South Sudan Withdrawing From Heglig; Sudan Claims Victory
Tension between Sudan and South Sudan appeared to ease a bit Friday, with word that southern forces no longer occupy the Heglig oil fields, claimed by both sides.
The countries gave different accounts of the withdrawal. South Sudan said it was commencing an orderly and voluntary pullout from Heglig immediately.
However, Sudan's ambassador to the United Nations, Daffa-Alla Elhag Ali Osman, said Sudanese forces had retaken Heglig by force.
“It's a pleasure and great honor for me and with great jubilation I convey to you that our heroic Sudanese Armed Forces have chased out the aggressors from Heglig.”
Ali Osman said Sudan is ready to resume talks with South Sudan if, in his words, the south's leaders “come to their senses” and negotiate without conditions.
Washington welcomed the announcement from South Sudan. U.S. State Department spokeswoman Victoria Nuland said the United States is urging South Sudan to “completely and fully” withdraw all forces from Heglig, and is calling on Sudan to immediately end any reprisal attacks.
“In parallel, we are also calling on the government of Sudan as we have regularly to halt their own cross-border attacks, particularly the provocative Arial bombardments, so that we can get back to a place where these two sides are working together and using mechanisms like the joint-border verification and monitoring mechanism to work through their issues.”
South Sudan seized the Heglig oil fields on April 10, sparking fears of all-out war between the two countries. In a speech Wednesday, Sudanese President Omar al-Bashir threatened to crush South Sudan's government like an “insect.”
The South's information minister said Friday that Juba still considers Heglig to be part of its territory and wants the status of that area and other contested regions to be determined by international arbitration.
The two Sudans have been unable to resolve disputes over borders, oil, and citizenship stemming from the south's independence last July.
Chief disputes include the future of the oil-producing Abyei region and the sharing of oil revenue. The south took over three-fourths of Sudan's oil fields when it separated, but uses northern pipelines for export.
The countries have been fighting along their disputed border but the U.S. special envoy to Sudan, Princeton Lyman, said Thursday that both sides want to avoid a larger conflict.
“In the discussions I have had in both Khartoum and Juba, I can say with confidence that virtually everyone I have talked to has said, 'Look we don't want to go to all-out war with the other. We need to find a way out.”
Before their separation, north and south Sudan fought a 21-year civil war that eventually led to southern autonomy and independence.
100 Jamaicans to join Beaches Turks & Caicos
The Gordon 'Butch' Stewart-owned Beaches resorts in the Turks and Caicos Islands is ramping up its Jamaican staff in the British dependency by an immediate 100 persons, with plans for another 50 to be added in the near future.
When the additional 50 are recruited later, it will bring the number of Jamaicans working at Beaches Turks and Caicos Resorts to 503, Human Resources Director Monique McClean-Vaughn told the Jamaica Observer yesterday.
News of the decision has set off a buzz among Sandals and Beaches staff across Montego Bay, Ocho Rios, Negril and Whitehouse, Westmoreland from which the 100 persons will be recruited.
McClean-Vaughn said a team of eight recruiters from the TCI will arrive in Jamaica this April 29 to begin four days of interviews which they hope will culminate in the first batch of 100 persons arriving at Beaches Turks and Caicos within the next six to eight weeks.
The Jamaicans will fill vacancies as room technicians in the engineering department; kitchen line cooks; concierge agent; butlers; security officers; bartenders in the pool and beach areas; waiters and waitresses in the buffet and A-La-Carte restaurants; room attendants and housemen. Among the 353 Jamaicans already in the TCI are several senior executives who have been serving at the resort for several years. Stewart said he was especially pleased that as a spinoff, his resorts in Jamaica would have to recruit more staff to replace those who were successful in their application for Beaches TCI.
"I am at my happiest when we are in a position to provide jobs for Jamaicans who deserve to have employment so that they can take care of themselves and their families," Stewart said, while expressing satisfaction with the quality of work done by Jamaicans who work in his resorts across the Caribbean.
McClean said the Jamaicans were eagerly awaited at Beaches TCI which has been running a room occupancy rate upwards of 95 per cent for the past nine months. Guest capacity is 2,300.
