Two security guards shot at the Royal Bank of Canada in Providenciales
Police in Providenciales have confirmed the shooting of two security guards at the Royal Bank of Canada this morning.
While investigations are in its embryonic stages an updated release from Police this afternoon, said during the course of Friday 16th December 2011, four (4) armed subjects robbed and shot two males who were making a deposit at the Royal Bank of Canada located on Leeward Highway in Providenciales. Police say the two males received life-threatening injuries and are receiving medical attention at The Cheshire Hall Medical Centre.
RTC News can further report that since that shooting incident, an appeal has been made by the Blood Bank in Provo through Radio Turks and Caicos for O negative and B positive blood.
Investigations have begun into this brazen crime. Police in Providenciales also reported that during the past twenty four hours, they responded to five reports of serious crimes namely one Robbery, two Burglaries, one Attempted Burglary and one theft.
The Police are seeking the Public's assistance in both the shooting incident and the other crimes. Anyone who may have any information as it regards to this or any other incident to please contact the Police on telephone # 999, 9464259, CRIME STOPPERS at 1-800-8477 or through a web tip on www.crimestoppers.tc Turks and Caicos on Facebook.
WFS and Flight Support join forces in TCI
Worldwide Flight Services (WFS) has extended its global presence by signing a strategic partnership agreement in the Turks and Caicos Islands with Flight Support Limited.
Flight Support, an inter-island aviation services company, provides ramp operations and all passenger services functions on behalf of Air Turks and Caicos, Air Canada, Bahamas Air, British Airways, Delta, Jet Blue, United/Continental, US Airways, and West Jet. It serves over 375,000 passengers a year carried on some 13,000 flights.
The new contract will see WFS North America provide management oversight of the ramp and passenger business of Flight Support. It will also provide
technical assistance, training and administrative support. The two companies are currently discussing expanding the agreement to become a full management contract in the Turks and Caicos Islands.
Senior vice president of passenger terminal services, North America for WFS, Glenn Rutkowski, said: Having looked at the Flight Support operation, we have been extremely impressed with everything we have seen.
The operation in Providenciales is one of the best, if not the best, in the Caribbean and we are looking forward to developing this further through our new relationship. He said both companies are totally committed to the success of our new partnership, which will utilize the individual strengths of our organizations.
WFS is an industry leader that brings a vast amount of international experience and operational knowledge and support to airlines in the Turks and Caicos Islands. By combining this with the local experience and professionalism of Flight Support, we are confident customers will quickly see new benefits from our association.
Lyndon Gardiner, chairman of Flight Support, added: "We are committed to providing the very best in ground support services and are delighted about
the benefits this partnership will bring to our valued customers. We are confident that this unique combination of our local knowledge and the international experience of WFS will ensure the continued delivery of excellent services to our clients and the expanding tourism market in the Turks and Caicos Islands. This is truly a unique opportunity for both companies and a huge benefit to the Turks and Caicos Islands".
Pieces of Legislation under the Road Safety Department came into effect on Friday, 16th December
H. E. the Governor Ric Todd on December 7, 2011 signed the following pieces of Legislation that came into effect on Friday, 16th December 2011:-
Road Traffic (Amendment) Ordinance 2011
Road Traffic Services Vehicle) (Amendment) Regulations 2011
Road Traffic (Public Services Vehicles Operator) (Licensing Fees) Notice 2011
Road Traffic (Amendment) (No.3) Regulations 2011
In accordance with regulation 3(3) of the Road Traffic (Public Service Vehicles) Regulations, the fees payable in respect of a License to operate
a public service vehicle will be as follows:-
Taxi-Cab $50.00
Omnibus $50.00
Private Charter $100.00
Private Transfer (reserved) $100.00
Private Transfer (resort) $100.00
In accordance with Part 1A Private Transfer Vehicle (reserved) Fare; Where the private transfer vehicle (reserved) is hired in respect of a particular journey, the maximum legal charges payable for the first hour or part thereof are as follows:
$120.00, and for each subsequent period of ½ hour or part thereof, $60.00.
