JLP would not have taxed new items
Opposition leader, Andrew Holness, says a Jamaica Labour Party administration would not have placed general consumption tax on the new items which will now attract the tax.
Making his contribution to the budget debate in parliament this afternoon, Holness, slammed the government’s taxation package saying it will not induce growth but seems to be a strategy for scraping up all the revenues the government can.
Andrew Holness was bruising in his criticism of the government’s budget and revenue measures when he spoke in parliament this afternoon.
Taking a jab at Prime Minister Portia Simpson Miller, he said the People’s National Party government had become the worst nightmare of Jamaicans.
According to Holness the government should have taken the opportunity to implement tax reform which could induce growth instead of just implementing a tax package simply designed to raise revenue.
The opposition leader said a government led by him would not have placed general consumption tax on books, animal feed, seeds, fertilisers or basic food items.
Holness said it was unconscionable that the government has widened the tax base placing GCT on certain basic food items, without putting in a system to ensure equity.
He said when he was prime minister towards the end of last year, he had started discussions about creating a comprehensive social protection programme.
Holness says comprehensive tax reform would have been an important step in demonstrating to creditors that the country is taking steps to fix its structural problems.
Spain denies 'senseless' IMF bailout rumours
Spain's economy minister has dismissed talk of it seeking a bailout from the International Monetary Fund (IMF) as "senseless".
And the IMF denied that Spain had asked to discuss rescue loans.
The IMF has contributed to bailouts of all the other eurozone nations, such as Greece, that needed help.
Meanwhile, the European Central Bank (ECB) president Mario Draghi described the current set-up of the eurozone as "unsustainable".
There were rumours that Spain had already gone to the IMF, after the Spanish deputy prime minister went to meet the IMF's managing director Christine Lagarde.
"My desire is to not come out and deny these rumours because they are senseless," Spanish Economy Minister Luis de Guindos said on Spanish television.
Spain has taken Greece's place as the epicentre of the eurozone crisis as concerns over the health of Spanish banks have shaken markets.
Bankia, Spain's fourth largest bank, has asked for another 19bn euros (£15bn) recently from Madrid, but many question whether Spain will be able to afford it.
Eurozone 'vacuum'
Speaking to the European Parliament, Mr Draghi said: "Can the ECB fill the vacuum of lack of action by national governments on fiscal growth? The answer is no. Can the ECB fill the vacuum of the lack of action by national governments on the structural problem. The answer is no.
"The next step... is to clarify what is the vision a certain number of years from now. The sooner this is specified, the better it is."
And EU economics commissioner Olli Rehn said more austerity was needed if the eurozone was to avoid disintegration.
Mr Rehn talked down the idea of European states issuing joint bonds, saying that austerity and closer co-operation were needed.
"We need a genuine stability culture and a much upgraded common capacity to contain common contagion," he told a conference.
New figures also showed eurozone inflation slowed more than expected this month.
Inflation in the 17 countries that use the euro eased to 2.4% in May from 2.6% in April.
The figure is still above the ECB's target to keep inflation below 2%, but the lower-than-expected number could fuel calls for an interest rate cut next week.
Mixed data
In other figures released on Thursday, Germany's unemployment rate fell below 7% as Europe's biggest economy continued to perform strongly.
The jobless rate dropped to 6.7% in May, from 7% in April, as the number of people unemployed fell by 108,000 to 2.86 million.
However, there was more bad news from Greece as figures showed that Greek retail sales volumes fell by 16.2% in March compared with a year earlier. This followed February's decline of 12.9%.
US economic growth slower than thought in first quarter
The US economy grew at an annualised 1.9% in the first three months of 2012, less than the 2.2% first thought.
The slower growth rate - which was in line with forecasts - followed a modest downward revision in consumer spending.
A rise in the growth in imports also accounted for the weaker outlook.
The second official estimate of gross domestic product (GDP) from the Commerce Department also showed that after-tax corporate profits fell for the first time in three years.
The department said that after-tax corporate profits fell by 4.1%, the biggest fall since the last three months of 2008.
The figures showed that consumer spending grew at 2.7% instead of the previously estimated 2.9%, while a drop in government spending from 3.9% to 3% also held back economic growth.
In addition, businesses restocked at a modest pace, reflecting weakening demand.