"We are basically looking for persons with at least two years of experience who will be able to deliver the luxury-included experience that Beaches proudly offers," she added.
McClean said the resort had always had a diverse staff and in the near future would be introducing an exchange programme in TCI, to be linked to the Sandals Corporate University launched recently.
The resort currently has 1,274 employees, representing 30 nationalities, with a ratio of 2:1 per room. The hotel's international staff is drawn from the Turks and Caicos Islands, Caricom and Central and South America, Canada, USA and Europe.
RADIO TURKS & CAICOS PARTNERS WITH TCI TOP MODEL CONTEST
The nation’ station, Radio Turks and Caicos (RTC) – once again partners with the TCI Top Model Contest and Fashion Extravaganza - providing an online voters poll.
The poll, which starts today – is available on http://www.rtc107fm.com. The site www.rtc107fm.com, allows visitors to cast a vote for their favorite 2012 TCI Top Model contestant. In real time, each visitor will see how many votes that that contestant has received, along with her percentage points. What is more, the contestant will receive the RTC Viewers Choice Award and a gift certificate.
Chris Jarrett, RTC Director said that: “We continually see some of the hottest models coming out of the Caribbean, US & Europe - strutting down the runways of the most prolific designers, being represented by some of the biggest agencies, and we in the Turks and Caicos should not be left behind. Being a model is not just an ambassador for yourself, but for your country, and so in these times while we have an ambassador on the track we need one on the catwalk, to some of the world’s largest shows.”
Mr Jarrett went on to say he that sees: “The TCI Top Model is presenting young talented ladies a grand opportunity to shine, and our aim is to help foster that talent from here to the rest of the worlds stage and eventually screen.”
TCI Top Model Contest’s Executive Producer, Courtney Robinson said: “Each year the RTC team come up with great ideas on how to showcase the contestants along with giving them an opportunity to not only be heard, but also seen. Countries the world over promotes every aspect of their destination, and we in the TCI should do the same - as fashion and beauty speaks the same language in Paris, New York and the Caribbean. And we are honoured that RTC will continue to play its part in the promotion and development of local talent in the Turks & Caicos, by sharing the ladies not only with the TCI, but the world too."
The RTC viewers’ poll will not form part of the scores going towards choosing the 2012 TCI Top Model Contest winner. For the competition itself, the contestants are being judged on eight categories, with the highest score attainable being ten (10) points.
There will be pre-show and at the even judging. The pre-show judging will be on Personality, Professionalism, Models Portfolio Folder and Industry Readiness. The event judging will be on Impact Appeal (initial presence on the catwalk), Rock That Look (Runway Walk), Swimwear Carnivale (physical fitness in the swimsuit segment) and Fashion Forward (how best they showcased the finale garment). These eight categories will go towards naming the Turks and Caicos their 2012 TCI Top Model winner.
The 2012 TCI Top Model Contest will be held at the Williams Auditorium in Providenciales on Saturday, May 12th - seeing to the catwalk competition, guest appearances by Ashley Smith, 2010 TCI Top Model and Davia Chambers, 2009 TCI Supermodel, along with the Bowen Dance Academy, Leeward Heights, Mike Dizzo, Ryesha Higgs and other noted entertainers. Tickets are already available for sale: General admission is $50, VIP $75 and TopModelSkyLounge is $200.00 each.
For more information call 649.347.7261, 649.232.6796 or email: tcitopmodelcontest@gmail.com. Find us on the web – www.tcitopmodel.com, Facebook: www.facebook.com/tcitopmodel or follow us on Twitter - @tcistopmodel
CIBC FirstCaribbean appoints new Chief Risk Officer
The Board of Directors of CIBC FirstCaribbean has appointed Geoff Scott to the post of Chief Risk Officer, subject to regulatory approvals. He replaces Hugh Boyle, who recently left the bank.
Geoff is a seasoned Banker, possessing some 20 years experience in capital markets, corporate credit and risk management.
Geoff is a CIBC executive who is adept at team building, with deep banking and credit risk experience. His varied knowledge and his reputation as a results-oriented individual, is expected to serve CIBC FirstCaribbean well during the current economic climate.