In accordance with the Road Traffic (Amendment) (No. 3) Regulations 2011, part 2 of Schedule 1 to the Road Traffic Regulations are amended by inserting under the heading B- Commercial Vehicles. The following fees are applicable
(a) On public service vehicles (i.e. designed or $700.00 adapted for the carriage of twenty or more passengers): PRIVATE CHARTER
(b) On public service vehicles (i.e. a luxury motor VEHICLE): PRIVATE TRANSFER (RESERVED) $550.00 (luxury motor vehicle) $750.00 (Limo)
(c) On public service vehicles: PRIVATE TRANSFER (RESORT) $5,000.00
In addition, Joseph B.A Swann, Acting Director of Road Safety, is reminding all Public Service Vehicle Operators that:
In accordance with Section 26 (3), an application for the renewal of a license granted under regulation 3 or 8 shall be made in the same manner
and form as an application for the grant of an original license and shall be made at least 60 days before the expiry of the license.
Mr. Swann is therefore appealing to ALL PUBLICE SERVICE OPERATORS to ensure that their Public Service Operators Licence and their Taxi(s) are
inspected and Licensed or renewed before 1st January 2012.
Failure to comply with these pieces of legislation will mean that those persons concerned, will not be permitted to operate their public service vehicles.
Fitch revises outlook on France to 'negative'
Ratings agency Fitch has affirmed France's top-notch AAA credit rating but has revised its outlook on the country to "negative" from "stable".
A negative outlook usually means a downgrade is possible in 12-18 months.
Fitch said the change in outlook was prompted by the heightened risk of government liabilities arising from the eurozone's debt crisis.
The agency also said it was considering downgrading ratings for Belgium, Spain, Slovenia, Italy, Ireland and Cyprus.
"Following the EU Summit on 9-10 December, Fitch has concluded that a 'comprehensive solution' to the eurozone crisis is technically and politically beyond reach," the agency said in a statement.
The six countries already had a negative outlook.
Their ratings have now been placed in "credit watch negative", which means a downgrade is possible within three months.
'Greater risk'
The revised outlook on France comes in a week when senior French figures have criticised the economic situation in the UK, with Finance Minister Francois Baroin describing it as "very worrying".
And the French central bank chairman has suggested the UK's credit rating should be downgraded - ahead of France.
But Fitch said: "Relative to non-euro area 'AAA' peers, notably the US and the UK, the risk from contingent liabilities from an intensification of the eurozone crisis is greater in light of its commitments to the European Financial Stability Facility and the European Stability Mechanism, as well as indirectly from French banks that are less strong than previously assessed as reflected in recent negative rating actions by Fitch."
It also said that compared with other eurozone countries with a rating of AAA, it judged France to be the most exposed to a further intensification of the crisis, citing France's larger structural budget deficit and higher government debt burden.
Another agency, Standard & Poor's, warned earlier this month that France's rating could suffer over the eurozone crisis.
Ex-Fannie Mae and Freddie Mac bosses charged with fraud
The US financial regulator has brought civil fraud charges against six former top executives at mortgage giants Fannie Mae and Freddie Mac.
The Securities and Exchange Commission (SEC) said the executives had misled investors about the companies' exposure to risky subprime mortgages they held when the housing bubble burst.
Fannie Mae and Freddie Mac were rescued by the US government in 2008.
Those charged include former chiefs Daniel Mudd and Richard Syron.
Mr Mudd was fired from Fannie after the government took over. Mr Syron resigned from Freddie in 2008.
In a statement released through his lawyer, Mr Mudd said the lawsuit "should never have been brought" and said the government had reviewed and approved all of the company's financial disclosures.
"The SEC is wrong, and I look forward to a court where fairness and reason - not politics - is the standard for justice," he said.
Mr Syron's lawyers said the case was "without merit" and said the term subprime "had no uniform definition in the market" at that time.
