Caribbean Overseas Territories honour the Queen
This weekend, the UK's Overseas Territories in the Caribbean, like many other countries and territories around the world, will be marking the Queen's Diamond Jubilee by lighting beacons. They will join the beacon lighting across the UK, continuing a tradition, first started to communicate but now carried out as a symbol of unity. The Queen will light the last beacon of the day at the end of the BBC concert, which will take place at the front of Buckingham Palace.
The island of Tristan da Cunha in the South Atlantic Ocean, with only 262 inhabitants, will have the world's most remote beacon, and Saint Helena will be lighting five beacons to form a diamond shape. Montserrat, whose capital, Plymouth, was destroyed by the Soufriere Hills Volcano eruption in 1995 will be lighting their beacon in the new capital, Little Bay. This will be a double celebration, both of the Jubilee and also of the progress made on the island since the volcano.
The celebrations will light up the world, with beacons lit in the Overseas Territories in the Pacific, Atlantic, Southern and Indian Oceans and the Caribbean Sea.
As well as the beacons, several Overseas Territories' leaders are travelling to the UK to take part in the London Diamond Jubilee celebrations this weekend. This includes the Thames River Pageant where the 'Sapele' will fly all the flags of the Overseas Territories and a dinghy will be sailed by Sea Cadets from Bermuda. Leaders will also attend the BBC concert at Buckingham Palace, where they will be able to sample British food from hampers designed by Heston Blumenthal and listen to live music from British and Commonwealth artistes, and the Thanksgiving Service at St Paul's Cathedral.
Foreign Office Minister, Henry Bellingham, said of the Overseas Territories' involvement: "We are delighted that so many of the Overseas Territories are celebrating the Diamond Jubilee with events both in London and the Territories. The fact that the Overseas Territories are playing such a full role is recognition of their close relationship with the Queen and the UK. Involving them in the Diamond Jubilee celebrations is part of our strategy of reinvigorating our relationship with the Overseas Territories".
Police reports at odds with residents' in Mountain View slaying
The police say the man killed along Mountain View Avenue this morning was among a group of men who engaged them in a fierce gunbattle.
The Constabulary Communications Network (CCN) says a 40 Calibre Smith and Wesson pistol with a magazine containing two rounds was also seized.
The slain man has been identified as 25-year-old Kavorah Shue, who is of a Jarrett Lane address.
The killing sparked angry protest among residents who blocked a section of Mountain View Avenue.
The residents say Shue was killed in cold blood.
However, the police say they were on an operation in the area when they came under heavy gunfire from a group of men.
They say the fire was returned and Shue was later found suffering from gunshot wounds.
The Independent Commission of Investigations is probing the incident.
Full self-government for Tobago by year’s end
obago Organisation of the People leader Ashworth Jack says “full internal self-government for Tobago will be attained before the end of this year.” Jack said that in his address at last night’s second anniversary rally of the People's Partnership in Scarborough. The rally was also the launch of the TOP’s 2013 Tobago House of Assembly election campaign.
Jack began by retracing the history of the island’s attempt to secure internal self-government. Jack said, “For 50 years the PNM had denied us, Tobagonians, our constitutional rights to self-determination.” He said his main objective in politics was not to become chief secretary but to ensure the island secures internal self-government: “I give you the assurance that Tobago and Tobagonians will experience the realisation of full internal self-government before the end of 2012,” Jack told the rally.
He said the PP Government will establish new institutions to promote and protect the nation’s democracy based on community participation, transparency, accountability and good governance.” Jack also used the rally to defend his decision to join the People’s Partnership Government, which includes the United National Congress, the Congress of the People, the National Joint Action Committee and the Movement for Social Justice. The MSJ is not participating in the celebrations, saying there were too many outstanding critical issues facing the country for such celebrations.
Jack said it was ANR Robinson—the former leader of Tobago’s Democratic Action Congress—who formed an alliance with other parties in 1986 to defeat the PNM. He said Tobago benefited from that partnership called the National Alliance for Reconstruction.
Jack said the former THA chief secretary, Hochoy Charles also benefited from a former partnership Government led by Robinson. He criticised Charles, Deborah Moore-Miggins and Hughvon des Vignes for seeking to challenge him, saying they were never available when Tobago needed them most. He described them as “a bunch of absentee leaders.”
