Cops charge deejay after Sting
Patrick Gaynor, one-half of the entertainment duo Twin of Twins, found himself in trouble with the law after he is alleged to have used indecent language at the Sting show on Monday night.
Police say that Gaynor was arrested and charged with using indecent language and disorderly conduct. He was taken into custody by the St Catherine South police.
The entertainer is said to have used profanity during his clash with Tony Matterhorn, and was held by the police as soon as he completed his set and left the stage.
The police told THE STAR that the entertainer is booked to appear in the Spanish Town Resident Magistrate's Court in January.
The duo is popularly known for their comedic CDs Stir It Up.
Singapore appoints representative to Caricom
Singapore has appointed its first Plenipotentiary Representative to the Caribbean Community (CARICOM).
He is Kemal Siddique, a released issued today by the Ministry of Foreign Affairs stated.
Siddique, the Executive Director of Tony K Siddique & Associates Pte Ltd, will be resident in Singapore.
He currently serves as Singapore’s Non-Resident Ambassador to Denmark and Special Envoy of Asia-Middle East Dialogue for Economic/Business Issues. He is also a Special Envoy to Ukraine.
Siddique joined the Ministry of Foreign Affairs in August 1970, served as Counsellor at the Singapore Embassy in Jakarta from 1971 to 1973 and Charge d’Affaires ad interim at the Singapore Embassy in Bonn from 1973 to 1978.
He was also Deputy Director for Western Europe and North America from 1978 to 1982 and Director for Southeast Asia from 1982 to 1984.
Prior to his current appointment as Non-Resident Ambassador to Denmark, he served as Singapore’s Non-Resident Ambassador to Norway, Sweden and Finland.
In 1996, he retired from the civil service and moved to the private sector.
Siddique was awarded the Public Administration Medal (Silver) and the Public Service Star by the Singapore government.
The German government conferred the Grand Cross of the Order of Merit for his contribution in promoting Singapore-German Relations.
Caribbean 360 News
Cuba wraps up dramatic year of economic change
A year at the vanguard of Cuba's economic revival has not brought Julio Cesar Hidalgo riches. The fledgling pizzeria owner has had his good months, but the restaurant he opened with his girlfriend often runs at a loss. At times, they can't afford to buy basic ingredients.
Yet the wide-faced 31-year-old says he is grateful to be in business at all. A year ago, Hidalgo was concocting chalky pastries in a Spartan state-run bakery where employees and managers competed to pilfer eggs, flour and olive oil, the only way to make ends meet on salaries of just US$15 a month. Today, he is his own boss, a taxpayer, employer and entrepreneur.
"I think my expectations were met because in Cuba today, I couldn't have hoped for anything more," he said, one recent December afternoon, as his girlfriend, Giselle de la Noval, served customers. "We survived."
Hidalgo's story is mirrored by many of the entrepreneurs The Associated Press has followed since January in a yearlong effort to document Communist Cuba's awkward embrace of free-market reforms.
Their experiences - like the reforms themselves - cannot be described as an unmitigated success. Of the dozen fledgling business owners, including restaurateurs, a DVD salesman, two café owners, a seamstress, a manicurist and a gymnasium operator, three have closed down or begun working for someone else, and one has been harassed by her former state employers. None could be considered successful by non-Cuban standards.
But despite their struggles, many tell of lives transformed, dreams realised, attitudes changed, and doors opened that had been closed for more than half a century.
Personal hardships
For Hidalgo, personal hardships have added to the challenges of starting a business on a Marxist island that has looked askance at entrepreneurship since Fidel Castro's 1959 revolution turned a one-time capitalist playground into a Soviet satellite.
After suffering through a slow, hot, summer when nobody wanted a pizza, Hidalgo had to close for two months to care for his grandmother, who has Alzheimer's disease. Even while the business was shuttered, he and de la Noval had to make tax and social security payments, wiping out the few hundred dollars they had saved.
They reopened in late November with so little money they can't always afford to serve their house special.
"We've had to start from scratch, but the only reason we didn't lose the business altogether is because we were disciplined," said de la Noval, 23.
