Shares hit by worries over Spain
Stock markets have fallen in the US and Europe, led by bank shares, as worries over Spain re-emerged.
The FTSE 100 dropped 1%, while Spain's Ibex fell 3.6% and the Dow Jones in New York closed down 1%.
Markets have been spooked by the rising dependence of Spain's banks, and its entire economy, on emergency ECB loans.
In bond markets, the Spanish government's 10-year cost of borrowing rose back towards 6% - a sign of fear over the country's creditworthiness.
In contrast, the cost of borrowing faced by Germany - considered the safest borrower in the eurozone - fell to 1.72%.
The cost of insuring losses on Spanish debt for five years, via financial contracts called credit default swaps, rose to a record high of 4.98% per annum.
Markets are concerned at the scale of rescue loans being provided by the European Central Bank to the banks of Spain and the rest of southern Europe.
Earlier on Friday, the Spanish central bank - which is subordinate to the European Central Bank (ECB) within the eurozone's monetary system - said its net lending to its banks in March had risen to 228bn euros ($298bn; £188bn), up from 152bn euros a month earlier.
The big jump was mainly due to a second auction of three-year emergency loans carried out by the ECB, and offered to the eurozone's banks via their respective national central banks.
The increasing scale of the loans being provided by the ECB reflects the steady withdrawal by private sector investors of their own money from southern Europe to the perceived safety of Germany.
Bank bonus clampdown threatened by European Commission
Europe's Internal Markets Commissioner, Michel Barnier, has said that "tougher action" is needed to curb bank bonuses.
He said that he was "seriously worried" by the proportion of pay awarded as bonuses in some countries, and said it encouraged excessive risk-taking.
It follows a report from the European Banking Authority that said existing bonus rules were not being implemented consistently by different EU countries.
Mr Barnier said parts of the report made for "startling reading".
Unnamed
"I cannot see how some of the ratios [of bonuses to base salaries] included in the report... can ever be considered justifiable or a sensible way to manage risk and long term interest," he said.
According to the EBA report, the average bonuses paid to bank executives across the EU as a whole was 122% of basic pay, and for other staff (mainly traders) it was 139%.
However, in one unnamed EU country, the averages were 220% and 313% respectively, and in one individual case a bonus of more than nine times basic pay was reported.
Mr Barnier said he found recent proposals for bonus restrictions by the European Parliament "both useful and interesting".
Those proposals have included a call for bonuses to be capped at 100% of basic pay.
The commissioner also criticised the tendency of some banks to apply existing bonus restrictions only to a small proportion of staff - another inconsistency between EU member states highlighted in the EBA report.
The pan-European rules, which came into force at the beginning of last year, require that the top executives and traders at a bank receive only about 20%-30% of their bonuses in upfront cash.
Half of their bonus should be paid in shares, and about 40%-60% of their total bonus should be staggered over three-to-five years, according to the rules.
Banks are also required to cap bonuses as a percentage of an employee's basic salary.
The new regulations have been criticised for focusing excessively on the ratio of bonuses to basic pay, instead of the actual value of bonuses.
Many banks have responded to the new rules by raising the level of basic pay awarded to staff.
Regional health officials to discuss two studies on HIV/AIDS in the Caribbean
Caribbean health officials meet here next week to examine the findings of two studies to ascertain the quantity and quality of available gender specific HIV services for key populations in the region.
The studies were commissioned by the Pan Caribbean Partnership Against HIV/AIDS (PANCAP) and will be discussed at the second meeting of the Technical Working Group on Prevention from April 16-17.
PANCAP is a regional partnership established by CARICOM Heads of Government in 2001 to respond to the HIV and AIDS epidemic in the Caribbean. The prevention of HIV Infection is the main priority of the partnership.
According to the one of the studies, “sexual and reproductive health and HIV services provided to most at-risk populations across the region is not nationally led or driven and governments appear to have no clear strategy for responding to the needs of this population”.
The two-day meeting is expected to formulate practical, workable solutions for achieving the HIV Prevention Millennium Development Goal of halving new HIV infections among vulnerable populations by 2015.
According to UNAIDS, the Caribbean can only achieve the target ‘Reaching to Zero’, by implementing more evidence-informed, sustainable and cost effective prevention interventions. Research has shown that there exists an inequity in strategies to adequately address programming for most at risk populations. These populations have reported that mainstream services neither have the capacity nor resources to meet their needs.
“Among the expected outputs are recommendations to address the key areas of prevention namely, consistency across partners, resource mobilization, mobility of key populations and involvement of the most vulnerable in HIV programming and strategies,” the organisers of the conference said in a statement.