Meanwhile, Prime Minister Kamla Persad-Bissessar was expected to announce the names of a three-member committee to look at the issue of internal self-government for Tobago during her address to the rally last night. The rally was the culmination of a series of events hosted by the PP to mark its second anniversary in office in Tobago this past week, which included a two-day retreat to reconfigure the Cabinet, a Cabinet meeting and the opening of several facilities on the island, the opening of the $200 million Magdalena Grand Beach Resort and the sod turning ceremony for a new service station at Roxborough.
Thieves make off with $120,000 in jewelry in Trinidad
San Fernando police are investigating a major jewelry heist at St Joseph Village, San Fernando, on Indian Arrival Day (May 30). The thieves escaped with a haul of precious stones, including diamonds, sapphires, emeralds and rubies, valued at more than $120,000. The victim, 75-year-old retiree Zahida Ahamad, told the police the items, including necklaces, rings and earrings, were kept in a jewelry box in her bedroom.
She said she last saw the items on March 1. On Wednesday, she made a check and found the items missing. Ahamad said several people had access to the box. San Fernando police are continuing investigations into this and another unrelated incident in which a 65-year-old housewife was robbed of more than $85,000.
The woman, of Dow Village, South Oropouche, reported to the police that she was standing next to her vehicle in the car park of an agricultural shop in Marabella around 11 am on Thursday. She said she heard a noise and on checking, observed the left front door glass of her vehicle broken and two men running away.
The men then boarded a station wagon and escaped. She later discovered her handbag, valued at $250, and which contained $85,000, a cellphone valued at $400, and three bank account books missing.
Weak US job figures for May hit markets
Stock markets have fallen following worse-than-expected US job figures.
The Dow Jones closed down 275 points, or 2.2%, while in Frankfurt the Dax was down 3.4%, in Paris the Cac 40 fell 2.2% and London's FTSE 100 lost 1.1%.
The US economy added 69,000 jobs in May, well below forecasts. It was the smallest number created since May 2011.
Earlier, EU figures showed the eurozone jobless rate at 11% in April, unchanged from March, but still the highest since records began in 1995.
The drop in the Dow was the biggest one-day fall in seven months, taking the index to its lowest level since 21 December last year.
Responding to the job figures, US President Barack Obama said there was "a lot of work to do to get to where we want to be... but we will come back stronger".
While pointing out that the manufacturing sector had been "consistently adding jobs for the first time since the 1990s", he called on Congress to pass more measures included in his jobs bill that would help put people back to work.
"There is no excuse when so many people are looking for work. Now is not the time to play politics, not the time to sit on your hands," he said.
He highlighted measures to prevent more layoffs, proposed legislation to put construction workers back in work, tax breaks for small companies to help them hire more staff and measures to help homeowners refinance their mortgages.
'Awful number'
The US jobless rate rose to 8.2% from 8.1% in April, the Labor Department said.
To make matters worse, the number of jobs added in March and April was revised down by 49,000.
There are five million fewer jobs in the US than there were when the recession began.
Republican presidential candidate Mitt Romney said: "Today's weak jobs report is devastating news for American workers and American families."
He described the report as, "a harsh indictment of the president's handling of the economy".
Employment increased in the categories of healthcare, transport and storage, and wholesale trade, but declined in construction.
The number of people who had been unemployed for more than 27 weeks, who are classified as long-term unemployed, rose to 5.4 million in May from 5.1 million in April.
They account for 42.8% of the unemployed.
"It's an awful number," said Rick Meckler, president of Libertyview Capital Management in New Jersey.
"Not only is it awful in its numerical terms, it comes at a very skittish time in the markets because of the European crisis. A number like this brings concern about a global slowdown."
The participation rate, which shows the number of people employed as a proportion of the workforce, rose to 63.8% from 63.6%, reversing the decline seen in April.
Global problems
European stock markets and US stock market futures were already lower following more signs of weakness in the Chinese and eurozone economies.
As well as the eurozone jobless figures, an influential business survey for the eurozone suggested the pace of contraction in its manufacturing sector was increasing.
And a similar report in China showed activity in its biggest, mainly state-owned, factories hit the lowest point this year in May due to weak domestic demand.
Following the release of the US jobs figures the euro briefly fell below $1.23 to hit its lowest level since July 2010, before recovering to stand at $1.2355.
The final estimate for the US purchasing manager's index (PMI) for May suggested that the manufacturing sector was growing, but by less than it had done since February.
The PMI came in at 54.0, down from 56.0 in April. Any figure above 50 indicates growth.
Separate figures showed that there was a small rise in US consumer spending in April. It rose 0.3%, having gone up by a revised 0.2% in March.