"Before we did anything, we always put away the money we needed to pay the state."
A year that President Raul Castro described as make-or-break, as the revolution comes to an end with a dramatic flurry of once-unthinkable reforms that are transforming economic and social life.
In October, the government legalised a used car market, and a month later extended it to real estate, sweeping away decades of prohibitions. On Tuesday, the state began extending bank credits to new business owners and those hoping to repair their homes.
But one of the most powerful reforms was Castro's decision last year to greatly expand the ranks of the self-employed, part of a somewhat unsuccessful effort to trim bloated state-payrolls.
Some 338,000 people have received licences to start their own businesses, and the results can be seen and heard everywhere.
Makeshift signs
On nearly every street in Havana and in thousands of hamlets and towns across Cuba, makeshift signs and bright parasols mark the entrances of new businesses, and the long-lost cries of curbside vendors hawking everything from fruit and vegetables to mops and household-repair services fill the warm Caribbean air.
"The reforms have advanced, perhaps not quickly enough considering the problems that have accumulated, but they have advanced, one after another, and there is no sign that they will stop or be rolled back," said Omar Everleny Perez, the head of Havana University's Center for Cuban Economic Studies
The government has declined to release any statistics on tax revenue or payroll savings from the reforms, except for an October report in the Communist Party newspaper Granma that said tax revenue from new businesses had tripled.
Cuban leaders this month lowered their forecast for economic growth for 2011 to just 2.7 per cent - from the three per cent originally hoped for - an extremely poor showing for a developing country.
By contrast, China is forecast to grow by about nine per cent in 2011, Vietnam by between six and 6.5 per cent and Brazil by 3.8 per cent.
Private business owners have complained about the high taxes they must pay, the lack of raw materials and the fact they are suddenly surrounded by competitors. Because most entrepreneurs don't have the capital to start innovative businesses, many have opened cafeterias, nail parlours, small roadside kiosks and the like.
Rafael Romeu, the head of the Washington, DC-based Association for the Study of the Cuban Economy, said Castro has "changed the conversation" since taking over from his ailing brother in 2006, pushing the leadership to get the island's economic house in order rather than blaming external factors like the 49-year US travel-and-trade embargo.
But so far, the changes don't go far enough to revive Cuba's moribund economy.
"These are positive steps but when you say them out loud, just think about it ... You are allowed to have a cellphone, you are allowed to buy a home, you are allowed to buy a car or have a microenterprise. This is not the fall of the Berlin Wall. These are not major changes," he said. "Cuba has tremendous difficulties. This is a marathon, and they are taking baby steps."
Romeu, who has worked around the world studying emerging economies, said that Cuba is moving much more deliberately than the Chinese did when they began opening their economy in the late 1970s, or the Vietnamese a decade later.
Cuba's predicament is somewhat different, as well. Both China and Vietnam were deeply agrarian economies whose challenge was lifting tens of millions out of crushing poverty, Romeu said. Cuba is a more urban country with an aging population whose citizens have gotten used to benefits like health care and education, but who have grown accustomed to a system that doesn't make them work for such middle-class perks.
"In Cuba, the challenge is sustaining the middle class, not creating one," Romeu said.
Still, some reforms seem to be moving along more quickly than many analysts had hoped.
Business is booming at a street corner long known as the center of Havana's informal real estate market. Only now, the handwritten listings on trees openly advertise legal home sales, instead of disguising them as property "swaps."
Mendez Rodriguez, an unofficial real estate broker, said the buying and selling is aboveboard, controlled by a relatively untangled bureaucracy.
"Everything is by the law now," said Rodriguez, even if his profession is not officially licensed. He and other so-called facilitators work for "gifts" left to the discretion of their clients, he said.
Rumours that real estate brokers would be the latest addition to the list of 181 licensed entrepreneurial activities have not come to pass, but there's still hope the profession will be added in 2012. Rodriguez said the opening seems to have led to a steep increase in prices, with a home worth US$20,000 a couple of months ago going for 50 per cent more today.
Italy borrowing costs fall sharply at auction
The cost of borrowing faced by the Italian government has fallen sharply at its latest debt auction.