Moreover, his range of expertise in originating, structuring, negotiating and syndicating debt transactions, among others has been well honed in increasingly challenging and senior roles he has performed over the years with reputable financial institutions, including National Bank of Canada, Royal Bank of Canada and Deutsche Bank.
He is currently Vice President, Commercial Banking for the Greater Toronto Area.
Geoff’s experience includes client facing roles in corporate and commercial banking, as well as operational support roles in risk management. His previous experience as a member of the Global Risk Committee for National Bank will be particularly relevant in this role.
CIBC FirstCaribbean welcomes Geoff Scott to his new role.
VAT mixed with low -skill jobs and low wages is a stalled economy
September 1st, 2012 and Saint Lucia is scheduled to be shackled to the core by the economic witches of two political parties.
One on the right and the other on the left, both trapped with incomplete reasoning, non – existent visions and ill – defined long – term solutions.
Indeed, the conservative right played mass, and shadow – boxed their way out, but the left wing liberal government will have to do the dance.
The economy continues to be weak, demand for goods and service has been slow to recover, and household wealth continues to decline.
Continued high unemployment is the new norm, while government spending has been unchecked in a bureaucratic haze.
After so many wrangles in opposition and on the campaign trail, apparently commonsense economic theory is so alien to the chief policy makers that high unemployment will persist.
Contrast this with poor economic conditions, a VAT, low skill jobs, low wages and deflated consumer spending to the painting of a rosy picture of proposed robust job growth and the absence of a well thought – out blueprint for growth to better days.
How real can this be?
Oh yes, the economy is in retreat losing jobs faster than it can create? True or false – eh rouge, eh rouge.
Saint Lucia can no longer accept cumbersome drags on the economy, such as high corporate tax, none visionary leadership to alternative energy, technology, research and development (R&D), access to investment funding and policy guidelines that would propel the economy to spark growth and employment.
In a nutshell the economic recovery is poised to remain anemic and would be unable to break the witches spell with a VAT that is mixed with low job skills and low wages.
What’s more: up to this point, the VAT represents an attempt by those producing largely confusing explanations and interpretations of what they themselves have not yet fully understood.
This quantum leap to a VAT has failed to manifest the baby steps that are required before the implementation and must now match rhetoric to deliver on the blueprint to growth in light of the VAT.
Under this scenario, the VAT is a no – win proposition without rationalization of both personal and corporate income tax yields.
It must replace other forms of taxations and facilitate a reduction in other taxes.
In its present form, a VAT will further slow economic growth and destroy jobs on the bases of production between pre-tax income and post tax consumption.
With the capacity of a VAT to generate large amounts of tax revenue, like the gas tax, a liberal government would easily expand the size and offer new ways to finance bigger government – and not necessarily smarter government.
This has already begun with the formation of new committees, consultants and advisors.
With a VAT implementation, small business will have to painfully consider compliance cost, (act as a tax collector for the government), and keep it well below 2 percent of sales.
Or they may be forced into the underground economy or resort to barter.
Taking a VAT out of consumers’ pockets in the medium – to low- income brackets would reduce private savings and alter patterns of consumer spending, as well as personal investment options.
Once more – there is a need to streamline and prioritize the development model.
When a VAT is enacted – a decline in real wages would be noticed leading to reduced spending power on consumption and luxury items.
As a consequence, sectors such as construction, new vehicle purchase, tourism (hotel, restaurant and bars) face uncertainties in an economy characterized by high unemployment, with stifled and constrained demand.
A VAT, low skill jobs and low wages will not grow business and speed up economic recovery to get Saint Lucia back on track.
At this time, with the current economic outlook, a VAT would hurt the economy, kill jobs, grow the size of a liberal government, push small business in the underground economy and permanently reduce family’s wealth and incomes.
The gap between theory and reality is a live spectacle, playing out free of charge in Europe – no consultant or advisors are required.
Therefore, if it is not suitable and sustainable for Europe, why take their advice and mimic them.
By Melanius Alphonse
Citigroup investors reject bigger executive pay deal
Citigroup shareholders have voted against giving top executives a bigger pay deal in a rare show of investor discontent.
