Bahamas and Caribbean slowly recovering, says IMF
The Caribbean region, including The Bahamas, is slowly recovering from the global economic crisis with incremental annual growth projections, according to the International Monetary Fund (IMF).
During a presentation on Tuesday that provided an economic assessment of the Western Hemisphere, IMF Monetary and Capital Markets Department economist Miguel Segoviano said the Caribbean is recovering from the global economic crisis at a lower rate in comparison to other regions.
“We expect that the Caribbean as a whole will grow by slightly below two percent in this year and perhaps two and a half percent in 2012, which is certainly not bad because its higher than last year and the recovery is still going on although it is slow,” Segoviano said.
“To compare, South America in 2010 [grew] at a rate of six and a half percent growth for the region. For 2011 it will grow by five and a half percent and in the next year by four and a half percent. Essentially… the effects of the global crisis in South America were very short-lived.”
IMF representative Dr Gene Leon, who was also a panelist on Tuesday, said that the decline in growth in this region has led to many Caribbean countries having to increase borrowing, but there is need to reduce debt and increase growth levels.
He added that the Caribbean region is challenged with a number of vulnerabilities within its financial sectors.
“We have broken them down into macroeconomic fundamentals and we have seen low growth, we’ve seen very weak fiscal positions and likewise, poor savings balances,” he said. “Poor savings in that sense we can think of as your current account.”
Chairman of the Bahamas Chamber of Commerce Winston Rolle said that, although growth in The Bahamas has been moderate, there have been some positives and in moving forward the right policies will lead to further growth and a stabilization of the current debt.
“This recovery process is going to be a very slow one, and a lot of the policy decisions that need to be made, we feel have to be made by putting policies in place that are going to drive growth, not only in the public sector, but also in the private sector,” he said.
“By driving that growth in the private sector, this has the ripple effect in that in lessens the government’s burden as it relates to employment. It also generates more businesses that will be paying taxes and contributing to the revenue stream, as well as reducing the government’s dead burden.”
However, some financial experts say that the current socioeconomic policies are not enough to sustain the economy of The Bahamas in the long-term.
Dr Olivia Saunders, who lectures at The College of The Bahamas, shares such a view. She contended on Tuesday that the ongoing crime and violence could very well offset the recovery potential of the Caribbean.
“We are continuing… a paradigm that is really not helpful for our future,” she said. “If we continue with the way we are going, our attractiveness for investment is going to be lowered perhaps to an extent where we are not going to have a recovery.”
Source-Nassau Guardian Staff
Hurricane Rina now moving northwestward
At 7:00 pm EDT on Wednesday, satellite images and radar data from Belize indicated that the centre of hurricane Rina was located about 150 miles south-southeast of Cozumel, Mexico, and about 140 miles east of Chetumal, Mexico.
According to the National Hurricane Center in Miami, Rina is moving toward the northwest near 6 mph and a gradual turn to the north with a slight increase in forward speed is expected Wednesday night and Thursday. On the forecast track, the centre of Rina will be moving near or over the east coast of the Yucatan peninsula on Thursday.
Maximum sustained winds are near 85 mph, with higher gusts. Rina is a category one hurricane on the Saffir-Simpson hurricane wind scale. No important changes in strength are expected before the centre of Rina reaches the coast of the Yucatan peninsula on Thursday. Hurricane force winds extend outward up to 15 miles from the centre and tropical storm force winds extend outward up to 105 miles.
A hurricane warning is in effect for the northeast coast of the Yucatan peninsula from north of Punta Gruesa to San Felipe. A tropical storm warning is in effect for the east coast of the Yucatan peninsula from Chetumal to Punta Gruesa; the north coast of the Yucatan peninsula west of San Felipe to Progreso. Interests in western Cuba should monitor the progress of Rina.
The government of Belize has discontinued the tropical storm watch from Belize City to the Mexican border.
Tropical storm conditions are expected to reach the coast in the tropical storm warning area on Wednesday night. Hurricane conditions are expected to begin within the hurricane warning area on Thursday.