The government raised 9bn euros ($11.8bn, £7.56bn) in short-term debt at half its previous interest rate.
The interest on the six-month bills was 3.251%, down from 6.504% at the last similar auction in November.
The auction follows the extension of 489bn euros in three-year loans to eurozone banks by the European Central Bank (ECB) last week.
It was the first time the ECB had agreed to lend banks money for longer than one year, and has led to speculation that the new cash may be used by banks to lend to their respective governments.
Of the 489bn euros, some 300bn euros was used by banks to refinance their own existing debts, leaving about 190bn euros in spare cash to invest elsewhere, including in government debt.
Austerity
Also on Wednesday, the Italians raised a further 1.7bn euros in two-year debt at an interest rate of 4.85%, down from 7.81% last month.
The auctions follow the introduction of further austerity measures and other reforms in Italy by the government of Prime Minister and economist Mario Monti, which have reassured the markets.
Among these reforms was a cap on the size of cash payments - designed to crack down on tax evasion.
"The [ECB loans] reduced the possibility of a credit crunch, so banks don't have to rein in all the liquidity they have, so that may have helped," said Marco Stringa, senior economist at Deutsche Bank. "What the Monti government did in December definitely helped."
Market boost
Italy has significant borrowing needs in the new year, including 161bn euros in debt repayments falling due between February and April, all of which it will have to refinance through new borrowing.
The implied cost of borrowing on longer-term Italian debt traded in the market fell sharply on the news, with the 10-year bond yield down to 6.74% by mid-morning on Wednesday.
But yields rose back above 7% later in the day. This is an unacceptably high rate for the government to borrow at when it needs to go back to the market to refinance its existing debts.
The Italian government is due to issue long-term debt on Thursday, including 10-year bonds.
S Korea's factory output dips on weaker domestic demand
South Korea's industrial output shrank in November as weaker domestic demand weighed on the construction and services sectors.
Output fell by 0.4% from October, the statistical office said, worse than many analysts had predicted.
Spending on equipment, construction and the service industry saw the biggest declines.
Issues such as the global slowdown and high levels of household debt are weighing on many consumers and firms.
The figures come a day after the Bank of Korea said its manufacturing sentiment index fell to its lowest level in almost two-and-a-half years amid growing concerns about the depth of the global economic slowdown.
The Bank of Korea's manufacturers' outlook index fell to 79 in January from 83 in December. That was the lowest reading since the 78 recorded in July 2009.
Businesses blamed the gloomy outlook on sluggish local demand, soft global economic conditions and higher raw material costs.
Good or bad?
For some observers, Thursday's industrial output report will only add to the feeling of gloom affecting many companies and consumers.
"We've been seeing worsening numbers on both the real economic and sentiment fronts. Today's set of indicators added to that and could drag sentiment down in turn," said Yum Sang-hoon, a fixed-income analyst at SK Securities.
However, Thursday's statistical office report was not all bad news.
The annual rate of industrial output was up 5.6% in November when compared to the same month a year earlier.
At the same time, exports in the mining and manufacturing sectors rose by 8%, the report said.
South Korea relies on exports for roughly half of its total economic output.
Brazil becomes sixth largest economy
Brazil has overtaken Britain as the world's sixth largest economy. It's predicted that Brazil's economy may grow five percent next year.
It’s much bigger in size than the UK and now it seems Brazil is also bigger economically.
The London-based center of Economics and Business Research says the South American country has taken Britain’s place as the sixth largest economy in the world.
Brazil’s GDP expanded three percent this year and next year it could grow by five percent.
Armando Castello, a Brazilian economist, believes Brazil’s rise up the ladder could assist in securing investment.
Brazilian economist Armando Castello said: "The position is more about statistics than economics. The economy itself is what really matters. But it has a psychological effect that is important, that helps with attracting investments."
And Brazil clearly has even larger ambitions.
Brazilian Minster of Finance Guido Mantega said: "We want to be the fifth largest economy by 2015, surpassing France."
Brazil’s success is largely due to its main exports - manufactured goods, iron ore and agricultural products, such as coffee.
