Magic deny rumors of Dwight Howard-to-Lakers trade
Orlando Magic CEO Alex Martins is denying a rumor that the team has reached a deal with the Lakers to trade Dwight Howard to Los Angeles for a package including Pau Gasol and Andrew Bynum, the Orlando Sentinel reports.
The rumored deal would also involve forward Hedo Turkoglu and point guard Jameer Nelson going to the Lakers, and the Raptors sending point guard Jose Calderon to Orlando. What Toronto would get in return is not known.
The Magic, by many accounts, will not trade Howard before the March 15 deadline, with the intention of trying to convince him to stay in Orlando. In order to do that, they’d have to surround Howard with a team he believes can compete for a title. To that end, Real GM reports, Magic general manager Otis Smith will make an aggressive bid to acquire point guard Steve Nash from the Phoenix Suns.
Hunte to apologise to PM over offensive remarks
President of the West Indies Cricket Board (WICB) Julian Hunte plans to visit Kingston shortly to apologise to Jamaican Prime Minister Protia Simpson Miller for “inappropriate” remarks made last week by the WICB secretariat, a reliable cricket source has said.
However, a check with the office of the prime minister early Monday said Simpson Miller was yet to be contacted by the WICB regarding any such visit by Hunte.
The source who spoke to the Observer on condition of anonymity said the decision was taken at a two-day meeting of WICB directors in St Lucia on the weekend.
The Jamaica Cricket Association and Simpson Miller responded furiously to comments from the WICB secretariat which substantially said the Jamaican Prime Minister had spoken from a position of ignorance when she addressed issues involving regional cricket at a Jamaica Cricket Association Awards Dinner last weekend.
Simpson Miller had weighed in on the controversial non-inclusion of former West Indies captain, Jamaican Chris Gayle in the West Indies team since early 2011 as well as the non-inclusion of Jamaica as a venue for the upcoming Australia tour of the Caribbean.
Regarding Chris Gayle issue, Simpson Miller is reported to have said:
“I am very disturbed by how long this matter has gone on without a resolution. There has been no trial and no hearing; and as we know from the popular maxim – justice delayed is justice denied. It is not just to have one of the world’s leading cricketers being excluded from test cricket. This matter demands an amicable resolution as quickly as possible…”
However, the WICB said the Jamaican prime minister had not been properly “briefed” by its member association the JCA.
In specific reference to Gayle, of whom the WICB secretariat is demanding an apology for comments made about West Indies coach Otis Gibson and the WICB last year, the regional cricket authority drew the ire of the JCA and Simpson Miller by likening the situation to an imagined crisis involving a prime minister and Cabinet.
“The WICB does not believe that the Prime Minister is suggesting that Mr Gayle be returned to the West Indies team without withdrawing his comments. This would be tantamount to a member of the Jamaican cabinet lambasting and deriding the leader of the cabinet and fellow cabinet colleagues and being returned to that august body without any accountability for his or her actions,” the statement from the WICB said in part.
The JCA which has previously being accused of not doing enough to resolve the issue involving Gayle promptly voiced its “complete rejection and condemnation” of the eight-paragraph statement from the WICB. The JCA called on Hunte to “retract the unfounded and unwarranted attack against the Honourable Prime Minister of Jamaica and to move immediately to resolve the Chris Gayle impasse, as we believe he has been more than reasonably punished”.
At a press conference last week Simpson Miller accused the WICB of being “rude” and “crude” and promised to raise the issue at the level of CARICOM.
G20 finance ministers ask eurozone to boost rescue fund
Eurozone countries need to put more money in their rescue fund before G20 nations can step in to help them, the G20 finance ministers have said.
They said such a move was "essential" to their decision to provide more resources to the International Monetary Fund (IMF) to help the region.
Earlier this month, eurozone leaders set up a permanent bailout fund of 500bn euro ($673bn; £420bn).
There are concerns the fund may not be able to rescue a deeply indebted state.
"We have to see the colour of the eurozone's money first - and quite frankly, that hasn't happened," the British chancellor George Osborne said.
"Until it does, there's no question of extra IMF money from Britain or probably anyone else."
The German factor
Any move to boost the eurozone rescue fund is likely to put more pressure on the leading eurozone economies, especially Germany.
The eurozone's biggest economy has so far resisted calls to increase the size of the bailout fund and sent mixed signals regarding whether it was prepared to change its stance.
On the eve of the G20 meeting, German finance minister Wolfgang Schauble wrote in an article published in the Mexican newspaper El Universal that he was against such a move.