Rina is expected to produce rainfall amounts of 8 to 16 inches over the eastern Yucatan peninsula and Cozumel through Friday. A dangerous storm surge will raise water levels by as much as 2 to 4 feet above normal tide levels along the immediate coast near and to the right of the track of the centre. Near the coast, the surge will be accompanied by large and destructive waves.
Meanwhile, a surface trough of low pressure is producing disorganized cloudiness and showers over the west-central Caribbean Sea. Development of this system is not likely before this weekend and it therefore has a low chance of becoming a tropical cyclone during the next 48 hours while moving westward at around 15 mph.
Source-Caribbean News Now
Protesters chained in ‘Occupy Half-Way-Tree’ in Jamaica
A small group of Jamaicans, led by Children’s Advocate Betty-Ann Blaine, this morning chained themselves to the median near the clock in Half-Way-Tree square in a protest against “inequities and injustices in the Jamaican society”.
Taking their cue from the Occupy Wall Street movement in the United States, where the protests are against social and economic inequality, corporate greed, corporate power and influence over government particularly from the financial services sector, the Occupy Half-Way-Tree group said they would protest as long as necessary to get their point across.
"We are calling on Jamaicans wherever they are, to occupy wherever they are send a message to the injustices in the society," said Blaine.
She said high food prices, mounting light bills, lack of jobs, growing poverty, corruption and huge income gaps were among concerns of the group.
Source-Jamaica Observer
Shell and Exxon see profits up sharply on oil prices
Higher gas and oil prices have pushed up profits at ExxonMobil and Royal Dutch Shell during the three months to the end of September.
Current cost of supply net income at Shell doubled to $7.2bn (£4.5bn), compared with $3.5bn during the same period a year ago.
At Exxon, meanwhile, profits increased by 41% to $10.3bn.
The cost of Brent crude was 48% higher in the quarter compared with the same period last year.
Higher oil prices also increased the price of gas in Europe and Asia. Shell produces almost as much gas as oil.
“Our profits pay for Shell’s substantial investments in new energy projects, to ensure low-cost, reliable energy supplies for our customers and to create value for our shareholders,” said Shell chief executive Peter Voser.
“Our third quarter results were higher than year-ago levels, driven by higher oil prices and Shell’s performance,” he added.
In the UK, the company recently announced it was investing in the deep-water Clair oil field west of the Shetland Islands, in a scheme operated by rival BP.
The company also completed the sale of the Stanlow refinery for a total of $1.2bn.
Exxon boost
Exxon said that capital and exploration expenditures reached a record $26.7bn for the first nine months of the year.
“We continue pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation,” chairman Rex Tillerson said.
Production decreased 4% compared with the third quarter of 2010.
Shell said it had had a series of recent accidents.
In August, the company suffered a leak at its Gannet Alpha platform in the North Sea of around 1,300 barrels.
In October, Shell declared a force majeure on some of its customers after a fire shut down its refinery in Singapore.
Source-BBC News
Conrad Murray Tears Up during Testimony of Former Patients
Patients of Michael Jackson’s doctor described the physician on Wednesday as generous and kind as the defense sought to humanize the man charged in the singer’s 2009 death.
Dr. Conrad Murray has admitted giving Jackson the anesthetic propofol — the drug deemed the chief cause of his death — as a sleep aid but he denies involuntary manslaughter or gross negligence.
Murray’s treatment of heart patients at his practices in Las Vegas and Houston was the focus of testimony at his trial in Los Angeles on Wednesday, reports the AP.
“I believe that Dr. Murray is not getting a fair shake,” said Andrew Guest, 48, of Las Vegas, who was treated by Murray for a heart condition. “I believe he needs support and I appreciate his kindness, his caring and I’m alive today because of that man.”
Another four patients said Murray was a thorough and caring physician. They also described him as generous and said he would occasionally treat patients for free.
Gerry Causey said Murray not only operated on him in Las Vegas but became his best friend afterward.
The hearing got emotional at times. When Causey was leaving the courtroom he shook hands with Murray and moved to embrace him but was cut short by an admonition from the judge.
Ruby Mosley, a resident Acres Homes, a community of mostly poor elderly people in Houston, said Murray opened a cardiology practice there after the death of his father, who also was a doctor.
