Japan intervenes in currency markets and yen weakens 5%
The Japanese government has intervened in the currency market to weaken the yen after it hit a post-war high.
The move resulted in the yen weakening as much as 5%. It was recently trading at 79.33 against the US dollar compared with 75.31 in early Asian trade.
A strong yen hurts Japan's export-led economy as it makes goods more expensive to foreign buyers.
Finance minister Jun Azumi said the yen's strength did not reflect the true state of Japan's economy.
He said that speculation in the foreign exchange (Forex) market, and concerns about the strength of the US and European currencies, had pushed the yen to unrealistic levels.
"I have said many times, if Forex moves do not reflect the economic fundamentals and speculative moves last, Japan will take firm measures," Mr Azumi explained on Monday.
'Temporary support'
The yen's rise has been driven in part by the fact that it is currently being considered a "safe-haven" asset.
The on-going debt crisis in Europe, coupled with fears of a slowdown in the US has seen an increasing number of investors shift from dollars and euros and starting buying up the yen and yen-denominated assets.
Faced with a strengthening yen, Japanese authorities have already stepped into the currency markets earlier this year.
In March, Japan joined forces with other Group of Seven, or G7, nations as it attempted to stem the yen's rise. That was followed by a move in August when Japanese authorities sold the yen in the markets.
However, those moves had only a limited impact as the yen continued its rise, despite weakening for a number of trading sessions.
Analysts said the latest intervention would probably have similar results.
"This will provide only a temporary support, as a lot of the factors that are keeping up the pressure on the yen are external," Philip Wee of the DBS Bank told the BBC.
"Intervention is about smoothing volatility rather than reversing trends."
Source-BBC
Guyana slips one place in World Bank’s rankings
Guyana has, in the latest World Bank International Financial Corporation’s Doing Business 2012: Doing Business in a More Transparent World report, slipped one place down the ratings to 114 out of 183 economies examined.
However, in the region St Lucia is the best spot to conduct business rated at 52 while Antigua and Barbuda follows second at 57.
Nearer to home, Guyana fares better than Venezuela which stood at a dismal 177, Brazil at 126 and Suriname at 158.
Singapore is the top country in the world whose regulations make it relatively simple to do business.
That country is followed by Hong Kong, New Zealand and the US.
Doing Business 2012 is the ninth in a series of annual reports investigating the regulations that enhance business activity and those that constrain it.
It presents quantitative indicators on business regulation and the protection of property rights that can be compared across 183 economies—from Afghanistan to Zimbabwe—and over time.
Regulations affecting 11 areas of the life of a business are covered: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and employing workers.
The data are current as of June 1, 2011.
According to the report, worldwide, 125 economies implemented 245 reforms making it easier to do business in 2010/11, about 13 per cent more than in the previous year.
The report noted that against the backdrop of the global financial and economic crisis, more economies strengthened their insolvency regime in 2010/11 than in any previous year.
Twenty-nine economies implemented insolvency reforms, up from 16 the previous year and 18 the year before.
According to the report, only two decades ago some of these 20 economies faced challenges similar to those in many lower-income economies today.
In a case, the World Bank cited Consider Norway’s property registry. Today it is one of the world’s most efficient. But in 1995 its paper records required 30 kilometers of shelving and were growing at a rate of one kilometer a year. Norway took steps to change this. First it merged the land department and survey information, then digitized title certificates.
In 2002 it amended the 50-year-old Land Transfer Act to allow online titling.
Online registration has been required by law since 2008.
Sweden undertook a systematic review of all regulations in the 1980s. Any unjustified requirements were cut in a “guillotine” initiative.
(Mexico took a similar approach in the 1990s.) In Korea the Presidential Council on National Competitiveness, created in 2008, identified regulatory reform as one of four pillars to improve the economy’s competitiveness, along with public sector innovation, investment promotion, and legal and institutional advancement.
Reviewing Korea’s business regulations, the council found that 15 per cent had not been revised since 1998. The council applied sunset clauses to more than 600 regulations and 3,500 administrative rules.
Source-KNEWS
Qantas ordered to resume flights
Qantas will resume flights on Monday after an independent tribunal ordered a permanent end to the industrial dispute with its union members.
Qantas chief executive Alan Joyce said the airline will resume flights by mid-afternoon on a limited schedule.
The move comes after Fair Work Australia issued a ruling, after hearing evidence from the airline, unions and the government.
The dispute had resulted in Qantas grounding all its flights on Saturday.