"Should we increase even more the firewalls? The response is a resounding no," he wrote.
"This would not only not solve the problems of debt and competitiveness that brought the affected countries to their current state of affairs, it would also discourage their governments from carrying out consolidation and reform."
However, after the meeting, Mr Schauble said that eurozone leaders would look into the matter and take a decision as early as next month.
Meanwhile, Olli Rehn, European Commissioner for Economic and Monetary Affairs urged the region's leaders to solve the issue as soon as possible.
"One of the crucial lessons of this crisis has been that... the longer we wait the more costly it tends to get," he said.
'Weak growth'
The eurozone debt crisis has seen growth slowing down in the region's economies.
Italy and the Netherlands both slipped into a recession in the last quarter of 2011. They saw their economies shrink by 0.7% during the three months to the end of December, the second consecutive quarter of economic contraction.
Germany had its first negative quarter since 2009 with a decline of 0.2% in the October to December quarter, compared with the previous three months.
The fear is that if not controlled and solved in time, the region's debt crisis may start to hurt global economic growth.
The eurozone is a key market for Asia exports. As growth slows down in the region, consumer demand is likely to fall and hurt Asia's export-dependent economies.
The G20 finance ministers warned that risks to global economic growth continue to remain high.
"The international economic environment has continued to be characterized by an uneven performance, with weak growth in advanced economies and a stronger, albeit slowing, expansion in emerging markets," the ministers said in a joint statement issued after the meeting in Mexico.
China reforms needed to sustain growth, says World Bank
China needs to embrace fundamental free-market reforms if its economy is to continue to grow at the "impressive" pace of the past three decades, the World Bank has said.
The country had reached a "turning point" and needed to reform a growth model that was "unsustainable".
The role of government and state enterprises needed redefining, it said.
But even if growth slows, China was likely to become the world's largest economy before 2030, the bank added.
'Muddling through'
In a report, the World Bank said the Chinese economy had grown on average by 10% a year for the past 30 years to become the world's largest exporter and manufacturer and its second-largest economy.
But it said such growth could not be sustained without far-reaching reforms.
"The case for reform is compelling because China has now reached a turning point in its development path," said the bank's president, Robert Zoellick, at the launch of the report in Beijing.
"The country's growth model is unsustainable. This is not the time just for muddling through - it's time to get ahead of events and to adapt to major changes in the world and national economies," he added.
The bank said there were six important messages that emerged from its research.
- Enact structural reforms to promote a market-based economy. This could be achieved by redefining the role of government, reforming state enterprises, developing the private sector and promoting competition
- Quicken the pace of innovation, both internally and by participating in global research projects
- Encourage investment in green projects and increase efficiency of resource use
- Promote social security for all
- Strengthen the fiscal system by mobilising additional revenues and boosting local government financing
- Engage more with the global economy.
Recent data suggests the Chinese economy is cooling.
Gross domestic product expanded by 8.9% in the three months to the end of December compared with a year earlier.
That is down from 9.1% in the previous quarter and is the slowest pace in more than two years.
Earlier this month, government figures also showed that demand for Chinese exports fell in January.
Greece bailout: German MPs give strong backing
German MPs have voted by 496 to 90 to back the second EU/IMF bailout for Greece.
Chancellor Angela Merkel had urged them to back the deal, while conceding there was "no 100% guarantee" it would work.
Several MPs in her party opposed the deal but it was not clear if they had voted against the government.
Germany will have to pay more than any other country for the 130bn euro ($173bn; £110bn) package, agreed by eurozone states last week.
Although the Bundestag (lower house) had the power to block the bailout, it was always expected to go through because of the support of two opposition parties, the Social Democrats (SPD) and Greens.
In the event, there was a large majority in favour of the deal, with five MPs abstaining in the vote.
The BBC's Stephen Evans, in Berlin, says that despite the five-to-one majority, there is a great deal of scepticism about the bailout's effectiveness both among politicians and the wider population.
Interior Minister Hans-Peter Friedrich, from the ruling Christian Democrats' Bavarian sister party, the Christian Social Union (CSU), had earlier argued that Greece's chances of recovery would be better if it left the eurozone.
"I'm not talking about throwing Greece out, but rather about creating incentives for an exit that they can't pass up," he told Spiegel magazine on Sunday.
Under the front-page headline "Stop", Germany's mass circulation Bild newspaper made a direct appeal to parliament: "Don't keep on going the wrong way."
