CLICO policy holders in Trinidad mount legal action against company directors
Not satisfied with the payout plan recently offered by government to some larger CLICO investors and policyholders, one association of policyholders is targeting former CLICO directors to make up the shortfall.
The Santa Rosa Team, which represents a number of CLICO Executive Flexible Premium Annuity (EFPA) policyholders, announced this week that they were going after the “the hundreds of millions of dollars (and possibly much more) in assets of those who are directly responsible for [the policyholders] financial plight.”
In the statement issued on Monday, December 19, the Santa Rosa team argued that the difference between what the EFPA policyholders were due (as per Rajnauth-Lee judgment) and what they were now being offered by the government, was a loss resulting directly from a “catalogue of failures on the part of directors, past and present to discharge their fiduciary responsibilities, and in some cases perhaps to have conspired in the execution of fraudulent acts”.
Under its new plan, government has said policyholders for the first ten years would get a yield of approximately 80 cents for every dollar of their investment if they chose to cash in their investment within six months.
For years 11 to 20, the investors have been promised a return of 100 cents on the dollar, if they opt to swap these zero-coupon bonds for units in the investment holding company that has been called NEL II.
David Walker, the lead consultant for the Santa Rosa Team, said Monday’s statement that the legal action also included those who chose to accept the government’s offer, but he we strongly recommended the EFPA policyholders to reject the government plan as it greatly reduced their chances of getting a full payout.
He urged the EFPA policyholders in the statement to lend their support both for the likelihood of a greater settlement and for the national good.
Caribbean 360 News
Payroll tax cut: Obama urges Republican compromise
US President Barack Obama and House leaders remain deadlocked over a deal to extend a payroll tax cut due to expire at the end of the year.
In a statement, Mr Obama blamed lack of progress on a Republican "faction".
He also told House Speaker John Boehner by phone that he would begin talks on a full-year deal as soon as the House passed an interim bill.
Mr Obama has postponed a family trip to Hawaii, saying he will not leave Washington until a deal is struck.
If Congress fails to act, an estimated 160 million Americans will see their payroll taxes rise on 1 January 2012.
The president said that conservatives in the House of Representatives were blocking passage of a bill that most Democrats and Republicans had agreed to.
"This is exactly why people get so frustrated with Washington," Mr Obama said.
He accused those who oppose the deal of not appreciating how important the tax credit would be to American workers.
Surrounded by a group of supporters, the president read out messages from voters who said the tax credit would help them pay their heating bills, visit elderly relatives and treat their families to pizza dinners.
Greater certainty
Mr Obama warned that failure to pass an extension of the measures would hit the overall economy, as well as individual families.
He referred to recent, encouraging economic data that he said could be reversed by a rise in their take-home income.
Allen Stanford ruled fit for trial over 'Ponzi scheme'
A US federal judge has ruled Texan financier Allen Stanford is mentally fit to stand trial for allegedly operating a $7bn (£4.5bn) Ponzi scheme.
Mr Stanford, 61, is accused of one of the biggest white-collar fraud cases since Bernard Madoff.
The former cricket mogul's lawyers unsuccessfully argued that he suffers from an impaired memory following a prison attack in September 2009.
He has pleaded not guilty to charges of fraud, conspiracy and money laundering.
"I see no brain injury that stands in the way of his standing trial," said Dr Robert Cochrane, a psychological evaluator at the prison.
US District Judge David Hittner agreed after a three-day hearing in Houston, Texas, that Mr Stanford was able to help his lawyers prepare for the trial.
Mr Stanford has spent more than eight months at a North Carolina prison hospital undergoing psychological tests and being weaned off anti-anxiety medication.
Charged by the Securities and Exchange Commission in 2009, Mr Stanford denies running a Ponzi scheme involving the sale of fraudulent certificates of deposit issued by his offshore bank in Antigua.
Wal-Mart recalls baby formula after infant dies
Wal-Mart has removed a powdered infant formula from more than 3,000 shops across the US after a newborn baby who consumed it died from a rare infection.
Tests are under way to see if there is a link between the formula and the death of the infant last weekend.
The government has not recalled Enfamil Newborn formula, and the maker said pre-shipment tests were negative.
The bacterium, Cronobacter sakazakii, is extremely rare but is dangerous to premature and newborn babies.
It is commonly found in plants such as wheat and rice.
Avery Cornett, from the town of Lebanon, in Missouri, died on Sunday after being removed from life support.
