UB40 goes bust
Four members of the famous reggae band UB40 have been officially made bankrupt, the website www.debtmanagementtoday.co.uk revealed on Monday.
According to the website, while the Birmingham-based band sold more than 70 million records during their time together, a judge at Birmingham County Court declared Jimmy Brown, Terence Oswald, Brian Travers and Norman Hassan bankrupt.
The bankruptcy orders, the website claims, come after the band's record firm and Management Company DEP International failed and the band experienced an acrimonious argument over finances.
Early problems
The problems for the band, according to Debt Management Today, began much earlier, when District Judge Richard Musgrave allowed liquidators to chase debts and royalty payments on many of the band's hits, including their chart-topping single Red Red Wine. That happened in July.
The Telegraph goes on to quote the band's solicitor spokesperson Adrian Strickland before the members were adjudged to be bankrupt as saying, "If bankruptcy proceedings are issued following this hearing today, the band will vigorously oppose them."
However, the four band members have now had their details listed by the Insolvency Service and will be subject to the bankruptcy court order which will last for a year and means that tax officers can seize any property to pay off debts still outstanding.
Ali Campbell, who is the band's former frontman, famously split from UB40 in 2008, after financial arguments. He said, speaking back in July, "This is the very reason why I left the band. This was my biggest fear when I was with them, that bankruptcy was going to happen and no one can say I didn't warn them."
"In the 1980s we were living in five-star hotels and we got through a lot of money. Why weren't the other guys listening to me when I started to flag these money problems up?
"They decided to back the management and not me. I'm still very bitter about it. I was very proud of what I achieved with UB40. It was a band I started. I was with them for 28 years and we made 24 albums. But we were divided and ruled, and this is what happened in the end.
"UB40 have been asset-stripped by the people around them."
Windies routed for 61
West Indies were shockingly routed for 61, their second lowest score ever in one-day internationals, as they crashed to a humiliating eight-wicket defeat to Bangladesh in the third and final ODI yesterday.
Sent in on a difficult wicket, the Windies plunged from a position of 33 for one in the 11th over, losing their last nine wickets for 28 runs in the space of 67 balls at the Zahur Ahmed Chowdhury Stadium.
Opener Tamim Iqbal then stroked an accomplished, unbeaten 36 to steer Bangladesh comfortably to their target, with 30 overs to spare.
Despite the result, West Indies took the series 2-1 following convincing back-to-back wins in Dhaka last week.
In a nightmare end to the one-day series and with the first Test starting Friday, the Windies narrowly avoided the embarrassment of falling to their lowest ever score, 54 against South Africa in Cape Town seven years ago.
Their batsmen struggled on a slow, low wicket and only 20-year-old opener Kieran Powell, drafted in for his first match of the series, showed any resistance with four fours in 25 off 36 balls.
Source-CMC
Rory McIlroy & Keegan Bradley share lead at Grand Slam
Rory McIlroy carded four birdies on the back nine in a four-under 67 to share the first day lead with Keegan Bradley at the PGA Grand Slam in Bermuda.
The 22-year-old US Open champion holed from 30 feet at the 12th in the two-day competition for the four winners of the year's major Championships.
Bradley posted two eagles to reach six-under but bogeyed the 14th and 16th.
Masters champion Charl Schwartzel shot a 74 and Open winner Darren Clarke slumped to a 77.
McIlroy reached the turn at two-under, despite missing a series of putts from inside 10 feet at the 6,845-yard Port Royal Course in Southampton.
He birdied the fifth after almost driving the 380-yard par four but three-putted the 11th before his round was revived by the long putt at 12.
Bradley made a serene start, firing majestic six-irons to within two feet at both the second and seventh for his eagles.
However, he missed a par putt from only a foot on the 14th, which McIlroy birdied, and the Northern Irishman reduced Keegan's lead to two shots at the next with another birdie after driving to within 10 yards of the 412-yard par-four.
The 235-yard par-three 16th was played during a brief rainstorm and McIlroy was the only one of the four players to find the green.
He parred the hole, but gained another shot after Bradley took four, while Schwartzel and Clarke both hit their tee shots into the sea and finished with triple bogeys.
Clarke, who was three-over after four holes, said: "Obviously I'm disappointed. I'm struggling with my swing and I'm struggling with my ball-striking. So, if you mix that with putting equally bad, that usually doesn't add up to a good score."
McIlroy, bidding to become the first British winner of the event since Ian Woosnam in 1991, drew level after another fine drive inspired another birdie at the 17th.
He admitted his early putting problems had been a concern and said: "It was getting a little bit frustrating because I was reading them and every time. I felt as if I was hitting the putt on the line I wanted to but it was just going nowhere near the hole.