"Operations will resume progressively from this afternoon. Our focus is bringing our schedule back to normal as soon as possible," Mr Joyce said.
Qantas' share price rose 5.5% in early trading in Sydney.
'Challenging period'
The airline and the union members have been involved in a dispute since August this year when the carrier announced a plan to restructure its operations and outsource some of the services.
The unions have voiced opposition to the plan which is expected to result in almost 1,000 job cuts at Qantas' Australian operations.
Last week, Qantas claimed that the industrial dispute was costing it A$15m ($16m; £12m) per week due to flight cancellations and delays.
The dispute took a dramatic turn on Saturday when in an unprecedented move, Qantas grounded all international and domestic flights.
"This has been a challenging period for Qantas, its employees, its customers and its shareholders," Mr Joyce said.
However, Mr Joyce added that the matter was now being looked into by the tribunal and he was confident the airline and unions will work together to find a solution.
"The industrial process has now passed into the hands of the independent umpire. All parties will be treated equally and we will respect the decisions that are made," he said.
"We have new and existing agreements with 12 unions. We now anticipate the conclusion of agreements with the remaining three."
Fair Work Australia, the national industrial tribunal, has the power to suspend or terminate industrial action.
The tribunal said "we have decided to terminate protected industrial action in relation to each of the proposed enterprise agreements immediately".
The ruling requires the unions to return to the negotiating table and come to an agreement within 21 days or face binding arbitration.
Fair Work Australia said its ruling had taken into account its concern for the vulnerability of the tourism industry.
Australia's government welcomed the decision.
"We are pleased that after 24 hours of turmoil, common sense has been restored," said Assistant Treasurer Bill Shorten.
Mr Joyce had warned Qantas would only resume operations if the tribunal ordered a permanent end, rather than merely a suspension, of industrial action.
The unions had wanted a suspension for up to 120 days to allow talks.
Businesses hoping for a reasonable Christmas in Barbados
Traditionally, Christmas signified a major boost for many businesses in the retail industry in Barbados, especially food items and hardware. However, the recession has continued to produce lower numbers and it is possible this year will be no different for the business community.
David Neilands, Managing Director of Super Centre Limited, stated: “I will remain optimistic because there are still opportunities and it is important to drive your business, but the reality is the market has decreased.”
Speaking to Business Monday last week, he stated certainly it is more difficult than it was this time last year, the recessionary difficulties have become broader.
“However, as the winter season approaches, tourists as we know don’t have the disposable income that they had before. People say you have to eat, but generally people have to be more careful with their expenses. Most persons in the industry are trying to ensure they are offering affordable prices, but even that said it is a tough time.
“Personal allowances removed, price of oil is affecting everyone and those factors coupled with rising commodity prices worldwide are having an effect on everything.”
Neilands added, “In our industry we have to reinforce to the public we need to be supporting local products as strong as we can. However, there are challenges there because some of the products such as pork, chicken and meat, in general, have gone up because of the price of feed. There is a lot of interconnected factors that are making the situation difficult for Barbadians.
“It is not a optimistic time of the year even though retailers expect to do better, because it is that important quarter leading to the end of year. I think that it is evident that people are finding it harder and the offerings out there have to be as close to possible to what people can manage.”
In terms of the local farming community, he indicated, “The weather has not helped the situation over the last few months. Cucumbers and carrots are now beginning to be available again; those things would have been in short supply, but we are beginning to turn a corner with the weather.”
Michael Edwards, Managing Director of Carters General store, echoed similar sentiments. He added: “I am hoping business will pick up, it is quiet and in these economic times it is hard to predict, but a positive is that we have maintained our staff.”
According to him, “In general most businesses are hoping for a reasonable Christmas, I don’t expect it to be a bumper Christmas. As for next year, it is hard to project because nothing has changed in the global economies we are dependent on, therefore not much has changed in business locally.”
Source-Barbados Advocate
Nicki Minaj Confronted Maid - Cops were called
According to TMZ.com Nicki Minaj and boyfriend Safaree had an altercation with a maid, where cops were called in.. However no arrest was made.
TMZ report
Here's the backstory. Law enforcement tells us, a couple of weeks ago, Nicki's maid took a photo of the singer out of the trash and then asked Nicki to sign it. Nicki got pissed and fired her.
Cops tell us, the maid did come back today, and Nicki became enraged and ordered her to leave. A source privy to the fight tells TMZ, the maid stood her ground, demanding not to be "treated like an animal" -- at which point, Nicki allegedly said, "I'll show you how to treat someone like an animal ... get the f*** out of my house!"