Retail boost
Estimates for the current April-to-June quarter show that analysts expect growth to pick up to an annualised pace of 2.5%, although that would still be below the 3% growth rate the Commerce Department said the US economy was growing at in the fourth quarter of last year.
Many economists expect US economic growth to continue at about 2.5% for the rest of the year, a better performance than the 1.7% growth recorded in 2011.
That picture was enhanced by news from US retailers, with many stores reporting stronger-than-expected sales in May.
Limited Brands, the parent company of underwear chain Victoria's Secret, the discount chain Target and clothing companies Gap and TJX Cos, which owns TJX and TJ Maxx, were among those reporting sales that beat analysts' forecasts.
Many analysts had feared that warmer-than-usual spring weather meant shoppers had brought forward clothing purchases which would mean fewer sales in May.
There was more good news from the Thomson Reuters Same Store Sales index, which was 3.9% higher in May, beating forecasts for a 3.6% rise.
However, the fragility of the US economy was highlighted by employment data, which showed private payroll growth rose only slightly in April, and the Labor Department said claims for jobless benefits were higher last week, suggesting a slowdown in the jobs market from its stronger showing earlier this year.
The most widely watched employment figures - the non-farm payrolls - will be released on Friday.
The first-quarter GDP figures are subject to at least one more revision, as more data comes in to the department for assessment.
British Chambers of Commerce cuts growth forecast
The British Chambers of Commerce (BCC) has slashed its forecast for economic growth this year, from 0.6% to 0.1%.
But the group, which represents more than 100,000 businesses, raised its forecast for 2013 from 1.8% to 1.9%.
The data, in the BCC's latest Quarterly Economic Forecast, follow official figures showing that the UK has returned to recession.
BCC director-general John Longworth called for more "enterprise-friendly" action from the government.
Unemployment will also increase from 2.625 million - or 8.2% of the workforce - to 2.9 million, or 9%, in the third quarter of 2013, driven primarily by continued public sector spending cuts.
Mr Longworth called for the creation of a business bank to provide capital for small business, more infrastructure spending, long-term strategies for aviation and energy, and more deregulation.
Without action the economy will "bump along the bottom" for longer than expected, Mr Longworth said.
"We need growth and we need it now," he said.
"If the government works together with the private sector to create the right environment over the long term, we'll be able to prove once and for all that bold businesses can propel us forward out of stagnation and firmly on the road to recovery."
The BCC's report warns that problems in the eurozone will persist for a considerable time and cause difficulties for UK businesses.
However, household spending will see modest improvement, from shrinking 1.2% in 2011 to growth of 0.7% in 2012, 1.7% in 2013 and of 2.1% in 2014.
Business investment should improve, from 1.2% in 2011 to 4.3% in 2012.
UN Rights Body to Discuss Syrian Slaughter
The United Nations' top human rights body is holding an emergency session Friday in Geneva to discuss last week's slaughter of dozens of men, women and children in the Syrian town of Houla.
The U.N. Human Rights Council is expected to place at least partial blame on the Syrian government for the massacre of at least 108 people, nearly half of them children.
A draft resolution circulated Thursday and seen by VOA condemned the killings, which it said “involved a series of government artillery and tank shelling of a residential neighborhood.” It condemned the use of force against civilians and called for the Syrian government to immediately end all violence.
The council is also expected to call for an investigation into the massacre, which prompted international outrage and rekindled efforts to stem the 15-month-old conflict.
The Syrian government on Thursday said its preliminary investigation into the atrocity found that armed opposition groups had attacked families who did not join anti-government protests. That claim was immediately rejected by U.S. officials.
Meanwhile, a commander in the rebel Free Syrian Army has given the government of Bashar al-Assad a deadline of noon Friday local time to start acting on commitments made to international peace envoy Kofi Annan. Rebel Colonel Qassim Saadeddine said his forces would no longer be bound by the Annan peace plan if the Syrian president fails to comply.
The Free Syrian Army is a loosely-organized and lightly-armed rebel group made largely of Syrian military defectors. The Syrian government and the rebels agreed in April to a truce mediated by Mr. Annan, but the fighting has continued, with each side accusing the other of violating the deal.