An opinion poll for Bild's Sunday edition suggested that 62% of those surveyed wanted MPs to vote against the package.
'Hopeless case'
Mrs Merkel told the Bundestag that she was aware that people were concerned that Greece was a "hopeless case" and that the eurozone would be better off without it. But she had come to the conclusion that "the opportunities of this new package outweighed the risks".
"No-one can predict what the repercussions of a disorderly default would be for all of us and also for the people of Germany."
Under the terms of the bailout, Greece has to approve 3.2bn euros in budget cuts and has already backed a debt swap with banks and private investors to wipe out 107bn euros of debt.
For the opposition SPD, former Finance Minister Peer Steinbrueck told MPs that the government's crisis management followed a motto of "too little, too late and above all too vague".
But he said his party would support the deal as it was in Germany's economic and national interest.
Left Party leader Gregor Gysi bitterly criticised the SPD and Green decision to back the coalition government, comparing the deal secured for Greece with the Treaty of Versailles that led to major German reparations and concessions after World War I.
"Greece needs a Marshall Plan, not a Versailles Treaty," he said.
The chancellor also said that Germany was prepared to speed up the planned payment of capital into the new permanent bailout fund, the European Stability Mechanism (ESM), with 11bn euros this year and a second portion next year.
Mrs Merkel said that she was resisting pressure to increase the size of the ESM from its 500bn euro capacity when it comes into existence in July.
Payroll tax cut? ‘In your dreams’, says Premier
Premier Paula Cox told businesses in Bermuda to ‘keep dreaming’ about getting a payroll tax reduction today at the Chamber of Commerce’s Budget breakfast panel discussion hosted by PwC.
“In your dreams”, she lightheartedly said to a chuckling crowd when asked by the panel moderator whether there was any chance of a reduction.
When questioned about whether she would consider austerity measures to help Bermuda’s struggling economy, she said that once businesses were back on their feet, then she might consider taking away the “crutch” of concessions for the hospitality and retail sectors.
She added that the Government could have saved $21 million by not giving out business concessions, but reiterated the Government favoured growth over austerity measures.
“There can’t be any guarantee going forward,” she said of continuing concessions.
Wayne Caines, CEO of Digicel and member of the executive committee of the Chamber, was also on the panel representing the business community.
In his speech he said that Bermuda needed to reduce spending, cut costs and have a “clear plan for the future” to increase revenue.
“It must be noted that as of March 31, 2011 the Government’s revenue deficit stood at $254 million,” he said. “Even with borrowing from the Sinking Fund and pension plan, the Government will still be short $172 million in 2013, with no viable means of repayment.
“There must be a refocused, lean Civil Service, cutting jobs through attrition will not be enough. There must be a cut in pay for Civil Servants and MPs. I know that talk of cutting jobs and salaries in the Civil Service is not easy and is never popular. But the fiscal times in which we are living call for such measures.”
He offered “out-of-the-box” revenue-generating ideas, including privatising LF Wade International airport and the ferry service, long-term leases for small uninhabited islands and generating income from satellite orbital slots through administration fees.
Prosecutor says hard drives erased in Stanford case
A prosecutor has told jurors at Texas tycoon R. Allen Stanford's fraud trial that computer hard drives belonging to the outside auditor for Stanford's Caribbean bank apparently were erased after the auditor died.
The prosecutor's comment came during questioning of a defence witness Friday. It prompted a failed mistrial request from Stanford's attorneys, who claimed the information hasn't been verified and could harm their case.
The issue came up when the prosecutor questioned a defence witness who testified he didn't have access to the auditor's work papers.
Prosecutors allege the bank was at the center of a Ponzi scheme that took billions from investors and Stanford bribed the auditor to help him hide the fraud.
Stanford's attorneys have blamed his ex-chief financial officer for the alleged fraud.
Michigan, Arizona Hold Republican Primaries Tuesday
U.S. Republican presidential hopefuls Mitt Romney and Rick Santorum are competing in two closely watched state primaries Tuesday after a day of campaigning in one of them — Michigan.
Michigan and the southwestern state of Arizona hold Republican primaries Tuesday, a week before the much-anticipated “Super Tuesday,” when 10 states hold presidential nominating contests. Republicans are selecting a candidate to face Democratic President Barack Obama in the November election.
Opinion surveys from Arizona show Romney, a former Massachusetts governor, with a clear lead over Santorum, who was a U.S. senator from Pennsylvania.
Polls from Michigan show the men in a virtual tie, while Texas Representative Ron Paul and former House speaker Newt Gingrich trail. Although Romney was born in Michigan, he is having difficulty winning the support of social conservative voters who are rallying behind Santorum.