Now here's where the stories are a bit conflicting. One source says -- contrary to what the cops say -- Nicki actually made a mistake, saw another maid and assumed she was the one Nicki had fired.
We have had multiple people involved in the incident tell us ... the maid Nicki confronted was NOT the same maid she fired a few weeks ago. It was a case of mistaken identity.
Either way, Nicki's boyfriend got in the act and began pushing the maid with his body. The maid's boss called the cops and filed a battery report.
The cops came and the maid asked to make a citizen's arrest, but eventually decided against it so no one was taken into custody.
Source-TMZ
Barry Manilow helps tornado ravaged town
Barry Manilow not only writes the songs, he makes sure kids can too.
The singer-songwriter visited tornado ravaged Joplin, Missouri, Thursday and donated $300,000 in musical instruments to the town's schools through his non-profit Manilow Music Project. “I know firsthand how invaluable music can be to get you through life’s tough times," Manilow said in a statement. "It is an honor and a privilege to help these kids after such a disaster."
Signs like "Barry is our Man-ilow" and "Joplin has hope cause of Barry" ringed the Eagles football field for the presentation. Students, teachers and townspeople gathered to watch three truckloads of instruments arrive which included pianos, brass and string instruments. The donations will benefit not just the high school band, but also the pep club, the middle school, the choir and the orchestra according to Rick Castor, music director for Joplin High School.
The town is still feeling the effects of the tornado, which struck in May cutting a 13 mile path of destruction through the southwest Missouri city of 50,000 and killed at least 159 people. The National Weather Service calls it the single most deadly tornado to hit the U.S. in 60 years. More than half the students at Joplin High School were affected – losing loved ones, homes, and possessions.
Joplin High School's music library, the second oldest and one of the largest in the state and worth over $800,00, was destroyed. In addition to the $300,000 in instruments, Manilow's Music Project teamed up with local business Fitterling Dentistry to accept donations of gently used instruments and money to help rebuild the sheet music library. The drive netted $8320.oo.
Manilow points to his own school music programs as being crucial to his growth as a musician. He established the MMP in 2008 ( www.ManilowMusicProject.org ) to bolster arts programs nationwide that have suffered due to budget cutbacks. Joplin is just one of many towns his non-profit has helped, but to the man who writes the songs, this felt personal, "It feels like family, I feel like I know everyone and I've never even been here," Manilow said.
| Source: CNN Entertainment |
Shawn Storm, Moonie & Kartel remain behind bars
Portmore Empire member Shawn Storm is back behind bars for the second time in the last two weeks.
Storm, whose real name is Shawn Campbell, was summoned by the Constant Spring Police earlier this week.
The “My Life” deejay turned himself over to law enforcement officials two weeks ago after he was named as a person of interest. He was questioned by detectives and release two days later without charges.
Police sources told Urban Islandz that the deejay might be charged jointly along with mentor Vybz Kartel for the murder of Clive Williams, also known as ‘Lizard.’
According to the source, Lizard was murdered by Vybz Kartel, Shawn Storm and Ray Jones, on August 16th, 2011 in Havendale.
All three are currently behind bars
Meanwhile
As Vybz Kartel Empire begins to crumble under pressure from Jamaican Law Enforcement officials, another associate of the deejay was charged.
The “Cake Soap” deejay’s booking agent Clavin Haye, also known as Moonie, was formally charged with murder yesterday following questioning by police in the presence of his attorney Tom Tavares-Finson.
Haye was charged jointly with Vybz Kartel and Kiro Jones, for the murder of Clive Williams, also known as ‘Lizard’.
Earlier this week Clavin Haye was summoned by the police for questioning in relation to the case against Vybz Kartel. However, he denied any involvement with the deejay’s legal troubles.
“Moonie is just a designer inno, and I dont know if its because of my affiliated like sparring with Vybz Kartel it create a thing on me,” Haye said.
Source-Urban Islands
Lawyers in Jamaica aim at pirates - UWI seminars strengthen anti-piracy thrust
Late last month resident magistrates (RMs) from across the island gathered in the Faculty of Law building, University of the West Indies (UWI), Mona, in preparation to pass judgement on pirates.
Pirates of legitimate goods, that is.