Investment in oil has also helped.
In contrast Britain has experienced a banking crisis and a recession since 2008.
Brazil’s rise up the rankings is also relatively swift - it only took the seventh spot from Italy last year.
The United States, China, Japan and Germany remain the top four economies.
But Brazil is clearly in the fast lane while others head towards the hard shoulder.
India and Japan sign new $15bn currency swap agreement
India and Japan have signed a $15bn (£9.7bn) currency swap agreement as the two nations seek to boost financial co-operation.
It will see them swap currencies for US dollars and tap into each other's foreign exchange reserves to ease any liquidity problems.
The pact is expected to boost the Indian rupee which has been Asia worst performing currency this year.
The Japanese yen has also been volatile in wake of an uncertain global outlook.
"Amid global economic uncertainties, ensuring the stability of the financial markets is all the more important for the stable economic development of the two countries," Japanese prime minister Yoshihiko Noda and Indian prime minister Manmohan Singh said in a joint statement after their meeting in New Delhi.
The deal comes at a time when there have been growing concerns about foreign institutional investors (FIIs) pulling out of the Indian market.
Investors have been concerned that the ongoing economic problems in the eurozone and the US may hurt demand for Indian exports and slow its growth.
Fears of a slowdown in the Indian economy saw FII's withdraw almost 32,000m rupees ($600m; £390m) from the Indian securities market in November alone.
The huge capital outflows has hurt the Indian currency which has hit an all time low against the US dollar in recent weeks.
There have also been fears of the impact of these withdrawals on the overall Indian economy.
Analysts said though the Indian foreign exchange reserves were healthy, the deal will help allay any fears of a potential problem in the short-term.
"If we add to this the still huge uncertainty on the resolution of the European debt crisis, it seems clear that India can benefit from an additional cushion against capital outflows," said Alicia Garcia-Herrero, chief economist for emerging markets at BBVA bank.
The Japanese prime minister also promised to provide financial assistance for infrastructure development in India.
Mr Noda said that Japan will invest $4.5bn to help build the industrial corridor between New Delhi and Mumbai, a project that is expected to boost India's growth further.
The corridor, which is expected to cost $100bn, includes plans for nine mega industrial zones, a high speed freight line, three ports, six airports and a six-lane intersection-free expressway connecting India's political and financial capitals.
Analysts said Japanese businesses were likely to benefit from the project.
"One big objective of the industrial corridor is to create a manufacturing base for Japanese companies to export to Europe and Africa," said Robinder Sachdev of think-tank Imagindia.
Mr Noda also said that Japan would provide an extra $1.7bn in funding for other projects including the expansion of Delhi's metro railway network.
South Stream pipeline gets Turkey green light
Turkey has given permission for the South Stream gas pipeline to be built across its territories, giving the project a clear run into the lucrative energy markets of Europe.
The pipeline will transport Russian gas to Europe under the Black Sea.
It will now be able to bypass Ukraine, which had failed to reach an agreement with the pipeline's owners.
Gazprom has a 50% stake in the project, Italy's Eni 20% and France's EDF and Germany's Wintershall 15% each.
A short statement from Gazprom said "all necessary and unconditional permits were granted".
Russian Prime Minister Vladimir Putin said at a ceremony in Moscow: "I would like to thank the government of the Turkish Republic for its decision to permit construction of the South Stream pipeline in Turkey's economic zone."
The full pipeline is expected to be completed by the end of 2015.
The main rival to the South Stream project is the EU-backed Nabucco pipeline, which is set to carry gas from the Caspian region to Austria, passing through southern Europe.
North Korea Hails Kim Jong Un as ‘Supreme Leader’
Kim Jong Un has been declared supreme leader of North Korea's ruling party and military during a memorial service for his late father, Kim Jong Il, in Pyongyang.
State television showed a massive gathering of people for the service in Kim Il Sung Square.
As the younger Kim watched from a palace balcony, ceremonial head of state Kim Yong Nam told the crowd Mr. Kim inherits his father's “ideology, character and revolutionary” cause.