Fannie and Freddie both entered into agreements with the government on Friday, accepting responsibility for their conduct without admitting or denying the charges.
The companies also agreed to co-operate with the SEC on the cases against the former executives.
Multi-million dollar contract to upgrade water system
The National Water Commission (NWC) in Jamaica has signed a US$115 million loan with the Bank of Nova Scotia for funding of the second phase of the Jamaica Water Supply Improvement Project (JWSIP).
The JWSIP, which is divided into segments A and B, is the single largest project ever undertaken by the NWC. It has a total cost of J$17 billion (US$211 million) and, on completion, will bring an additional 20 million gallons of water to residents in Kingston and St. Andrew, St. Catherine and other areas of Jamaica.
Housing, Environment, Water and Local Government Minister Dr. Horace Chang said that part of the objective of the NWC is to not only improve efficiency and reliability, but to expand the facilities to ensure that urban Jamaica has a reliable and safe water supply.
“It seems a very daunting task at the beginning, because that takes a significant amount of funding. In fact, I didn’t fully appreciate the cost of a water system until I got into the Ministry. It is far more expensive than most other infrastructure,” he said.
He noted that the US$115 loan from the Bank of Nova Scotia is the largest loan for infrastructure in Jamaica that is being organised by a local bank.
“It is not the easiest thing to put together a loan of this size. The team persisted and the government is committed to making the National Water Commission a viable and efficient company,” Chang said.
“In addition to renegotiating this particular loan and a number of others, we had to demonstrate changes within the NWC that will ensure that the NWC will be able to repay these loans. It is essentially a commercial loan and we are a public company, backed by government guarantee, but the intention is that we cannot go back to the Consolidated Fund for funding,” he added.
The Minister said that, “not only did we have to look at water rates, but we had to look at the structural management of the Water Commission and we had taken steps to make changes that our financiers are satisfied that we are going in the right direction.”
President and Chief Executive Officer of the Bank of Nova Scotia, Bruce Bowen, emphasized the importance of getting water to people, and that building the infrastructure of the country was something that attracted the bank to the project.
“It was also being done in a manner that was going to be able to pay for itself and as a commercial financier, this is something that you are looking for,” Mr. Bowen said.
Under the agreement, the principal loan will be repaid by the NWC by way of 18 equal quarterly instalments of US$1.9 million, following the 30-month moratorium period, with a final payment of US$80.5 million. There is also an interest rate of 5.80 per cent, per annum.
JO
Early US stock market rally fades
An early rally faded on the stock market yesterday, leaving indexes down about three per cent for the week as worries resurfaced about a breakup of the euro. BlackBerry maker Research in Motion plunged after slashing its forecast for holiday sales. The Dow Jones industrial average closed down 2.42 points yesterday, less than 0.1 per cent, at 11,866.93. It had been up as many as 99 points after the Italian government won a confidence vote on austerity measures. It turned mixed around midday as Fitch warned that it might downgrade the debt of Italy, Spain and four other countries that use the euro.
Materials and industrial companies rose, signaling that traders expect the economic recovery to remain on track. Utilities, health care and consumer staples companies lagged the market as traders sold stocks that are considered to be safer when the economy is weak. The Dow Jones Industrial Average broke a three-day slump Thursday on news that claims for unemployment benefits plunged last week and measures of manufacturing in the Northeast improved dramatically. The Dow lost 360 points over the first three days of the week as investors questioned whether Europe’s agreement to closer co-ordinate fiscal policy would be enough to save the euro from a catastrophic breakup. Some analysts believe nervousness about Europe this fall and winter pushed stock prices lower than their fair value. Investment adviser Uri Landesman, president of Platinum Partners, expects stocks to rise into next year because of the growing likelihood that economic news will remain positive.