"The greens that I have been putting on the last couple of weeks have been a little different to the greens here.
"I had not really been factoring in the grain as much but it plays a huge part on these greens. I finished really, really well so, to draw level after the first day was nice."
Source:BBC
Citigroup settles charges of misleading investors
Citigroup is paying $285m (£180m) to settle civil fraud charges from the Securities and Exchange Commission.
The SEC said that Citigroup misled investors when it invited them to invest in a product based on US mortgage debt.
It said that Citigroup did not inform investors that it was betting on the value of the investment falling or that it had chosen the assets itself.
Citigroup settled without admitting or denying the charges.
Credit Suisse was also involved in the the transaction and has paid $2.5m to settle the case, also without admitting or denying the charges.
The SEC said that Citigroup built a collateralised debt obligation, or CDO, made up of about $1bn of home loans in 2007.
It alleges that Citigroup sold the CDO to investors, but took a short position itself, betting that the value of the assets would fall.
"The securities laws demand that investors receive more care and candour than Citigroup provided to these CDO investors," said Robert Khuzami from the SEC.
"Investors were not informed that Citigroup had decided to bet against them and had helped choose the assets that would determine who won or lost."
The CDO defaulted within months, leaving the approximately 15 investors facing losses while Citigroup made $160m in fees and trading profits.
Source-BBC
Gloves off at Republican TV debate in Las Vegas
Republican presidential hopefuls have clashed sharply in their latest televised debate in the economically depressed state of Nevada.
Former pizza magnate Herman Cain - who has jumped in the polls despite having never won an election - came under heavy fire for his 9-9-9 tax plan.
The fiercest exchange was between Mitt Romney and Rick Perry on immigration.
All are vying for the Republican nomination to challenge Democratic President Barack Obama in 2012.
Tuesday night's CNN debate took place in Las Vegas, in a repossession-wracked state with an unemployment rate of 13.4%, the highest in the US.
'Height of hypocrisy'
Mr Cain's signature proposal for a 9% personal income tax, a 9% corporate tax and a 9% national sales tax immediately came under attack from all sides.
Ex-Massachusetts Governor Romney, who has found himself in a dead-heat with Mr Cain in recent opinion polls, told him "middle-income people see higher taxes under your plan".
Long-shot candidate Rick Santorum, a former Pennsylvania senator, cited one analysis suggesting that 84% of Americans would pay more taxes under Mr Cain's plan.
Mr Cain said the proposal was only being criticised because lobbyists, accountants and others benefited from the current tax code.
The contenders next took aim at the healthcare scheme Mr Romney implemented as governor of Massachusetts.
President Obama has said Mr Romney's plan was a model for his 2010 healthcare overhaul - which conservatives are determined to repeal.
Texas Governor Perry and Mr Santorum both took aim at Mr Romney on healthcare, with Mr Santorum saying: "You just don't have credibility, Mitt."
Newt Gingrich, a former Speaker of the House of Representatives, also piled into Mr Romney, saying: "There's a lot of big government behind Romneycare."
Mr Santorum and Mr Romney shouted over each other, with the latter repeating that he wanted to repeal the Obama plan.
But the most heated clash was between Mr Perry and Mr Romney over immigration.
Mr Perry said: "Mitt, you lose all of your standing, from my perspective, because you hired illegals in your home and you knew about it for a year."
He charged Mr Romney with "the height of hypocrisy".
The Texas governor was referring to a Boston Globe story from 2007 reporting that a gardening firm hired by Mr Romney had employed illegal immigrants.
'Cut aid to Israel'
Mr Romney - who has struggled to energise the party's conservative base despite polls showing he is the Republican with the best chance of beating President Obama - strongly denied the allegation.
A ruffled Mr Romney appealed to debate moderator Anderson Cooper to stop Mr Perry interrupting, telling his rival: "You have a problem with letting other people speak."
"It's been a tough couple of debates for Rick, and I understand that," Mr Romney said of Mr Perry, who has suffered from patchy performances at the podium and on the campaign trail.
"Texas has had a 60% increase in illegal immigrants. If there's someone who has a record as governor with regards to illegal immigration that doesn't stand up to muster, it's you, not me," said Mr Romney.
Meanwhile, Representative Michele Bachmann launched a personal attack on President Obama over immigration.
She said it was the president who had the immigration problem because of "his uncle and his aunt, who have been allowed to stay in this country despite the fact that they're illegal".
Mr Romney then put Mr Perry on the defensive over an evangelical pastor with ties to the Texas governor who criticised Mormonism.
"The idea that we should choose people, based on their religion, for public office is what I find to be most troubling," said Mr Romney, a Mormon. Mr Perry replied that he did not agree with what the preacher had said.