“Our great comrade Kim Jong Il has solved the leadership succession matter perfectly, which is the most precious accomplishment for our country's destiny and endless prosperity of our descendants.”
The nation observed three minutes of silence as the ceremony ended at noon local time. State television showed citizens standing motionless with their heads bowed, as trains, ships and other vehicles sounded their horns.
The memorial service was part of the second day of funeral ceremonies for Kim Jong Il, who died of a heart attack on December 17.
On Wednesday, tens of thousands of weeping North Koreans bade the late leader a final farewell as a black hearse carried his coffin through Pyongyang's snow-covered streets.
Foreign governments are watching events in Pyongyang closely because of concerns about the younger Kim's rise in a country with a nuclear program, a large army and a history of deep animosity toward its neighbors.
A spokesman for the U.S. State Department, Mark Toner, said at a press briefing Wednesday that the funeral procession was obviously an emotional moment for North Koreans. In terms of North Korea's future leadership, he said Pyongyang has made some statements to clarify it, but that “we'll wait and see” what else emerges in the coming days and weeks. He said there is little insight into the country that has a “pretty opaque” political system.
US warns Iran over threat to block oil route
The US Navy has said it will not tolerate disruption to a vital oil-trade route, following an Iranian threat to close it.
Iran warned it would shut the Strait of Hormuz if the West imposed more sanctions over its nuclear programme.
The US and its allies believe Iran is trying to develop a nuclear weapon - a charge Tehran denies.
Reacting to Iran's warning, a US Fifth Fleet spokeswoman said it was "always ready to counter malevolent actions".
The Strait of Hormuz links the Gulf - and the oil-producing states of Bahrain, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates (UAE) - to the Indian Ocean. About 40% of the world's tanker-borne oil passes through it.
The US maintains a naval presence in the Gulf, largely to ensure the transport of oil remains open.
The strait "is not only important for security and stability in the region, but also is an economic lifeline for countries in the Gulf, including Iran", Pentagon spokesman George Little said.
"Raising the temperature on tensions in the Gulf is unhelpful", he said, but added that he was unaware of any hostile action directed against US vessels.
US Fifth Fleet spokeswoman Rebecca Rebarich told the BBC the navy would be ready to act if required: "The US Navy is a flexible, multi-capable force committed to regional security and stability, always ready to counter malevolent actions to ensure freedom of navigation."
Closure 'easy'
Western nations recently imposed new sanctions against Tehran following a UN report that said Iran had carried out tests related to "development of a nuclear device".
Further measures being considered to target Iran's oil and financial sectors have brought a furious response from Tehran.
Vice-President Mohammad Reza Rahimi warned that "not a drop of oil will pass through the Strait of Hormuz" if sanctions are widened and Iran's navy chief Admiral Habibollah Sayari said that closing the strait would be "easy".
"The enemies will only drop their plots when we put them back in their place," Mr Rahimi was quoted as saying on Tuesday by the official news agency Irna.
Adm Sayari later told Iran's Press TV that closing the Strait of Hormuz would be "really easy" for Iran's armed forces "or, as Iranians say, easier than drinking a glass of water".
"But right now, we don't need to shut it as we have the Sea of Oman under control, and we can control the transit," he added.
Iran's threats to close the strait have not flustered markets and oil prices actually fell after a senior Saudi oil official said that Gulf Arab nations were ready to offset any loss of Iranian crude.
'Non-compliance'
Earlier, US State Department deputy spokesman Mark Toner said the Iranian threats were simply "another attempt... to distract attention from the real issue, which is their continued non-compliance with their international nuclear obligations".
Iran's navy has been staging wargames in international waters to the east of the strait.
Adm Sayari said the manoeuvres were designed to show Gulf neighbours the power of Iran's military over the zone.
Washington and Israel have not ruled out military action against Iran's nuclear facilities if sanctions and diplomacy fail.
Iran has vowed to respond by attacking Israeli and US interests in the region.
An embargo on Iranian oil exports has been considered before but dismissed as it could also drive up global oil prices and harm Western economies, particularly in Europe.
It is believed the new measures could cut Tehran off from global energy markets without raising the price of fuel.