“If this man had been greedy, he never would have come to an area, a community like Acres Homes, 75 percent of (residents) poor, on welfare and Social Security where he was making less than where he was in Vegas,” Mosley said.
Murray wiped his eyes with a tissue during Mosley’s testimony.
Under cross examination from a prosecutor, the patients said Murray did not treat them for sleep problems.
Also on Wednesday, Los Angeles Superior Court Judge Michael Pastor advised Murray that he has a right to testify, even though his attorneys have said they do not plan to call him to the stand.
Murray, who has pleaded not guilty, faces up to four years in prison if convicted.
Mavado, Rihanna, Vybz Kartel Nominated For Soul Train Award
Dancehall heavy weights Mavado and Vybz Kartel received a nod for this year’s Soul Train award.
The Soul Train awards recently announced that they will discontinue the reggae category and make way for a new category called Best Caribbean Performance. The nominees for this category includes Man Down — Rihanna; Delilah — Mavado; Bend Over — Machel Montano; Wotless — Kes The Band and Summertime — Vybz Kartel.
Gyptian won the award last year for his album Hold Yuh.
The Soul Train awards ceremony is schedule for November 17 in Atlanta and will air on Centric and BET on November 27.
See full list of nominees below.
Best New Artiste
Marsha Ambrosius
Miguel
Frank Ocean
Best Male R&B/Soul Artiste
Trey Songz
Chris Brown
R Kelly
Eric Benet
Miguel
Centric Award
Ledisi
Raphael Saddiq
Bilal
Anthony David
Aloe Blacc
Best Gospel Performance
I Smile — Kirk Franklin
Walking — Mary Mary
Heaven Hear My Heart — Trin-I-Tee 5:7
I Believe — James Fortune feat Shawn McLemore
More — Cece Winans
Album of the Year
Passion Pain & Pleasure — Trey Songz
21 — Adele
FAME — Chris Brown
Light of the Sun — Jill Scott
4 — Beyoncé
Watch the Throne — Jay Z & Kanye West
Best Hip-Hop Song of the Year
Moment for Life — Nicki Minaj
All of the Lights — Kanye West
Look at Me Now — Chris Brown featuring Busta Rhymes & Lil Wayne)
Out of My Head — Lupe Fiasco
Otis — Jay Z & Kanye West
Best Female R&B/Soul Artist
Kelly Rowland
Beyoncé
Marsha Ambrosius
Jennifer Hudson
Jill Scott
Mary J Blige
Song of the Year
So In Love — Jill Scott featuring Anthony Hamilton
Motivation — Kelly Rowland featuring Lil Wayne
Sure Thing — Miguel
Rolling in the Deep — Adele
She Ain’t You — Chris Brown
All of the Lights — Kanye West
Record of the Year (The Ashford & Simpson Songwriter’s Award)
Rolling in the Deep — Adele
Far Away — Marsha Ambrosius
Best Thing I Never Had — Beyoncé
Good Man — Raphael Saddiq
Hold My Hand (duet with Akon) — Michael Jackson
Best Dance Performance
Motivation — Kelly Rowland
Only Girl in the World/ What’s My Name — Rihanna
Run the World (Girls) — Beyoncé
She Ain’t You — Chris Brown
Walking — Mary Mary
Pretty Girl Rock — Keri Hilson
Mavado And Drake To Release Collaborative Album
With the return of his United States visa, a new record deal with We The Best Music Group and a slew of hit singles in rotation, Mavado is winning.
Some exclusive inside info reaching Urban Islandz is that the Gully Gad and rap star Drake plans to release a collaborative dancehall/hip hop album, similar to Nas and Damian Marley’s critically acclaimed Distant Relative.
“Drizzy and Mavado will be doing something epic through Khaled We The Best and we are excited about it,” a source inside the Gully camp told Urban Islandz. “Since Vado return to the States and sign with Khaled there are a number of collaboration requests coming in from several rappers, but definitely he is looking forward to drop a full length LP with Drake. Drizzy and Vado are close friends so its only natural. You can look for appearances from Lil Wayne, Nicki Minaj, Khaled and Busta Rhymes to name a few.”