U.N. Secretary-General Ban Ki-moon said Thursday he “demands” the Syrian government abide by its peace pledges. He said the almost 300-member U.N. military observer team in Syria is not meant to play the role of “passive observer to unspeakable atrocities.”
The U.N. chief also warned that more massacres such as the Houla incident “could plunge Syria into a catastrophic civil war … from which the country would never recover.”
U.S. officials on Thursday also warned of a worsening humanitarian situation in Syria. Secretary of State Hillary Clinton said Russia's failure to take decisive action against Mr. Assad will “help contribute” to the very civil war officials in Moscow say they are helping to avoid.
Speaking in Denmark Thursday, Clinton said she rejects the Russians' “vociferous…claim that they are providing a stabilizing influence” in Syria. Instead, she said, Moscow is propping up Mr. Assad as his government continues a brutal crackdown on dissent U.N. estimates say has killed more than 10,000 people.
Russia, along with China, has repeatedly blocked the U.N. Security Council from taking punitive action against the Assad government, a longtime Russian ally.
U.S. Defense Secretary Leon Panetta said Thursday that the U.S. military is prepared for any action against Syria, saying the situation was “intolerable.” But Panetta said he does not foresee a scenario where Washington takes military action without U.N. endorsement.
His remarks came a day after Susan Rice, the U.S. ambassador to the U.N., suggested that military intervention may be the only remaining option if diplomatic efforts continue to fail to resolve the crisis.
Aung San Suu Kyi Calls for “Healthy Skepticism” of Burma’s Reforms
Burmese democracy leader Aung San Suu Kyi called on the international community Friday to exercise “healthy skepticism” as her country implements reforms after half a century of military rule.
In an address to the World Economic Forum in Bangkok, the Nobel peace laureate condemned the lack of change in Burma's corrupt legal system and said she did not want investment to mean further corruption and greater inequality. Instead, she said it was necessary to improve secondary education to defuse what she called the “time bomb” of high unemployment among youth.
The opposition leader participated in a panel discussion on the role of tourism in Southeast Asia when the forum began Thursday in the Thai capital.
Aung San Suu Kyi arrived in Thailand on Tuesday. She is making her first trip outside Burma in 24 years, after spending much of the past two decades under house arrest.
On Wednesday, she was greeted by thousands of impoverished Burmese migrant workers who fled to Thailand to escape decades of misrule in their homeland.
She is also expected to meet with Thai Prime Minister Yingluck Shinawatra during her visit.
The newly elected lawmaker's trip is seen as a landmark moment in Burma's political reform process. She had previously been reluctant to leave the country out of fear authorities would not let her return.
Following her Thailand trip, Aung San Suu Kyi will return to Burma briefly before departing on a European tour that will take her to several countries.
She will give a speech to the International Labor Organization conference in Geneva on June 14. She will also visit Norway on June 16 to formally receive the Nobel Peace Prize that she won nearly 21 years ago but was unable to accept in person because of her detention. She later plans to address both houses of parliament in Britain, where she lived for years with her husband, who is now deceased.
Thunder win Game 3, snap Spurs' 20-game winning streak
Kevin Durant scored 22 points, Thabo Sefolosha set playoff career-bests with 19 points and six steals, and the Oklahoma City Thunder snapped San Antonio's 20-game winning streak by beating the Spurs 102-82 in Game 3 of the Western Conference finals on Thursday night.
Oklahoma City closed its series deficit to 2-1 and will host Game 4 on Saturday night.
Sefolosha threw a wrench in the Spurs' well-oiled offense at the start, getting four steals in the first 3 minutes. The Spurs ended up committing a postseason-worst 21 turnovers and scoring their least points all season.
Tony Parker and Stephen Jackson led the Spurs with 16 points apiece. Tim Duncan had 11 points on 5-for-15 shooting, taking 11 of San Antonio's first 25 shots as the offense went through the All-Star center instead of Parker.
San Antonio had been averaging 109.4 points during its month-and-a-half winning streak and had been held to double digits only twice.
The Spurs, who already set an NBA record for the longest winning streak carried over from the regular season into the playoffs, were trying to match the league mark for most wins to start the postseason. The Lakers won 11 straight to start the 1989 and 2001 playoffs, getting swept in the NBA finals the first time and winning it all the second.
