout our history, throughout the more than 200 years of our history, there have been men and women of courage who stood up and decided it was more important to look at the future of their children and their grandchildren than their own political futures.”
Walker is the first governor in U.S. history to survive a recall election. Two other governors lost their recall elections, the most recent in 2003, when California Governor Gray Davis was unseated and replaced by Hollywood action star Arnold Schwarzenegger.
Republican Lieutenant Governor Rebecca Kleefisch and three Republican state senators also survived recall campaigns waged against them. Democrats had hoped to pick up at least one of those Republican seats to give them control of the chamber.
The recall effort attracted money and attention from Republican and Democratic supporters across the country. Walker raised $30 million to fight off the recall, compared to Barrett's $4 million.
Likely Republican Party presidential nominee Mitt Romney issued a statement congratulating Walker, saying the results will “echo beyond the borders of Wisconsin.”
Incumbent Democrat Barack Obama easily won Wisconsin in the 2008 presidential campaign, but analysts say a Walker victory could mean that Romney could take the state in November's general election.
Morocco: Solar-Powered Plane’s Arrival Boosts Solar Energy Industry
Morocco has praised the arrival of a solar-powered plane that flew from Madrid, Spain, to Rabat, marking the world's first intercontinental flight by a manned aircraft operating without liquid fuel.
The Solar Impulse plane completed the 830 kilometer journey late Tuesday, landing at Rabat's international airport after taking off from the Spanish capital 19 hours earlier. The plane's lone pilot, Swiss adventurer Bertrand Piccard, smiled as he emerged from the small cockpit to be greeted by members of his team and Moroccan authorities.
He said the plane's crossing of the Gibraltar straight separating Europe and Africa was a “magical moment” that represents one of the “highlights” of his career.
Organizers chose Morocco as the destination for the unprecedented flight to highlight the North African nation's plan to build the world's largest solar power plant. The head of the Moroccan Agency for Solar Energy Mustafa Bakkoury welcomed Piccard at the airport and said Morocco shares the pilot's message about the importance of renewable energy.
“Solar energy is no longer restricted to the scientific world but is become an (integral) part of daily life,” Bakkoury said.
He said Morocco plans to start building the solar power plant in the south-central city of Ouarzazate in 2014. The plant is part of a Moroccan effort to reduce the nation's dependence on fossil fuels and produce 2,000 megawatts of solar energy, by 2020.
Al-Qaeda commander Abu Yahya al-Libi killed
Senior al-Qaeda leader Abu Yahya al-Libi was killed in a drone strike in Pakistan on Monday, US officials say.
US officials said Libi was the target of an attack which hit a volatile tribal area of Pakistan's north-west, killing 15 suspected militants.
There has been no confirmation of his death from sources in Pakistan.
The White House says Libi's death deals a heavy blow to al-Qaeda's operations as he played a critical role in the group's planning against the West.
"There is no-one who even comes close in terms of replacing the expertise al-Qaeda has just lost," one US official said.
The official added that al-Qaeda's leadership "will be hard-pressed to find any one person who can readily step into [Libi's] shoes".Washington believes that following Osama Bin Laden's death last year, Libi, an Islamic scholar from Libya, became al-Qaeda's second-in-command after Egyptian-born Ayman al-Zawahiri.
Libi had gravitas as a longstanding member of al-Qaeda's leadership, the official said, and his religious credentials meant he had the authority to issue fatwas and provide guidance to other militants.
Analysts have said that he was in charge of day-to-day operations in Pakistan's tribal areas.
He was believed to be the interface between Pakistan's militant commanders and al-Qaeda operations in Yemen, Iraq and elsewhere.
He was reported killed in a drone strike in Pakistan in 2009, but it turned out to be a case of mistaken identity.
Pakistan's frontier tribal region is considered a hub of activity by al-Qaeda and Taliban militants and it is very difficult to verify information from the region.
Reporters are prevented by the authorities from travelling to the area.
There are no further details explaining how US officials are certain that Libi was killed by the drone strike.
White House spokesman Jay Carney said that the intelligence community had information which led them to conclude he had been killed.
"I can't get into details about how his death was brought about but I can tell you he served as Al-Qaeda's general manager," Mr Carney said.
In Monday's strike, two missiles were fired at a suspected militant compound in Hesokhel, east of Miranshah - the main town in the volatile tribal region of North Waziristan.
The first missile struck the compound, killing three militants, Pakistani security officials said.
A second missile then killed 12 more militants who had arrived at the scene, they added.
China and Russia lead group talks focused on security
China and Russia are leading a group summit, with talks focusing on security and development in central Asia.
The stability of Afghanistan is a ''common concern'', said Russian President Vladimir Putin.
Leaders of four other countries, Iran, Mongolia, India, Pakistan and Afghanistan are attending the two-day talks in Beijing.
Several meetings on the sidelines are also expected and Mr Putin has had talks with China's President Hu Jintao.