The package, which had increased chief executive Vikram Pandit's pay to $15m (£9m), was backed by just 45% of shareholders.
Citigroup's board said it would meet shareholders to discuss what it called a "serious matter".
High executive pay has come into focus after the global financial crisis.
Citigroup, which was one of the many banks to be rescued during the crisis, received $45bn in bailout funds from the government in 2008.
"It's a loud clarion call and an embarrassment to the directors, who now have to clarify compensation metrics they use," said Jeffrey Sonnenfeld of Yale University's School of Management.
However, the shareholder vote is not binding on the bank.
'Disconnect'
A number of issues have combined to prompt many shareholders to question the amount of money that top executives are now being paid.
On Tuesday, Citigroup said its net income declined 2% to $2.9bn (£1.3bn) in the first three months of the year, when compared with the same period last year.
The bank's shares have also taken a beating, falling by 24% in the past twelve months. The stock has lost more than 90% of its value in the past five years.
To make matters worse, Citigroup was one of the four major US banks that failed a stress test carried out by the authorities earlier this year.
The tests were conducted to gauge if the banks would be able to withstand a serious downturn in the financial markets.
That led to the US Federal Reserve turning down a request by the bank to buy back shares or pay a higher dividend.
Analysts said that shareholders were not happy with the fact that the bank was increasing compensation to its top executives while investors were losing out.
"Citigroup is one of most egregious examples of disconnect between incentives of top management and value creation of shareholders," said Mike Mayo, bank analyst at brokers CLSA.
"The owners of the big banks, namely the shareholders, are finally taking a greater amount of responsibility by speaking up."
Italy slashes its 2012 growth forecast
The Italian government has slashed its forecast for the economy in 2012.
It was previously predicting a 0.4% contraction in the economy, but has cut that to a 1.2% contraction.
The government has also admitted that it will not be able to meet its target of balancing the budget by 2013.
It now says that it will be able to balance the budget by 2015, which is still more optimistic than the IMF, which says Italy will not have a balanced budget until at least 2018.
The IMF expects the Italian economy to contract by 1.9% in 2012.
The government has raised its forecast for growth in 2013 from 0.3% to 0.5%.
The announcements followed a cabinet meeting to approve the new Economic and Financial Document.
The document predicts that Italy's debt will increase from 120% of GDP in 2011 to 123.4% in 2012.
"Despite the progress made, there is still a long way to go in a context that is more favourable but still characterised by elements of uncertainty," the report said.
Prime Minister Mario Monti had previously said that he would keep to his predecessor's pledge to balance the budget by 2013.
He stressed that the new forecast of a 0.5% deficit in 2013 would still be in line with eurozone rules.
Tesco unveils profits rise and £1bn investment in UK
Tesco will invest £1bn in its UK business this year in an attempt to revive its flagging domestic operation.
The company is accelerating the revamp of UK stores and promises to hire more staff. That follows falling sales and profits at the UK business.
Speaking about the company's problems, chief executive Philip Clarke said: "Tesco didn't put enough into the stores and maybe took a little out".
Overall, group pre-tax profits rose 5.3% to £3.8bn in the year to February.
But profits at the UK operation fell 1% to £2.5bn compared with the year earlier.
Tesco also said that UK sales fell by 1.2% in the second half of its financial year.
The company blamed, in part, an aggressive programme of discount coupons issued by its rivals.
To try to help reverse that decline, Mr Clarke took control of the UK business in March from Richard Brasher, who stepped down as UK boss.
Analysts say that Tesco's management has been distracted in the past few years by expansion in Asia and the United States and, as a result, the UK business has stalled.
"Whilst our international business is delivering excellent growth, contributing £1.1 billion of profit to the group, we fully recognise that we need to raise our game in the UK," Mr Clarke said in a statement with its annual results.
"As a result, we are committing over £1bn to make the UK shopping trip better for customers," Mr Clarke told BBC News.
Tesco said it had started taking on and training 8,000 staff for its existing stores. Some of them will be part of a new focus on fresh food departments.