By CMC
Carnival And Christianity – No Longer In Conflict
THERE HAS always been an ambiguity in the responses of Trinidadians to carnival.
Carnival has two ‘pulls’ on the heartstrings of the Trinidadian. It is an expression of their cultural arts that defies comparison. In carnival, all at once, one saw the best of Trinidadian creative genius.
On the streets were the fabulous costumed creations, the ‘mobile street art’, the street theatre of the carnival bands, some of which has its origins in African ‘masking’.
In the calypso tents one heard the passion and pain, the humour, the inventiveness of the calypso – an art form evolved through the need of the poor and downtrodden to express their soul, their wit and their amazing ability to survive and remain whole.
One also heard, in the pan yards of the ghettos and rural peasant lands the amazing sound of that musical wonder of the world called the steel band. These bands were made up of instruments forged out of the waste material of the cold industrial world that had come to Trinidad because oil had been discovered there, tuned and crafted to eventually emit some truly marvellous sounds.
Part of that ‘pull’ is also a deep understanding that carnival has evolved from a history of resistance, an insistence on humanness, on wholeness through systems of survival employed by the slaves and ex-slaves. In the music of the tamboo-bamboo and the subsequent steel bands were the ancient rhythms and melodies of their African ancestors; rhythms and melodies that harked back to their homeland and gave them sustenance during the dehumanising experience of slavery and colonialism, and helped to keep them whole and human. It fostered the ‘in your face’ declaration to the world that “we are alive – see we yah!”
It is true that, over the past few decades much of carnival has been sold out to rampant capitalism and to the desire for quick gratification in the baring of flesh in skimpy costumes. Mark you, sexuality and sensuousness is an integral part of some aspects of carnival – as is so much of what is seen as black culture. But carnival is now marketed so much as pure ‘wine and jump’ and nothing else that the younger generation in Trinidad seems to have started to believe that and the older artistes of the carnival, like Peter Minshall, have begun to despair.
But the spirit of carnival is still alive and well.
And this is another part of the ‘problem’. The source of the other ‘pull’ on our heartstrings.
Trinidad carnival has, from its birth, been fuelled by the spirits of the Orisha. The belief in the power of the African deities to sustain them through all hardship lurks somewhere in the souls of those who give the carnival movement its energy. This has been a conflict in the minds of the people of this highly religious country.
The problem lay in the fact that those who Christianised us taught us to reject anything that was connected to ancestral African religion as ‘devil worship’ and to be rejected.
Negative expression
So there was this ambiguity. How were we, as black people, to respond negatively to this expression of all that has sustained us through our darkest times? But then, how were we, as Christians, to embrace that which we knew had its roots in African tribalism and ‘devil worship’?
Eventually, we grew to accept the idea that Orisha was just a religion which some of us no longer accepted, and carnival was not, in itself, sinful.
So, by the turn of the century, attitudes had changed to the point where David Rudder could have a hit calypso called High Mas in which he prayed to the father who had “given us this art” and who knew “the pain we’re feeling”, in his mercy, to “Send a little music, to make the vibration raise”.
This would have been unheard of 50 years ago.
But Rudder, like most thinking people, also realises the excesses that take place at carnival time and the abuse of the spirit of the thing. This is why, in his calypso, he admits that ” in this bacchanal season some men will lose their reason”, and asks God to “Forgive us, this day, our daily weaknesses”.
Jamaica Gleaner
Kim Jong Un Delivers First Public Speech
North Korea's new leader, Kim Jong Un delivered his first-ever televised speech Sunday during a major military parade to make the 100th anniversary of the birth of his grandfather.
Wearing a black Mao suit, Mr. Kim told huge cheering crowds in the capital, Pyongyang, that he offered his “purest respect and the greatest honor to great comrades Kim Il Sung and Kim Jong Il,” referring to his late grandfather and father.
The 28-year-old leader also expressed his greeting to, who he called, compatriots in South Korea and across the world who dedicate themselves to reunification and the prosperity of the nations.
On Saturday, tens of thousands of people gathered in Pyongyang's huge football stadium in a show of support for North Korea's ruling dynasty.
The audience, including members of North Korea's 1.2 million strong military, women in colorful gowns and men in dark suits, sat in the packed Kim Il Sung stadium to hear praise for the family that has ruled the nation since its founding in 1948.
Ahead of the main event Sunday, Kim Jong Un ordered promotions for about 70 senior military officers. Mr. Kim himself was elected first chairman of the National Defense Commission Friday, which makes him North Korea's supreme leader. Lawmakers also approved setting aside close to 16 percent of the budget for defense, indicating that the army will continue to play a strong role in North Korea under its new young leader. Kim Jong Un took over in December, after his father Kim Jong Il died.