The six-member Shanghai Cooperation Organisation (SCO) group including the two economic power-houses, and the central Asian states of Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, was formed in 2001.
Afghanistan has been invited to the meeting as a guest, while Iran, Mongolia, Pakistan and India are observer members.
"Strengthening political cooperation within the framework of the SCO must also strengthen cooperation in the economic sphere," Mr Putin said in an editorial in China's People's Daily newspaper on Tuesday.
The group was formed to curb extremism in the region and enhance border security. It was widely viewed as a countermeasure to curb the influence of western alliances such as Nato.
The SCO then began to develop co-ordinated measures to stabilise their economies and maintain growth in Eurasia through multilateral trade and co-operation.
China said on Tuesday that the group was likely to give the go ahead for a plan to crack down on terrorism.
'Strategic partner'
Nations attending the summit are also expected to further ties on the sides.
Afghanistan President Hamid Karzai is due to meet Mr Hu, as their countries are expected to announce ''a new strategic level" of relations, Kabul's foreign ministry said earlier.
The group meetings would likely discuss issues of stability and growth in Afghanistan as Nato forces prepare to pull out of the country.
Mr Putin will also meet his Iranian counterpart Mahmoud Ahmadinejad, ahead of talks hosted by Russia to seek diplomatic solutions over Iran's nuclear programme.
On Tuesday, China and Russia reinforced their opposition to foreign intervention in Syria and urged support for UN envoy Kofi Annan's peace plan.
Both countries have twice blocked UN resolutions critical of Damascus.
Beijing currently holds the UN Security Council's rotating presidency, and Russia and China have long resisted pressure to remove Syrian President Bashar al-Assad from power amid ongoing unrest.
Beijing and Moscow also signed a series of political and trade agreements.
''China is Russia's strategic partner. We enjoy mutually beneficial, mutually trusting, open cooperation in all fields," Mr Putin told reporters.
Mr Putin had said ahead of the trip that he wanted to further boost booming bilateral trade, which reached $84bn (£55bn) last year.
Diamond Jubilee: Queen 'humbled' by celebrations
The Queen has called her Diamond Jubilee "a humbling experience", saying she had been "touched deeply" by seeing so many people celebrating together.
In a message to the nation, she thanked all those who organised the events.
Festivities culminated in an appearance by the senior royals on the Buckingham Palace balcony in front of huge crowds to watch an RAF flypast.
But the Queen's consort, Prince Philip, was absent from her side as he remains in hospital with a bladder infection.
The Earl and Countess of Wessex visited the Duke of Edinburgh on Tuesday afternoon.
Afterwards, Prince Edward said: "He's feeling better." The countess added: "He's in good spirits; he's on good form."
'Happy atmosphere'
The Queen's message was broadcast on television and radio across the UK and Commonwealth.
"The events that I have attended to mark my Diamond Jubilee have been a humbling experience," she said.
"It has touched me deeply to see so many thousands of families, neighbours and friends celebrating together in such a happy atmosphere.
"But Prince Philip and I want to take this opportunity to offer our special thanks and appreciation to all those who have had a hand in organising these Jubilee celebrations.
"It has been a massive challenge, and I am sure that everyone who has enjoyed these festive occasions realises how much work has been involved."
She added: "I hope that memories of all this year's happy events will brighten our lives for many years to come.
"I will continue to treasure and draw inspiration from the countless kindnesses shown to me in this country and throughout the Commonwealth. Thank you all."
Commonwealth leaders
The Queen will continue to mark her Diamond Jubilee on Wednesday after four days of public celebrations.
She will attend a lunch for the anniversary at Marlborough House in Pall Mall in central London with Commonwealth leaders, including prime ministers, governor generals and high commission representatives.
The Queen had been due to be accompanied at the event by the Duke of Edinburgh.
On Tuesday, the Queen attended a thanksgiving service at St Paul's Cathedral where Archbishop of Canterbury Dr Rowan Williams paid tribute to her "lifelong dedication".
"I don't think it's at all fanciful to say that, in all her public engagements, our Queen has shown a quality of joy in the happiness of others," he said.
David Cameron, who gave a reading at the service, called her "a real inspiration".
"We have seen the country come together with a sense of celebration and unity but also tremendous resilience, resilience from people who want to celebrate despite the weather and resilience, of course, from Her Majesty - nothing stops her doing the job she does," the prime minister said.
US President Barack Obama was among those who paid tribute to her "60 extraordinary years".
In a specially recorded message he called the Queen "a steadfast ally, loyal friend and tireless leader" and said she had been "the chief source of resilience" for the unique alliance between his country and the UK throughout her reign.