Personal incomes grew by 0.2% in April, which was the smallest gain since November and suggests spending may be limited in the coming months.
Consumer spending accounts for about 70% of US economic activity.
Barbados Senator says adjustment will aid economy
SENATOR Andre Worrell has lauded the adjustment made and acknowledged the benefits accrued to the economy from the increase of the Value Added Tax in Barbados, during challenging economic times.
He added his contribution to the debate on Wednesday in the Honourable Senate during the debate on the Value Added Tax (Amendment) Bill, 2012, where he noted it happened at a time when Barbados was facing a challenge and needed to find a way of enhancing revenue collection.
“...Through this measure and containing expenditure, we were able to reduce the fiscal deficit. It was done at a time which was difficult for Barbados but the benefit was that it was a small sacrifice to be made but the long term objective has done a lot for this country; in terms that we can have some confidence that the Medium Term Fiscal Strategy, which was by this government in 2010 is showing that the government has a plan and is working towards a plan to stabilise the economy of Barbados and also to take it forward.”
“We are doing it in such a way that we are not putting unnecessary burden on the people of Barbados but everyone has to make sacrifices,” he explained.
Senator Worrell pointed to the stress that has been placed on Barbados’ main tourism markets and the fact that Europe, including Germany and even closer to home Trinidad did not receive a glancing blow from the recession, even though the latter appears to be seeing some turnaround in 2012.
“Strong economies such as Trinidad which has a number of resources, oil, strong manufacturing, are facing challenges as well.
“Here in Barbados we do not have the resources, but have to identify ways of increasing our revenue so that we can pay our bills. And one of the mechanisms that came to us and which is a good mechanism to implement, is raising the revenue collected through VAT and it has worked,” he reiterated.
The Senator also made the point that when the DLP came to office in 2008, there was a large amount of debt which it was forced to take on board. “In the years of plenty nothing was put aside to pay off that debt but we had to bring all of these things to book. We are told about VAT revenue which the previous administration would have received but we can’t find any of it,” he lamented.
He pointed to a need to reduce the country’s high fuel bill and to focus more on renewable energy projects. Senator Worrell also made a case for the need to pay close attention to goods on the shelves so that when the VAT is removed, that savings can be seen and shared among Barbadians.
Eurozone unemployment rate sticks at 11%
Unemployment in the eurozone was 11% in April, unchanged from March, but still the highest since records began in 1995.
Spain had the highest rate in the eurozone at 24.3%, while Austria had the lowest at 3.9%, according to the official figures from Eurostat.
A seasonally adjusted total of 17.4 million people were unemployed in the eurozone, up from 17.3 million.
In the 27-nation European Union, the jobless rate was 10.3%, up from 10.2%.
"Today's grim unemployment figures provide a sober reminder that the eurozone economy is in desperate need of a more expansionary policy stance," said Martin van Vliet, an economist at ING.
"The labour market recession in the eurozone continues to spread and deepen."
The rate of unemployment in both France and Italy rose to 10.2%, from 10.1% in March.
But Germany bucked the trend, with the rate of unemployment dropping to 5.4% from 5.5% the previous month.
BP plans to sell stake in TNK-BP
BP has announced that it is going to try to sell its stake in the TNK-BP Russian oil joint venture. In a short statement, the oil company said it had received “unsolicited indications of interest” in acquiring its shares. BP has informed the other shareholder in TNK-BP, Alfa Access Renova, that it plans to pursue a sale. It warned that there was no guarantee that such a transaction would take place.
BBC business editor Robert Peston said: “I understand that one of these approaches is from an unnamed Russian state business, which might offer cash and shares for the TNK-BP stake.” TNK-BP is a joint venture between BP and Alfa-Access-Renova (AAR), a group of Russian billionaires.
In its own statement, AAR said it had received BP’s notification and added: “It has become apparent that the parity ownership structure has become inoperable given fundamental differences over strategy and governance between AAR and BP.” “AAR remains committed to the successful development of TNK-BP including potentially increasing its shareholding in the business.”
Earlier in the week one of the billionaire owners of AAR, Mikhail Fridman, announced he would be stepping down as TNK-BP’s chief executive in 30 days “for personal reasons”. Relations between the shareholders have been particularly strained since BP had to abandon plans to form another joint venture with rival Russian oil firm Rosneft last year after AAR launched a legal challenge.