The Spurs' last loss was to the Lakers at home on April 11.
Parker and Duncan didn't play in the final 15 minutes, and coach Gregg Popovich pulled the plug after another series of three straight turnovers allowed the deficit to reach 23 points early in the fourth quarter.
Sefolosha had a right-handed dunk off a lob pass from Russell Westbrook, who followed with his own two-handed jam on an alley-oop pass and Sefolosha followed with a reverse layup on another turnover-fueled fast-break chance to push the lead to 86-63 with 9:48 left.
The Thunder put together another 9-0 run coinciding with Manu Ginobili coming out of the game, and featuring Serge Ibaka sticking his tongue out after nailing a jumper from the top of the key. Coach Scott Brooks soon followed suit and pulled his own front-line players with the game well in hand.
The Spurs wiped out a 24-point deficit in Game 3 against the Clippers in Los Angeles in the last round, but they weren't recovering in this one.
San Antonio managed only 24 points in the paint after averaging 46 through the first two games of the series and 47.8 through the playoffs.
Oklahoma City already held a 28-8 scoring edge in the paint while taking a 54-41 halftime lead and it never got better for San Antonio, which couldn't get any closer than 11 points in the second half.
The Thunder scored the game's first eight points, feeding off Sefolosha's steals, but San Antonio recovered in time to take the lead with more than 5 minutes left in the opening period.
Oklahoma City took the lead early in the second quarter and there was no looking back.
Sefolosha set up Ibaka's two-handed dunk and hit a 3-pointer during a 13-1 run, with San Antonio's only point coming on a free throw by Ginobili after Durant was called for a technical foul while arguing a call from the bench.
Oklahoma City's lead ballooned to 15 when Kendrick Perkins grabbed Westbrook's airball and dunked it with two hands.
Bolt clicks
Reigning double Olympic sprint champion Usain Bolt silenced his detractors yesterday, storming to a world-leading 9.76 seconds to win the 100 metres at the Rome Diamond League.
Questions were raised about cracks in Bolt’s armour after his sluggish 10.04 seconds in Ostrava last week but the Jamaican answered emphatically, bursting from the blocks to take the lead at 50 metres and dismissing his opposition.
Fellow Jamaican Asafa Powell was second in 9.91 seconds, while Frenchman Christophe Lemaitre was third in a season-best 10.04 seconds.
“People expect me to do well all the time and I expect that from myself also, it’s not really pressure for me. I came out here tonight not to prove anything but to tell myself I’ve still got it,” Bolt said.
“After Ostrava I decided I will make sure to go to bed early and start eating right. I feel extremely well, so it’s coming back and I’m feeling good.”
Veteran Kim Collins was away to a great start but Bolt, running out of lane four, drew level after 40 metres and burst to the front with nearly half the race to run.
He then accelerated to reach the line and surpass the world-leading mark of 9.82 seconds he posted in Kingston earlier this month.
“The race was much better than in Ostrava. After Ostrava a lot of people questioned me but I never questioned myself,” Bolt said.“My drive was better and I started well. The transition was also better.”
Powell, a former world record holder, said he didn’t hear “set” or “go” from the starter.
“I’m very upset with my race tonight. I’m not upset that I lost but that I couldn’t execute like I wanted to,” he said.
“I didn’t get out of the starting block like I should. I was all over the track.”
Collins was fourth in a season-best 10.05, while Jamaican Lerone Clarke finished fifth in 10.16.
This was the third Diamond League meet of the year but Bolt’s first.
He will also compete in a Diamond League meet in Oslo, Norway, next week before returning to Jamaica for national trials. He then plans to return to Europe for the 200 metres in Monaco on July 20, his last race before the London Games start a week later.
In the women’s 400 metres hurdles, Jamaican Kaliese Spencer continued her wonderful start to the year by clinching the contest in a season-best 54.39 seconds.
The American duo of Lashinda Demus (54.80) and T’Erea Brown (54.96) were second and third respectively.
Meanwhile, reigning Olympic champion Shelly-Ann Fraser-Pryce of Jamaica suffered a defeat in the 100 metres when she finished second to Murielle Ahoure of the Ivory Coast.