In a recent interview Mavado says he is looking to drop a collaboration with Young Money head Lil Wayne.
“From a couple years ago I’ve always wanted to do a mad record with [Lil] Wayne,” Mavado said. That kid is crazy, trust me he’s out of this world. It’s gon’ happen in due time. “We gon’ put some steroids to this game and turn it up… loud.”
Drake sophomore album Take Care hit stores on November 15. While Mavado is currently touring the United States.
Source-Urban Islands
Aidonia Talks Vybz Kartel’s Predicament, Getting Kicked Out Alliance
J.O.P. head Aidonia says he pray for Vybz Kartel, his former friend now turn enemy, who is going through a serious predicament.
In an interview with Winfred Williams of OnStage last week, Donia said despite his differences with the Portmore Empire deejay he doesn’t wish anything bad upon him.
“Well seriously no matter seh wi and Kartel anno friend wi no wish bad pon nobody,” Aidonia said. “Is a youth weh wi even pray fa, cuz we want him come a road cuz wi love him music inno, he is a great artist, him just not a good person.”
Aidonia also opened up about departing The Alliance and forging a friendship with Vybz Kartel.
Deaths rise to 523 in Turkey
The number of people known to have been killed in Sunday's earthquake in Turkey's south-east has risen to 523.
Officials say 1,650 people were injured in the 7.2-magnitude quake which had its epicentre in Van province - 185 people have been rescued alive.
Rain and snow are hindering the rescue effort and worsening conditions for the thousands of people made homeless.
Tents and other aid supplies are being delivered after some initial criticism that the response was too slow.
Hundreds of people are still missing under collapsed buildings.
Rescuers in some places are continuing to search for those buried in the rubble, but at other sites they have stopped work and attention is turning to the needs of the survivors.
People in the hardest-hit town, Ercis, have formed long queues to try to get hold of tents but many have been told there are none left.
"Everyone is getting sick and wet," said Fetih Zengin, a 38-year-old whose house was badly damaged.
"We have been waiting in line for four days and still nothing."
"We slept under a piece of plastic erected on some wooden boards we found. We have 10 children in our family," he told the Reuters news agency.
Another survivor, Zeki Yatkin, lost his father in the quake.
"They say we will get prefabricated houses in one-and-a-half months," he said, in an interview with Reuters.
"We can't tolerate the cold, but what else can we do?"
Gripped by fear
Some survivors have accused Turkey's governing AK party of handing out aid preferentially to the families of public servants and policemen, ignoring ordinary people.
The governor of Van province, Munir Karaloglu, has denied this.
He says 20,000 tents have already been distributed and he blamed fear for exacerbating the problems.
"Because of the psychology and the aftershocks, they don't use their undamaged house and ask for a tent" he said.
"This is why we have a problem."
South-eastern Turkey was hit by another strong aftershock on Thursday of magnitude 5.2, but there are no reports of any further casualties.
Seismologists say the epicentre was located near the border between Turkey and Iraq, south of Van province.
The Turkish government had initially said it did not need any help from abroad, but later changed its mind.
Ankara accepted an offer of clothes, blankets and other supplies from Israel, despite the recent deterioration in their relationship.
Reports say prefabricated homes from Israel are currently on their way to Van province.
"Three more planes loaded with aid supplies will come to Turkey within two days," an official from the Israeli embassy in Ankara told the Anatolia news agency.
Aid from several other countries is starting to arrive in Turkey too.
The United Nations says it is sending thousands of tents as well as blankets and mattresses.
Source-BBC
UN votes to end Libya operations
The United Nations Security Council has voted to end international military operations in Libya next Monday.
In March the council voted to authorise "all necessary measures" to protect civilians, after then-leader Muammar Gaddafi launched a deadly assault on protesters against his rule.
Last week Nato and its partners, which had been conducting air strikes, said the campaign would end on 31 October.
Libya's new government declared the country liberated on Sunday.
On Thursday the council unanimously approved a resolution ending the mandate for foreign military action at 23:59 Libyan time on 31 October.