On Monday, Romney criticized Santorum on the campaign trail, saying the former senator is not spending enough time talking about the economy. Romney said Santorum has never had a job in the private sector and he touted his own ability to create jobs.
“I happen to believe that if we want to have a strong economy and good private sector jobs, it helps to have a president who's had a private sector job and I have.”
Santorum told supporters in Michigan that his campaign did not expect to be doing so well in the state. He said this fact shows the potential his campaign has. He said his plan for improving the economy includes reducing the size of government.
“We will hit the ground running on lowering the budget. Every year we will spend less money in Washington than we did the year before. That's the budget I will propose. We will shrink the size of government.”
Paul also campaigned in Michigan Monday, while Gingrich focused on the state of Tennessee, before beginning a tour Tuesday of Georgia, the southeastern state he represented in Congress.
Pentagon: Protests Will Not Alter Afghan Mission
U.S. defense officials say the military remains committed to its mission in Afghanistan, despite days of violent protests and attacks on foreign troops that have left close to 40 people dead, including four Americans.
Pentagon officials Monday said members of the U.S.-led coalition are continuing their work training Afghan security forces. The increase in violence, sparked by the reported burning of Qurans on a U.S. military base, has raised questions about the viability of a continued U.S. presence in Afghanistan.
Pentagon spokesman George Little said Defense Secretary Leon Panetta believes the “foundations of our strategy” in Afghanistan remain sound. He said Washington is taking “the long view,” assessing what he said American forces have achieved in reversing the momentum of Taliban insurgents.
Spokesman Little added:
“We will not let recent events allow us to lose sight of the progress we are making toward our broader objectives, including our core goal of defeating al-Qaida and its terrorist allies, and denying it the ability to maintain a safe haven in Afghanistan.”
An American military spokesman in Afghanistan, Navy Captain John Kirby, said that while U.S. troops working with Afghan forces are being more vigilant, that vigilance is not hampering operations. Speaking via video link from Kabul, Kirby said the number of protests has dropped off sharply – from more than 20 a day last week to three on Monday.
Kirby added that a major joint U.S.-Afghan operation, aimed at blocking Taliban insurgents from mounting new attacks as warm weather approaches, wrapped up successfully in southern Afghanistan.
U.S. forces are now watching for possible new attacks on their personnel. On Monday, they were investigating high quantities of chlorine bleach found in coffee and on fruit at a soldiers' dining facility inside a NATO base.
The protests and attacks are in response to news that U.S. troops inadvertently burned copies of the Muslim holy book, the Quran, at the Bagram air base north of Kabul. Media reports say Qurans were being disposed of because of fears that prisoners at the base were using them to pass extremist messages.
ALL STAR GAME-CHANGE
The slap could be heard from the floor high up into the seats. Kobe Bryant spun around to the baseline and Dwyane Wade slammed him hard from behind across the shoulders and the nose. It was like a family argument that had spilled over unpredictably and irretrievably.
The crowd groaned and gasped. A violent foul at an All-Star Game? What those fans didn't realize was that this was a good thing.
"I obviously didn't try to draw no blood, but I took a foul," said Wade following a splendidly competitive 152-149 loss to the West Sunday night. "Kobe fouled me two times in a row, so he's still got one up on me."
Bryant's conference was clobbering Wade's by 96-81 when the latter decided he'd had enough and took it out at the expense of the former. In any other setting -- a Game 4 of the playoffs or a pickup game over the summer -- it would have been just another hard foul. But in the setting of this non-confrontational evening, the foul was a game-changer.
Bryant, expressionless, rubbed his nose while walking off the pain before shooting a free throw. He walked past Wade without making eye contact on his way to showing the referee a splattering of blood that necessitated a medical timeout. He came back and made the second free throw.
On this night when Bryant (271 points) surpassed Michael Jordan (262) to become the leading scorer in All-Star history, it was too easy to define them by caricature: Kobe as all serious and LeBron as fun, fun, fun. When they were introduced for this game, James and his East teammate Dwight Howard of the Magic emerged out of the white pre-game smoke dancing with their mouths open comically. When Bryant was introduced, his hands were in his pockets and his face refused so much as a smile. Everything about him at age 33 asserts that his joy comes from winning.
All-Star MVP. The 23-year-old tied a game-high of 36 points and added seven rebounds, three assists and three steals to help the West hold on for a 152-149 win over the East in Orlando.