Ahoure was clocked at 11 seconds flat while Fraser-Pryce crossed the line in 11.06. (CMC/AP)
Mayweather headed to jail
Free time is about to run out for Floyd Mayweather Jr., who is due to begin a three-month jail sentence in Las Vegas stemming from a hair-pulling, arm-twisting attack in September 2010 on the mother of three of his children.
The unbeaten five-division champion's legal and ring advisers weren't immediately commenting Thursday about Mayweather's scheduled Friday morning surrender before Las Vegas Justice of the Peace Melissa Saragosa.
The judge sentenced him Dec. 22 for his guilty plea to reduced charges in the domestic battery case.
Mayweather's lawyers, Karen Winckler and Richard Wright, said previously they didn't plan to seek another postponement or delay.
Mayweather, now 35, was initially due to begin his sentence on Jan. 6. But Saragosa agreed at the last minute to let him remain free long enough to fight Miguel Cotto on May 5 in Las Vegas. The fighter, who goes by the nickname "Money", won the bout and a guaranteed $32 million. Cotto was paid $8 million.
Mayweather's stint in the high-rise Clark County Detention Center in Las Vegas is expected to limit his ability to train for another fight.
At least for the first week, Mayweather will be segregated for his protection from the other 3,200 inmates, Las Vegas police officer Bill Cassell said. He'll get one hour of exercise time a day outside his cell.
Saragosa said when she sentenced Mayweather that she was particularly troubled that he threatened and hit ex-girlfriend Josie Harris while their two sons watched. The boys were 10 and 8 at the time. The older boy ran out a back door to fetch a security guard in the gated community.
However, the judge accepted the plea deal that avoided trial on felony and misdemeanor charges that could have gotten Mayweather 34 years in state prison if he had been convicted on all counts.
Mayweather's pending jail term will be capped at 87 days. Saragosa gave him credit for three days previously served.
ESPN
Learn and Lead Disaster Consultancy releases 'Family Emergency Plan'
During the month of June 2012, the official beginning of the Atlantic Hurricane Season, LIME Turks and Caicos and Caicos Express Airways are partnering to sponsor seven (7) Family Emergency Plan Development Workshops on six (6) islands in the Turks and Caicos, which are being facilitated by Learn and Lead Disaster Consultancy.
Families and the community where they live could be affected by hazardous events at any time, hence the purpose of a Family Emergency Plan is to help persons in our communities to increase their resilience to the impact of hazard events by planning for and mitigating against the potential adverse effects of a significant emergency or hazardous event. To ensure families are aware of the hazards that could affect their community, plans should include all hazards, which can impact the community, and should be documented. Families can cope with a disaster by preparing in advance and working together as a team.
LIME CEO, Mr. Drexwell Seymour noted “As we approach the 2012 Hurricane Season, it is important that all residents are informed and prepared adequately not only for the Hurricane Season but throughout the entire year. We cannot take anything for granted and LIME believes that the best way forward is to ensure that all residents are fully informed. LIME is happy to partner with Learn and Lead Disaster Consultancy who are well experienced in this area.”
Operations Manager of Caicos Express Airways, Mr. Stephane Menelas stated “As an airline we at Caicos Express Airways know and live by planning. In our business it is important to be ready for any emergency. We are living in the TCI where we are prone to be hit by hurricanes, and being prepared is very important. So it is our pleasure for Caicos Express Airways to be a part of this initiative to prepare the people of the TCI for any emergency situation. We are committed to the people and want to contribute to them for their support in any way possible”
Learn and Lead Disaster Consultancy is the premier private Disaster Management Company in the Turks and Caicos whose motto is “Learn to Prepare to Lead in Crisis”. L and L DC specializes in: Disaster Risk Management; Business Continuity Management; Geographic Information Services and Systems; and Community Outreach and Research.
Workshop Schedule
Salt Cay – Thursday 7th June 2012, 10:30am at the Salt Shed
Grand Turk – Thursday 7th June 2012, 6:00pm – Location TBD
South Caicos – Monday 18th June 2012, 6pm at the Community Center
Middle Caicos – Thursday 21st June 2012, 10:30am Conch Bar Community Center
North Caicos - Thursday 21st June 2012, 6pm at the Adelaide Oemler Primary School Auditorium
Providenciales – Saturday 30th June 2012, 10:30am and 3pm at the LIME Training Facility