In other Jubilee events on Tuesday:
- Crowds gathered from early morning to cheer the Queen on her journey from Buckingham Palace to St Paul's
- The congregation at the cathedral included a large representation from the government, military personnel and members of the royal household, alongside diplomats and foreign leaders
- After the service, the Queen attended a reception at nearby Mansion House - the official residence of the Lord Mayor of London
- The Prince of Wales and Duchess of Cornwall, the Duke and Duchess of Cambridge and Prince Harry were at a similar event at the Guildhall
- All of the senior royals then enjoyed a lunch at Westminster Hall before embarking on a carriage procession through packed streets back to the palace
- The day ended in an appearance by the senior royals on the palace balcony to watch a flypast by World War II aircraft and the Red arrows
Other events during the extended Jubilee weekend included a star-studded concert outside Buckingham Palace on Monday night.
At the end the Queen came on to the stage to press a diamond-shaped crystal into a pod, igniting a beacon in The Mall to mark her 60 years on the throne. It was one of more than 4,000 lit across the UK and the Commonwealth.
On Sunday, about a thousand boats took part in the Diamond Jubilee Thames River Pageant, the first of its kind for 350 years.
BBC
153 Dead in Nigerian Plane Crash
Nigerian officials say all 153 people on board a Nigerian passenger aircraft flight were killed when the plane crashed into a building in Lagos.
President Goodluck Jonathan has declared three days of official mourning for the victims and ordered a thorough investigation into the disaster.
Officials from Nigeria's Civil Aviation Authority say the Dana Airlines flight was travelling Sunday from Abuja to Lagos when it crashed into a two-story building in a densely populated residential area, setting other buildings on fire.
One-hundred 53 people on board the plane were killed. It is unclear if anyone on the ground was killed.
Dana Airlines is a domestic air carrier that operates a fleet of Boeing MD-83 aircraft for the hour-long flight from Abuja to Lagos.
15 Killed in Reported US Drone Strike in Pakistan
Pakistani officials say a U.S. drone strike in northwestern Pakistan early Monday has killed 15 people.
Security officials say missiles were fired into a village in North Waziristan, along the Afghan border.
The tribal region has become a hub of al-Qaida and Taliban activity.
Monday's reported drone strike would be the third in three days and the seventh in two weeks in Pakistan, despite Pakistani demands to stop them.
On Sunday, a drone fired four missiles into a compound in the South Waziristan tribal district, killing at least 10 militants.
Intelligence officials said the missiles hit a group of people who had gathered to offer condolences to the brother of another militant killed in a drone strike a day earlier.
The drone strategy has become an increasingly contentious issue between Pakistan and the U.S., following a November strike that mistakenly killed 24 Pakistani soldiers stationed near the Afghan border.
Washington considers drone strikes to be a vital tool in the war against al-Qaida and the Taliban.
Islamabad says the missile attacks are counter-productive, violate the country's sovereignty, kill civilians and fuel anti-U.S. sentiment.
Pakistan's parliament has demanded an apology for the cross-border attack and an end to drone strikes on Pakistani soil, but Washington has refused, prompting Islamabad to block U.S. and NATO supply routes into Afghanistan. Islamabad has not yet reopened the routes, further straining already tense relations between the two sides.
QUEEN'S BIRTHDAY AND JUBILEE CELEBRATIONS CONFIRMED
Turks and Caicos Islands events to mark the Her Majesty the Queen's Diamond Jubilee and Birthday have been announced by His Excellency the Governor today, Monday, 21 May 2012. The TCI events will run in conjunction with celebrations both in other UK Overseas Territories and in Commonwealth nations around the world. The TCI events include the Queen's Birthday Parade, Providenciales on Saturday 2 June which will take place at the Downtown Ball Park behind the Gus Lightbourne Sports Centre. There will be displays from local schools and youth groups starting around 4:00pm, and the main parade will commence at 5.00pm with music provided by the Royal Turks and Caicos Islands
Police band. The Governor will be present for the Parade and will be taking the salute from the uniformed services on parade. * Monday 4 June - With the participation of a number of uniformed services, local schools and youth organisations and music supplied by the police band the parade will commence at 5:00pm
at the Parade Ground, North Back Salina, Grand Turk. * Tuesday 5 June - Diamond Jubilee Beacon Lighting and Beach Party, Grand Turk. Events will be held at Governor's Beach, Grand Turk commencing at 3:00 pm. The Culture Commission
is leading on organising social events and activities through the afternoon, and the police band will be providing musical entertainment. The Beacon will be constructed by local Scouts and will be lit at dusk. Commenting on the planned events the Governor said: "The parade on 2 June is the first official commemoration of the Queen's Birthday on Providenciales for a number of years. "I very much hope that it will attract a good audience, including our tourist visitors who will have an opportunity to see some local culture at first hand. "The addition of a beach party and beacon lighting on Grand Turk on the 5 June is an additional opportunity for the community to celebrate Her Majesty's Diamond Jubilee, and is planned to be a fun, family centred, afternoon and evening." The public is reminded that both Monday 4 and Tuesday 5 June 2012 are designated as public holidays. The 4 June replaces the public holiday originally planned for 11 June.