On Thursday, Fridman warned that one of the two partners needed to take full control of TNK-BP and that the joint venture would be paralysed until it did so. TNK-BP is Russia’s third largest oil producer. It was formed in 2003 when BP merged its Russian oil and gas assets with those of AAR. The joint venture also has operations in Ukraine, Brazil, Venezuela and Vietnam.
Spain's manufacturing sector sees contraction worsen
The rate of contraction in Spain's manufacturing sector was worse than that of Greece in May, according to a business survey.
Markit's eurozone manufacturing purchasing managers' index for the whole eurozone dropped to 45.1 from 45.9 in April.
Any figure below 50 suggests a contraction in the sector.
Spain's figure of 42.0 was the worst in the bloc, dropping below Greece's level of 43.1.
It was Spain's fastest rate of decline in its manufacturing sector since May 2009.
"Things went from bad to worse in the Spanish manufacturing sector during May," said Andrew Harker, the report's author.
"The ongoing lack of demand in the sector is mainly reflective of domestic problems, but the weakness in the rest of the eurozone was also reported to have weighed on demand in May."
Contagion fear
The eurozone-wide figure of 45.1 was also the lowest for three years.
Markit said this suggested the downturn in so-called peripheral countries was spreading into stronger nations such as France and Germany.
Chris Williamson, chief economist at Markit, said the figures were a cause for concern: "All four of the largest eurozone nations are now reporting worryingly sharp downturns in their manufacturing sectors.
"Eurozone manufacturers reported a deepening downturn in May, indicating that the damage to the real economy caused by the region's financial and political crises continues to spread across the region."
Firms have also been cutting jobs. The survey showed staffing levels fell for the fourth month in a row.
The European Central Bank will meet next week to talk about the level of interest rates.
It is also expected to cut its growth forecasts for this year and next.
Diamond Jubilee: River Thames pageant to honour Queen
The Queen's Diamond Jubilee weekend will reach its peak later on Sunday with a colourful River Thames pageant.
Hundreds of thousands of people will line the banks of the river to watch the Queen cruise past on a royal barge escorted by a 1,000-strong flotilla.
The event to mark 60 years of her reign promises to be the most spectacular nautical event in London for 350 years.
Millions more Britons are expected to take part in Jubilee parties, outdoor concerts and fairs across the country.
The Queen, Duke of Edinburgh and other senior royals will travel from Albert Bridge to Tower Bridge aboard a lavishly adapted royal barge - the Spirit of Chartwell - decorated with almost 1,000 cut flowers.
Dunkirk small ships
As the pageant begins at 11:30 BST with mustering at Hammersmith and Battersea bridges, the Thames barrier will be lowered to slow the river's flow.
The spectacle, along a seven-mile stretch, will end some six hours later when the last boat passes Tower Bridge.
Adam Kerr, the skipper of a restored 19th Century Cornish fishing lugger, the Barnabas, sailed 400 nautical miles to take part.
"It's going to be wonderful, I think it's going to be a pretty colourful spectacle," he told the BBC.
"I'm sure they're very worried about the security of boats crashing into each other, I think we'll be okay - we're a pretty well controlled boat, good crew and nice engine to drive us along."
The £10m cost of the event has been met by private donations but the security costs will be paid for by the taxpayer.
The anti-monarchy group, Republic, has said it will hold a demonstration against what they call an unelected, unaccountable monarch.
BBC weather forecaster John Hammond said pageant watchers should wrap up with waterproofs and wind proofs amid temperatures of around 11C.
He said party-goers in most of England and Wales should expect cloud and the threat of rain, whilst Scotland and Northern Ireland would be dry with some sunshine.
A collection of small ships used to rescue stranded troops from the beaches of Dunkirk in 1940 will also take part in the river event.
It will be led by the Motor Torpedo boat 102, the flagship of the officer who co-ordinated the evacuation on the scene.
A boat carrying eight specially cast Jubilee bells will lead the water-borne procession, and churches along the river bank will return the peel as it passes.
Later on Sunday, Prime Minister David Cameron will attend a Jubilee party in Downing Street.
And around the country, a community initiative called the Big Jubilee Lunch will encourage people to share food with neighbours and friends in street parties or at picnics.
On Monday, a concert will be held in front of Buckingham Palace in the area surrounding the Queen Victoria Memorial, with performances from artists including Dame Shirley Bassey, Sir Elton John, Jessie J, JLS and Ed Sheeran.
When it ends at 22:00 BST, more than 4,000 beacons are due to be lit in the UK and around the world.
The Queen will light the UK's last beacon - the National Beacon - at about 22:30 BST, to be followed by a firework display at Buckingham Palace.