Natalie Corthesy, lecturer in law at UWI, Mona, told The Sunday Gleaner that it was the second of three seminars hosted by the faculty, designed to strengthen the legal framework to combat piracy. The first, held in April, included police and customs officers, as well as personnel from the Office of Director of Public Prosecutions (DPP). An April 2012 seminar to train clerks of the court will complete the tri-level approach.
public service announcements
On the public education side, the Jamaica Anti-Piracy Alliance (JAPA) has also developed public service announcements covering music, film, book publishing and software. Some of the counterfeit items have been on display at the UWI seminars, from Duracell batteries to Smirnoff Vodka and MVP T-shirts.
"It is the hope that the sensitisation will have the effect of heightening enforcement efforts in all the different areas we
are highlighting so far and their efforts will be more effective, having been exposed to global and local instances of piracy and the effects of piracy and counterfeiting," Corthesy said.
With bootleg CDs and DVDs easily available and displayed for sale as a matter of course in major cities and towns across the island, with the police making major crackdowns on the practice from time to time, intellectual property theft is nothing new to Jamaicans. However, Corthesy notes the difference between piracy and counterfeiting.
So piracy, in the strictest sense, relates to illegal replication of copyright material. On the other hand, counterfeiting refers to trademark goods and the fact that people try to unlawfully use registered trademarks, putting them on goods that have no relationship with the trademark owners, in order to sell those goods.
"Counterfeiting may evolve to include counterfeit of patent goods," Corthesy said. She points out that "we have seen in Africa where countries have bought pills - antiretrovirals for AIDS and pills for malaria - and people have got sick and died because they were counterfeit".
bootlegging
Then there is bootlegging, where there is a public performance of some copyright material and an unauthorised person videotapes it. The video is then referred to as a bootleg.
The legal process, however, is where the buck stops and the significance of the resident magistrates' training in September was underscored by the support of Senior Puisne Judge Gloria Smith and Chief Justice Zaila McCalla.
Corthesy said the feedback from the RMs was that while they appreciated the training, it was key that the police and clerks of the court, who would be responsible for preparing the case, were especially important in the process.
Corthesy reinforced the impact of intellectual property theft, saying "on the cultural level it has an impact on creativity and the ability of the creative industry to recreate itself". However, there is a potential connection to an ominous situation.
Corthesy said if the country is weak on intellectual property issues, "it makes Jamaica attractive to those involved in organised crime to set up shop here".
And she points out that January 2014 Jamaica will be required, under a European Partnership Agreement, to have an increased level of enforcement measures, including on the export side.
There has been public mass destruction of illegal CDs in June 2004 and April 2011, but Corthesy points out that education on intellectual property-theft issues goes deeper than that.
"It is a sensitisation to things happening maybe on a small scale in other countries, but in Jamaica it may be big," Corthesy said.
Source-Jamaica Gleaner
Fox to revive iconic 'In Living Color' sketch comedy show
The landmark sketch comedy series "In Living Color" -- which became famous in the early 1990s thanks to characters like clumsy Fire Marshal Bill and the dour Homey D. Clown -- has been revived nearly two decades after it last aired, the Fox network announced Friday.
An updated version of the program will air as "two half-hour specials in the spring of 2012," the network said in a statement. The exact dates of these shows have not been released.
Keenen Ivory Wayans, the original series' creator and executive producer of the coming edition, will host the new episodes. Except for him, these shows will feature a new cast of "fresh, young talent," according to Fox.
The show was a jumping-off point for several now mainstream performers like Jamie Foxx and Jim Carrey, as well as Jennifer Lopez and "Dancing With the Stars" judge Carrie Ann Inaba -- who both were part of the "Fly Girls," the show's dance troupe. It also was a home base for several members of the Wayans family -- Keenen, Damon, Kim, Marlon and Shawn.
The half-hour show aired between 1990 and 1994, during which time it was widely seen as groundbreaking for having a nearly all-black cast of comedians.
"The iconic series put a hip, edgy spin on popular culture and featured characters and sketches that became part of the American vernacular," the Fox release said.
Steelers solve Brady, Patriots 25-17
The Pittsburgh Steelers no longer have a Tom Brady problem. And that may be a problem for the rest of the NFL.
Old, slow and over? Not quite yet.
Ben Roethlisberger picked apart the NFL’s worst defense and the Steelers rattled the nearly unflappable Brady in a 25-17 victory on Sunday, putting an end to the two-time MVP’s decade of dominance over the defending AFC champions.