Missouri health officials have sent the formula to federal laboratories for testing.
In a statement, they warned that powdered infant formula was not sterile and it could be impossible to kill bacteria during production.
Those who purchased the formula with the specific lot number of ZP1K7G would receive a full-refund, Wal-Mart said.
Diana Ross set for Grammy tribute
Diana Ross, Glen Campbell and the late Apple co-founder Steve Jobs will be among those honoured at the forthcoming Grammy Awards in February.
Ross, 67, receives her first Grammy - a lifetime achievement award for her contribution to the recording industry.
Campbell will also be celebrated along with George Jones, Gil Scott-Heron, the Memphis Horns, the Allman Brothers and Brazil's Antonio Carlos Jobim.
The 54th Grammy awards will take place in Los Angeles on 12 February.
Ross has received a number of Grammy nominations over the course of her 50-year career but has never won the award.
Her early success with the Supremes was later eclipsed by a solo career that saw her have 18 number one records in the US.
'Lasting impressions'
Jobs, who died in October, is among those receiving one of the Trustees Awards that recognise "outstanding contributions to the industry in a non-performing capacity".
The iPod creator is honoured for his part in devising "products and technology that transformed the way we consume music, TV, movies, and books," the National Academy of Recording Arts and Sciences said.
Jobim, who died in 1994 aged 67, is considered one of Brazil's most influential musicians and helped to draw international attention to the bossa nova.
Other award recipients include musician and arranger Dave Bartholomew and recording engineer Rudy Van Gelder.
"This year's honourees offer a variety of brilliance, contributions and lasting impressions on our culture," said Neil Portnow, president of the Recording Academy.
"It is an honour to recognise such a diverse group of individuals whose talents and achievements have had an indelible impact on our industry."
Man arrested in Spain over Madonna song leak
Spanish police have arrested and charged a man with illegally leaking an early version of a new Madonna song.
The 31-year-old is alleged to have put a demo of Gimme All Your Luvin on the internet in November.
The investigation began after lawyers traced the recording to Spain. The man, described by police as a big fan of the singer, was arrested in Zaragoza.
Madonna's first studio album in five years is due for release in late March, with the first single out next month.
Police have not named the man arrested, but confirmed his initials as J.M.R.
Officers in the northern Spanish city said they found recordings of the song in a search of the suspect's belongings.
Madonna, 53, was said to have been "very upset" when the song first leaked last month.
Her manager, Guy Oseary, tweeted about the incident and asked fans to help police any further leaks.
The singer's upcoming album, her first since 2008's Hard Candy, has already been completed and will be released as part of a new three album deal with Interscope Records.
It was also recently announced that the star will perform during the high profile Superbowl half-time show on 5 February.
Kartel co-accused remanded
The two men who were charged in relation to the killing of Clive “Lizard” Williams for which dancehall entertainer Vybz Kartel, is also charged were remanded in the Corporate Area Resident Magistrate’s Court yesterday.
Andre St. John and Shane Williams are to return to court on January 7.
It is expected that at that time the crown will move to have their case transferred to the Home Circuit Court, where they will be charged jointly with Vybz Kartel and the three other accused.
Kartel, whose real name is Adidja Palmer, his stylist Calvin ‘Moonie’ Haye, deejay Shawn Storm, and Kiro Jones are facing the charge of murder.
Clive Williams was reportedly beaten and stabbed in Havendale, St Andrew, on August 16, but the police have not located his body.
Last month, the investigating officer in the case told the court that the police have video and audio recordings linking Vybz Kartel, and his co-accused to the killing.
The investigating officer said the police also have eye witness statements connecting the men to the murder.
Jamaica Gleaner
Maya Angelou defuses 'feud' with Common
It was reported earlier this week that Dr. Maya Angelou was upset with the rapper Common over his use of the "N" word on his new album, but Angelou has since clarified that there isn't a dispute.
Common's just-released "The Dreamer/The Believer" features Angelou, 83, reciting a poem on the track "The Dreamer." The New York Post reported Sunday that Angelou was "horrified" that the rapper would have her appear on a song in which he uses the term.
The legendary poet was quoted as saying that she was "surprised and disappointed," adding, "I don't know why he chose to do that. I had never heard him use that [word] before. I had admired him so because he wasn't singing the line of least resistance."