North Korean leaders planned to launch what they called an observation satellite into orbit Saturday to coincide with Kim Il Sung anniversary celebrations. But the launch, largely considered to be a covert ballistic missile test and condemned by the international community, failed.
Some political analysts say the embarrassment will spur the isolated country to compensate for the failure by carrying out another nuclear test. Pyongyang has earned tough international sanctions after its first nuclear test in 2006 and another one three years later.
Kim Il Sung's birthday, April 15, 1912, is considered North Korea's most important holiday.
US Military Staff, Secret Service Accused of Misconduct in Colombia
The U.S. Secret Service says 11 employees sent to Colombia ahead of President Barack Obama's visit have been returned home and placed on administrative leave pending an investigation of alleged misconduct that involved prostitution.
Also Saturday, the U.S. military announced that five military staff assigned to support the Secret Service in its assignment have been “confined to quarters” in Colombia.
White House spokesman Jay Carney said the incident with the military personnel stems from the same episode involving the Secret Service agents.
The alleged misconduct is said to have taken place before Mr. Obama arrived in the resort city of Cartagena Friday.
Carney said the president has confidence in his bodyguards and that the incidents had no impact on presidential security.
Iran, Western Powers Hail Latest Nuclear Talks
Talks in Istanbul between world powers and Iran over Tehran's controversial nuclear program ended Saturday with a commitment to meet again in the Iraqi capital, Baghdad, May 23.
After nearly 10 hours of talks, both sides said the meeting was held in a “positive and constructive” atmosphere.
European Union foreign policy chief Catherine Ashton described the discussions as “constructive” and “useful,” adding the meeting in Baghdad would be part of a “step-by-step” approach. U.S. Deputy National Security Adviser for Strategic Communications, Ben Rhodes, called the talks a “positive first step.” He said the agreement for the meeting in May is an additional positive sign.
Iran's chief negotiator, Saeed Jalili, said Saturday's talks “saw important common ground being developed.” He said that “various issues for cooperation and issues for talks were agreed upon for the next meeting.”
But apart from both sides recognizing the importance of abiding by the Nuclear Non-Proliferation Treaty, and acknowledging Tehran's right to develop nuclear energy, there were no other details of what common ground was achieved.
Saturday's talks between diplomats from Iran and the five permanent members of the United Nations Security Council plus Germany were the first since a previous round of talks collapsed 15 months ago, also in Istanbul, amid mutual recriminations.
A VOA correspondent in Turkey said Iran also held bilateral talks with China, Russia and Turkey, but turned down a meeting with the United States. He added that, despite that snub, some Western powers believe Iran has shown more of a willingness to discuss nuclear issues than it did at last year's talks.
“They are saying that Iranians are sort of engaging with them and this is what we didn't have back in 2011 when they first met in Istanbul.”
Saturday's meetings came at a time of increased international pressure on Tehran. New U.S. and European Union economic sanctions against Iran are due to go into effect July 1, while Israel has warned it may take military action. U.S. President Barack Obama has also warned the latest diplomatic efforts are the last chance for diplomacy to work.
Observers say next month's meeting in Baghdad will be a key test of those efforts, as the talks are expected to start focusing on concrete measures to allay international concern over Iran's nuclear program.
Egypt Disqualifies 10 Presidential Hopefuls
The Egyptian election commission has barred 10 candidates from running for president, including Omar Suleiman,former spy chief under autocratic President Hosni Mubarak, Muslim Brotherhood candidate Khairat al-Shater, and Salafi politician Hazem Abu Ismail.
The head of the Supreme Presidential Election Commission, Farouk Sultan, declined to give details on the reasons for their disqualification, but said the 10 have 48 hours to appeal. Thirteen others had their candidacy approved, including former Arab League chief Amr Moussa.
The final list of approved candidates will be announced before the end of the month.
If upheld, the decision would redraw the electoral landscape and threaten to create a new political crisis less than six weeks before the presidential elections scheduled for May 23 and 24. Suleiman, Shater and Ismail are considered among the front-runners in the race.
The elections in May will be the first presidential polls since the ouster of Mr. Mubarak in a popular uprising 14 months ago.
If no candidate secures more than 50 percent of the vote, a run-off election will take place June 16 and 17.
Final election results will be announced June 21. Egypt's military rulers who took over from Mr. Mubarak had promised to hand over power to a civilian leader by the end of June.