Landesman said the market is near the low end of its recent trading range, and a dose of positive news could set off a mini-rally. Any market moves next week could be sharp as trading volume thins out before the Christmas holiday, Landesman said. The Standard & Poor’s 500 index rose 3.89, or 0.3 per cent, to 1,219.65. The Nasdaq composite index rose 14.32, or 0.6 per cent, to 2,555.33 The Dow is down 2.6 per cent for the week; the S&P 2.8 per cent. The Nasdaq lost 3.5 per cent. The yield on the ten-year Treasury note plunged to 1.85 per cent from 1.93 per cent earlier yesterday after the government said consumer prices were unchanged last month, suggesting that inflation remains low. Low inflation makes bonds more attractive because it doesn’t diminish the buying power of the fixed return a bond provides over time.
AP
EU and IMF end informal Hungary debt talks
The European Commission and the IMF have cut short informal aid talks with Hungary due to worries over the independence of its central bank.
Hungary had been seeking a standby credit line of 15-20bn euros ($19.5bn, £12.6bn) in case it ran into trouble issuing new debt.
In November its credit rating was downgraded to 'junk' status by Moody's.
EU negotiators objected to a proposed law which they said would compromise the independence of the central bank.
"Unfortunately we did not receive assurances concerning the intentions of the Hungarian government, (which went on) to push forward in parliament the vote on the law that could potentially undermine the independence of the central bank," said European Commission spokesman Amadeu Altafaj.
Bank governor Andras Simor has said the proposed bill amounts to a takeover of the central bank.
However, the Hungarian government and members of the country's ruling Fidesz party played down the disagreement.
"Hungary owes the IMF significant amounts of money," said Fidesz parliamentary group leader Janos Lazar.
"I have no doubt that they will return to collect what we owe them."
Funds bid
Hungary received a 20bn euro bailout from the fund following a banking crisis in 2008.
Hungary has pursued an unorthodox economic policy since Prime Minister Viktor Orban's government was elected in April 2010.
In a bid to tackle the deficit - and avoid further IMF loans - the government has transferred private pension assets to the state and put new taxes on its banks.
However, the government, which has delayed recent attempts to raise money from the markets, is now seeking an IMF/EU funds guarantee.
Formal talks between Hungary and the IMF and EU are supposed to begin in January.
Senate approves two-month extension of payroll tax cut
Senate lawmakers on Saturday voted overwhelmingly to extend the payroll tax cut by another two months, after both sides were unable to reach a comprehensive agreement to extend the cuts and unemployment benefits for a full year.
The deal, should it pass the House, includes a provision to speed up a decision on the controversial Keystone XL pipeline, giving the Obama administration 60 days to make a call on the project.
President Barack Obama told reporters that he was pleased with Saturday's vote, which passed 89-10, but added that extending the cuts and assistance through next year should be just a formality.
To do otherwise, he said, would be "inexcusable."
The impasse involved how to pay for the programs for a full year, a Democratic source and a Republican source said. However, the two-month extension would be fully paid for, according to the sources.
Senate Majority Leader Harry Reid, D-Nevada, said Democrats supported the proposed two-month deal because "that was the best we could get," as it was important to preserve the payroll tax break -- even temporarily.
"Democrats have worked tirelessly to prevent a thousand-dollar tax increase on middle-class families," he said.
Failure to pass the payroll tax measure -- a major part of Obama's job-creation plan -- would cost working Americans an average of $1,000 in higher taxes next year.
The White House issued a statement after news of the two-month proposal broke Friday, lauding the agreement despite the inclusion of the pipeline provision -- something the president has said he would reject.
"This is an important step towards enacting a key provision of the president's American Jobs Act and a significant victory for the American people and the economy, because as independent analysts have said, failing to extend this tax cut would have had a damaging effect on our recovery and job growth," said the statement issued by White House spokesman Dan Pfeiffer. "The president urges Congress now to finish up their business for the American people."
A senior administration official noted that though the president has said he would reject any attempt to "mandate" construction of the pipeline before it receives further review, the Keystone provision Senate leaders have agreed to speeds up the approval process -- giving the administration 60 days to make a decision -- but does not mandate construction.