Brady came in 6-1 all-time against the Steelers, putting up eye-popping numbers in the process. He never got the chance on a chilly day at Heinz Field. Pittsburgh (6-2) controlled the ball for nearly 39 minutes and never let Brady get into a sustained rhythm.
“It’s been all Tom Brady versus the Pittsburgh Steelers and looking back on the past, how he’s owned the Pittsburgh Steelers, and I think everybody forgot about our offense a little bit and the things they’ve been doing out there,” Pittsburgh linebacker LaMarr Woodley said. “I think they took that a little personal.”
Playing efficiently and working almost exclusively on short, safe, underneath routes, Roethlisberger completed 36 of 50 passes for 365 yards and two touchdowns as the Steelers won their fourth straight following a 2-2 start.
“We can be as good as we want to be,” Roethlisberger said. “When we don’t kill ourselves and stop ourselves, we can be pretty dangerous.”
Brady passed for two touchdowns but threw for a season-low 198 yards. His attempt to lead the Patriots to an unlikely comeback ended when Pittsburgh’s Brett Keisel sacked him, forcing a fumble that Troy Polamalu slapped through the end zone with 8 seconds left to provide the final margin.
“We all have to individually look in the mirror and figure out what we need to get better at,” Brady said.
There was no sense of panic among the Patriots, who fell into a tie with Buffalo atop the AFC East. Yet the Steelers did something no team has been able to do this year: keep Brady under wraps.
Pittsburgh sacked him three times, held wide receiver Wes Welker—on pace for an NFL record for yards receiving in a season—to 39 yards on six receptions while limiting the Patriots to their fewest points since a 34-14 loss to Cleveland last year.
The Patriots punted four times, missed a field goal in the third quarter that would have drawn them within a touchdown and failed to recover an onside kick with just over 2 minutes remaining.
Not the kind of brisk execution that’s been the hallmark of Brady and coach Bill Belichick’s highly successful tenure.
“It just wasn’t a really good day for us in any phase of the game, in any area,” Belichick said. “We just didn’t do a good enough job. That’s really all there is to say.”
Brady and Belichick remain tied with Don Shula and Dan Marino for most wins by a coach/quarterback tandem. Win No. 117 will have to wait at least a week after the Steelers emphatically awoke from an early-season slumber that included one-sided losses to Baltimore and Houston.
Pittsburgh didn’t panic after the slow start. And while the Steelers weren’t ready to declare they’re back, there was a definite sense of vindication on a day that felt more like January than late October, and not just because of the chilly weather.
“It’s a huge step,” linebacker Lawrence Timmons said. “The New England Patriots have Belichick and Brady. This is a team that contends in the AFC every year and goes to the championship or the Super Bowl. So having this win, in our house, is huge and something to build on.”
On both sides of the ball.
Roethlisberger has built a career and won two Super Bowls by chucking it deep with abandon. On Sunday he didn’t complete a pass over 26 yards. He didn’t have to.
Roethlisberger consistently found Antonio Brown (a career-high nine receptions), Heath Miller (a season-high seven grabs) and speedster Mike Wallace (seven catches) on short and intermediate routes.
The West Coast-style approach worked perfectly.
Pittsburgh’s five scoring drives lasted 11, 16, 10, 14 and 11 plays. The Steelers converted 10 of 16 third downs and Shaun Suisham kicked three field goals.
“It’s very frustrating,” New England nose tackle Vince Wilfork said. “You talk about getting a team in second-and-longs and third-and-longs and taking advantage of those situations. We had them in those situations; we just didn’t take advantage of them.”
Despite being dominated for long stretches in the first half, the Patriots trailed just 17-10 at the break. Yet the magic Brady has been able to muster repeatedly against the Steelers throughout his career never appeared. On the same field where he won two AFC championships, Brady never really got comfortable.
“We had to beat them today,” safety Ryan Clark said. “We’re talking about this dominance that New England’s had on us. I think we’ve won more Super Bowls, been to more Super Bowls than they have. It’s not about history. We were excited to win today.”
Notes: Woodley finished with two sacks to become the first Steeler to get multiple sacks in four consecutive games. … New England RB Kevin Faulk ran for 32 yards on six carries and caught five passes for 20 yards in his first game of the season. … Patriots lost for just the second time in their last 11 games coming off a bye and lost in October for just the seventh time since 2003. … New England TE Rob Gronkowsk set a career high with seven catches. … The Steelers played without offensive captain Hines Ward and defensive captain James Farrior, who missed the game with injuries. … New England defensive lineman Andre Carter had two sacks for the 11th time in his career.