The new jobs are part of 20,000 it expects to create over the next two years.
The company is slowing down its expansion programme in the UK, so it can focus on overhauling the existing chain.
"Tesco has had its knuckles rapped but it's clever enough to learn from this," said Phil Dorrell, a director at retail consultants, Retail Remedy.
"Its focus now is on consolidating and improving its existing portfolio, which even it admits has become pretty shabby of late.
We expect the recent spate of bad news to be more of a hiccup, not the beginning of a trend," he said.
Tesco's US supermarket chain, Fresh and Easy, narrowed losses to £153m last year and expects further losses this year.
The chain has 185 stores and will add another 45 by February 2013.
"The further changes we have been rolling out to the stores, as we adapt the offer better to the needs of local customers, have been very well-received," Tesco said.
"These include introducing in-store bakeries, loose produce, additional ranges in grocery, as well as many new Fresh & Easy products."
Profits in Asia rose by almost 22% to £737m
Heineken hit by higher barley prices
Europe's biggest brewer sold more beer than had been expected in the first three months of the year, but was hit by higher costs.
Heineken sold 4.7% more beer by volume in the first quarter than it had in the first quarter of 2011.
But it said that higher raw materials had hit its profits.
It reported a net profit of 175m euros ($229m; £144m), but that includes an exceptional 20m-euro gain from the revaluation of its Haitian business.
Heineken said that higher prices for malted barley would push up its input costs by about 6%.
It is the world's third-largest brewer and the first of the big four to report quarterly results.
SABMiller will report on Thursday and Anheuser-Busch InBev results are out on 30 April.
Denmark's Carlsberg will report on 9 May.
Syrian Attacks on Homs Continue, Despite Truce
Syrian government forces are continuing to attack rebel-held neighborhoods in the flashpoint city of Homs, despite a near week-old cease-fire brokered by the international community.
The Britain-based Syrian Observatory for Human Rights said troops loyal to President Bashar al-Assad Wednesday resumed heavy shelling in the central city that has been battered by artillery for weeks.
The Observatory, an opposition group that aggregates casualty reports from activists inside Syria, said pro-Assad troops killed at least nine civilians Tuesday as attacks appeared to be expanding to other areas.
The Syrian government says it has the right to attack what it calls terrorists.
The attacks come as a U.N. mission is attempting to monitor cease-fire conditions.
Moroccan Col. Ahmed Himiche, head of an advance team of six U.N. observers that arrived in Syria this week, said the group's first field trip came Tuesday to the southern city of Daraa. The Observatory has reported protracted fighting between rebels and Syrian soldiers.
Himiche did not address the the violence in comments to reporters.
“Our mission is to build a relationship among the Syrian forces, the authorities and the other parties as well. We will try to link with all the parties since our mission is a technical one, basically it is building connections with all the parties.”
Himiche said he expects an additional two dozen unarmed monitors in Syria by Thursday.
United Nations chief Ban Ki-moon is intensifying efforts to get a large contingent of observers on the ground to salvage the truce. He said a team of 250 monitors, as originally envisioned, may not be sufficient. He also has asked the European Union for planes and helicopters to make the mission more effective.
Diplomats say an expanded observer mission is contingent on a verifiable cessation of hostilities.
In Beijing, Syria's foreign minister pledged to respect the peace plan brokered by U.N.-Arab League envoy Kofi Annan and to cooperate with the observer team.
China's foreign ministry quoted Walid Muallem as telling his Chinese counterpart, Yang Jiechi, that “Syria would continue to …respect and implement Mr. Annan's six-point proposal.”
Muallem also said Damascus remained committed to implementing the cease-fire, withdrawing troops and cooperating with U.N. monitors. Meanwhile, world powers are considering tightening economic pressure on Syria.
In Moscow, Morocco's foreign minister urged Russia to press the Syrian government to adhere to the cease-fire and withdraw forces from cities in accordance with Mr. Annan's peace plan.
Russia has provided Syria's government with weapons and – along with China – shielded Mr. Assad by blocking U.N. Security Council resolutions condemning his government for a crackdown which the U.N. says has killed more than 9,000 people since March 2011.