When asked about the apparent contradiction by the president over the pipeline provision, another senior administration official said the president's top priority is making sure taxes don't go up on January 1.
In the Senate, the payroll tax measure has faced an impasse over specific provisions sought by each party.
Senate Democrats proposed a new tax on income of more than $1 million to help pay for the lower payroll tax rate for another year, but Republicans have blocked the plan from proceeding on two occasions.
Meanwhile, House Republicans pushed through their own version of a payroll tax measure this week that included the Keystone pipeline provision.
The Obama administration has delayed until 2013 a decision on the pipeline that would transport oil from Canada's tar sands production facilities in northern Alberta to refineries on the Gulf Coast of Texas.
GOP Senate Minority Leader Mitch McConnell said he had "no idea why (the pipeline) could be called controversial."
"The labor unions like it. Many Democrats want it," he added. "It strengthens our national security by decreasing amount of oil we get from unfriendly countries. And it wouldn't cost the tax payers a dime."
The delay followed complaints by environmentalists and Nebraska officials that the pipeline route could threaten that state's Sandhills region and vital Ogallala aquifer. Alternate routes are being considered, and Nebraska officials as well as the pipeline company, TransCanada, acknowledge that the process of approving a final route will last into the second half of 2012.
Republicans, who traditionally back the oil industry, accuse Obama of delaying the issue until after his re-election bid next year for political reasons. Labor unions that usually support Democrats back the pipeline project, while environmentalists who are also allied with the political left oppose it.
The State Department, which has final authority to approve the oil pipeline, has warned that a shortened deadline for approving the project would leave insufficient time to assess the route alteration.
A Senate Democratic leadership aide said a two-month payroll tax-cut extension would set up further negotiations on a larger deal.
But House Speaker John Boehner, R-Ohio, said Friday that any attempt for a short-term extension of the payroll tax cut and unemployment benefits would be altered in the House.
The recent legislative maneuvering was a last-gasp bid to end weeks of political wrangling that threatened a partial government shutdown and raised public frustration with Congress even further.
A poll released Thursday by the Pew Research Center for the People and the Press showed public discontent with Congress at record levels, with two-thirds of voters saying most lawmakers should be voted out of office next year.
At least 436 dead after storm pummels Philippines
At least 436 people are dead after Tropical Storm Washi pummeled the Philippines, Red Cross Secretary General Gwen Pang said Saturday.
The vast majority of the bodies were found in the cities of Iligan and Cagayan de Oro, according to military officials and the National Disaster Risk Reduction and Management Council. Five people were killed in a landslide, but all others died in flash flooding.
The provinces of Compostela Valley and Zamboanga del Norte were also hit, added Benito Ramos, chairman of the National Disaster Risk Reduction and Management Council.
About 400 people remain missing after the storm, which is called Sendong locally. More than 2,000 have been rescued, the country's military reported.
Defense Secretary Voltaire Gazmin said officials are investigating reports that an entire village was swept away.
Authorities have also begun distributing food rations for some 10,000 families affected by the storm, while also handing out thousands of blankets and mosquito nets, the Red Cross reported Saturday.
Flash flooding overnight -- following 10 hours of rain -- fueled the devastation, compounded by overflowing rivers and tributaries. As much as 20 centimeters (8 inches) of rain fell within 24 hours in some areas.
Ramos said despite government warning, some did not evacuate.
An estimated 100,000 people are displaced, according to the Department of Social Welfare and Development.
At least 20,000 people were staying in 10 evacuation centers in Cagayan de Oro, Social Welfare Secretary Dinky Soliman said Saturday.
Some 20,000 soldiers embarked on search-and-rescue operations, the military said.
Officials asked for volunteers to pack food to send to those displaced.
Though Washi was headed away from the Philippines on Saturday, trouble could loom for Vietnam, as the storm's westerly path could cross Ho Chi Minh City on Tuesday.
CNN