Presidential candidates will be allowed to begin campaigning April 30.
Axl Rose declines Hall of Fame honour
Guns N' Roses frontman Axl Rose has declined his entry into the New York Rock and Roll Hall of Fame saying he does not feel wanted or respected.
In an open letter, Rose, the only original member still in the band, said: "I strongly request that I not be inducted in absentia."
In a statement, the Hall said: "We are sorry he will not be able to accept his induction in person."
Guns N' Roses are due to be inducted into the Hall of Fame on Saturday.
'Honoured and excited'
Former members include Slash, Steven Adler, Izzy Stradlin, Duff McKagan and Matt Sorum.
Although Rose has since replaced all the band members, it had been hoped the induction would bring together the original line-up.
Speaking in an interview with news agency The Associated Press, Slash said: "I have no idea what's going to happen on that day. It's more like going into it with blinders on and just see what happens."
But Rose rebuffed any hope of reuniting, writing in his letter: "There's a seemingly endless amount of revisionism and fantasies out there for the sake of self-promotion and business opportunities masking the actual realities.
"So let sleeping dogs lie or lying dogs sleep or whatever. Time to move on. People get divorced. Life doesn't owe you your own personal happy ending especially at another's, or in this case several others', expense.
"I strongly request that I not be inducted in absentia and please know that no one is authorised nor may anyone be permitted to accept any induction for me or speak on my behalf."
Rose admitted when it was first announced the band would be inducted, he had mixed feelings.
"I was honoured, excited and hoped that somehow this would be a good thing. Of course, if Guns N' Roses were to be inducted it'd be somewhat of a complicated or awkward situation."
A representative for Slash said he would still attend Saturday's ceremony but had no further comment to make.
The current line-up of the group last performed in the UK in 2010, but they were bottled off stage at a concert in Dublin after they arrived on stage nearly an hour late.
Other new inductees due to be included in the Hall of Fame are the Beastie Boys, the Red Hot Chili Peppers, Donovan, and The Small Faces/The Faces.
According to the Hall, the Sex Pistols are the only band who have previously declined to be inducted.
--BBC
Adele tops young musicians rich list with £20 million
Adele has become the richest young musician in the UK, with an estimated fortune of £20m.
Last year's Sunday Times Rich List estimated her to be worth £6m but massive sales of her album 21 have helped her gain another £14m in the past 12 months.
Adele has beaten other young stars such as JLS and Jessie J to the top spot.
Cheryl Cole is second equal on the list with Leona Lewis, with each having fortunes valued at £12m.
Only two of the top 10 richest young musicians are men.
Both Craig David and Paolo Nutini are joint sixth, with £8m apiece.
The rest of the top of the chart is dominated by women, including Charlotte Church (£8m), Florence Welch (£7m) and Lily Allen (£6m).
Daniel Radcliffe is still the richest actor under 30. His latest film The Woman In Black has helped him to amass a total of £54m, up from £48m last year.
His Harry Potter co-stars also feature on the list, with Rupert Grint thought to be worth £24m.
Emma Watson features on both the lists for actors and models and has a fortune of £26m.
Robert Pattinson has made the biggest increase in his fortune. His worth has gone from £32m in 2011 to £40m this year.
He is second on the list behind Daniel Radcliffe.
JLS and Jessie J are the only new pop stars to appear on the rich list for young musicians.
There is only one new addition to the actors list - Rosie Huntington Whitely - who at joint eighth with Sarah Harding and Kimberley Walsh, is thought to be worth £5m.
The Victoria's Secret model starred in last year's Transformers: Dark of the Moon.
The top 10 richest UK musicians aged 30 and under are as follows:
1. Adele - £20m
2. =Cheryl Cole - £12m
2. =Leona Lewis - £12m
2. =Katie Melua - £12m
5. Joss Stone - £10m
6. =Charlotte Church - £8m
6. =Craig David - £8m
6. =Paolo Nutini - £8m
9. Florence Welch - £7m
10. =Lily Allen - £6m
10. =Natasha Bedingfield - £6m
10. =Duffy - £6m
The top 10 richest UK actors aged 30 and under are as follows:
1. Daniel Radcliffe - £54m
2. Robert Pattinson - £40m
3. Keira Knightley - £30m
4. Kiera Chaplin - £28m
5. Emma Watson - £26m
6. Rupert Grint - £24m
7. Lily Cole - £8m
8. =Sarah Harding - £5m
8. =Rosie Huntington-Whiteley - £5m
8. =Kimberley Walsh - £5m
The Sunday Times Rich List 2012 will be published in full on 29 April.