On Monday, Angelou called in to BET's "106 & Park," where Common was talking about his new album, and, according to a statement, said "disappointed" was the wrong word.
"I don’t think the word 'disappointment' quite makes it," Angelou reportedly told listeners. "I was 'surprised.' I know that Common is brilliant. He may, in fact, be close enough to be called a genius – I’m not sure."
She continued, "I know that we are all in process and young artists are in process. It’s important to realize that all of you – all of us – [are in process]. There was a statement made by Machiavelli in the 15th century. He said if you want to control the people, separate them and you can rule them. Divide them and you can conquer them. I will not be divided from Common. By anybody’s imagination, he is brilliant and even genius, maybe. But certainly smarter than us to know that he’s in process. And next week, he might not even use the 'N' word, or the 'B' word. It may even take two or three weeks, or a month. But I’m not going to be separated from him."
Common told the Post that he hadn't told Angelou that he was using the term on the song, but that he had expressed the sentiment he wanted to get across.
"I told her what 'The Dreamer' was about and what I wanted to get across to people," the 39-year-old artist said. "I wanted young people to hear this and feel like they really could accomplish their dreams."
To those tuned in to Monday's "106 & Park," Angelou advised, "Do your best to not be divided. This doesn’t mean you are supposed to support everything anybody says. Say 'I disagree, but I don’t disagree to the point where I want you dead and out of here.' You must understand that, people, we live in direct relation to the heroes and she-roes we have....If we don’t have heroes and she-roes and keep them alive, we are nothing."
Philippines floods: More than 1,000 remain missing
The Philippines government says 1,079 people are still missing in the wake of the devastating Typhoon Washi.
More than 1,000 others are known to have died in the storm, which struck Mindanao island on Saturday.
Entire neighbourhoods in Cagayan de Oro and Iligan cities were swept away.
The previous estimate for the missing was just 51 but officials say the new figure includes city migrant workers whose rural relatives did not immediately realise they were missing.
The authorities acknowledge that the new number may still not be accurate, reports the BBC's Kate McGeown in Manila.
Entire families who were killed may still not be accounted for and some of the missing may also be counted among the unidentified dead.
But, says our correspondent, it is clear that the scale of this disaster is far greater than the authorities originally thought.
The death toll from the disaster now stands at 1,080, the government says. Some 338,000 people have been affected and more than 10,000 homes damaged.
Tens of thousands of people are now living in evacuation centres.
Many of those who died were sleeping as Typhoon Washi caused rivers to burst their banks, leading to landslides.
Aid agencies have appealed for funds to help local people. The United Nations is seeking $28.6m (£18.2m) from donors to help provide water and sanitation to storm victims.
"We must improve this situation at the soonest possible time to avoid disease outbreaks that will further compound the hardships of the people already weakened by hunger, and grief from loss of family and friends," Soe Nyunt-U, acting UN humanitarian coordinator, told journalists in Manila on Thursday.
New Zealand's Christchurch rocked by earthquakes
Two strong earthquakes have rocked the New Zealand city of Christchurch, closing the airport and sending residents rushing from buildings.
The first 5.8 quake struck at 1358 local time (0058 GMT), the US Geological Survey said. A second of similar magnitude hit 80 minutes later.
One person was hurt but there were no reports of large-scale damage.
It comes 10 months after swathes of the city were destroyed by another quake.
The first earthquake struck 26km (15 miles) north-east of the city at a depth of 4.7km. The second was in almost exactly the same place, the USGS said.
Electricity and telecommunications services have been disrupted in some areas.
A shopping centre has also been evacuated and residents were reported to be standing outside buildings.
The airport was closed but an official told local media it was expected to reopen later in the day after checks.
Witnesses told local media shoppers ran from buildings as goods fell off shelves.
Police are checking the city for damage and Prime Minister John Key is being updated on developments, his spokesman said.
Christchurch Mayor Bob Parker said events had left people shaken.
"I haven't heard any more significant problems at the moment," local media quoted him as saying after the first quake.
"Inevitably it would have caused damage to structures, we hope it hasn't unsettled any rock falls, and we just have to hope the liquefaction issues don't return."
Liquefaction is the weakening of the soil due to the rising of silt and water sparked by an earthquake.
Local media said there were reports of liquefaction in the suburb of Parklands.
A total of 181 people were killed when the last earthquake struck in February. It caused up to NZ$20bn ($15.5bn, £9.9bn) in economic losses.