The Texas governor also suggested the US should consider "defunding" the United Nations, citing its recent acceptance of a Palestinian application for membership.
Texas Representative Ron Paul meanwhile urged slashing defence spending, suggesting not just that the US should have fewer overseas military bases, but that it ought to cut all foreign aid, including to Israel.
Ex-Utah Governor Jon Huntsman boycotted the debate after Nevada defied national Republicans by rescheduling its contest to pick the party's nominee, creating a logjam in next year's campaign calendar.
Source-BBC
Greece unrest: Athens clashes amid general strike
Greek riot police have fired tear gas and fought running battles with protesters, amid a 48-hour general strike that has paralysed the country.
Some protesters hurled petrol bombs and stones at the police, as a march by tens of thousands of people in central Athens turned violent.
Many Greeks are furious at austerity plans being discussed in parliament.
EU leaders and global finance chiefs have flown to Germany to discuss the eurozone crisis.
French President Nicolas Sarkozy will meet German Chancellor Angela Merkel and senior officials from the European Central Bank and IMF.
Greece is struggling to reduce a huge government deficit amid fears it may default and set off a crisis, engulfing other eurozone countries like Spain and Italy.
The EU and IMF have demanded tough cuts in return for two bailout packages, and their meeting in Frankfurt comes days before high-level EU talks on the crisis.
Gas masks
The Greek government has so far introduced one round of austerity measures.
Parliament is due to vote on Wednesday and Thursday on a further round, including plans for temporary lay-offs of thousands of public sector workers.
The pace of protests in Greece has been increasing for several weeks, with lightning strikes across virtually every sector of the economy.
The latest strike was accompanied by huge rallies across the country organised by trade unions, who say the demonstrations are the largest this year.
More than 70,000 people gathered in Syntagma Square in central Athens, and thousands more in cities across the country.
But outside parliament in Athens, hundreds of riot police faced off against large groups of youths, and angry clashes followed.
Protesters threw smoke grenades, petrol bombs, bricks and stones at police, and fought scuffles and running battles with officers.
Some of the youths were wearing gas masks, others had scarves wrapped around their faces.
The police responded by firing stun grenades and tear gas as they formed a defensive ring around the parliament building.
'Taxation Armageddon'
The strike for Wednesday and Thursday was called by the two big unions that cover public and private sector workers.
Government departments, businesses, offices and shops have all shut, with small business owners and shopkeepers taking part in strike action for the first time.
Air traffic controllers are staging a 12-hour walkout, with some 150 domestic and international flights cancelled. Trains, buses, taxis and lorries are not operating.
One striker, university lecturer Yannis Zabetakis, told the BBC: "We are now living in a taxation Armageddon and the economy is dying. Along with the economy, we are dying. The austerity measures are not working and our best people are being forced to go abroad."
The BBC's Chris Morris in Athens says the mood across the country is generally one of defiance rather than violence.
Legislators are voting on two bills on Wednesday and Thursday.
They include measures for higher taxes, further cuts to pensions and salaries and the suspension of collective labour agreements.
They will also suspend 30,000 public servants on reduced pay and introduce a new civil service salary system.
'Agonising struggle'
Prime Minister George Papandreou's Pasok party has a four-seat majority but some of his backbenchers have threatened to vote against the measures.
Finance Minister Evangelos Venizelos, who has this month been locked out of his office by protesting civil servants for several days, appealed for support, saying: "We are in an agonising but necessary struggle to avoid the final and harshest point of the crisis."
Greece finds itself with rising unemployment and a stalled economy, saddled with a government debt that is 162% of its gross domestic product.
The long-term bond markets have shut Greece out over fears that it can no longer meet its debt obligations.
The EU and the IMF have stepped in with two rescue packages, but the second has not been finalised and the first has not yet been fully paid.
Greece says it needs the next $11bn (£7bn; 8bn euros) instalment from the first package or it will run out of money to pay its bills in November.
As part of the second bailout agreed to in July, Greece's creditors agreed to a 21% loss - or "haircut" - on their loans to Athens, but there are suggestions this may not be enough.
LEADERship Programme to Develop FortisTCI’s future leaders
Twelve FortisTCI employees are on their way to becoming future leaders with the organisation. Last month, FortisTCI Ltd signed an agreement with BNC Consulting Group, TCI’s leading HR consulting services company, to provide selected individuals with leadership skills necessary to advance in the workplace.
The 12-month comprehensive LEADERship development programme designed by BNC Consulting, focuses on the four core aspects of leadership (Discipline, Communication, Behaviour and Influence) and will assist the employees with developing their leadership skills. In addition to the theoretical training, the programme is customised and is linked to the participants’ actual job responsibilities in order to encourage real-time application of training to on the job challenges.
Commenting on the programme were participants Durrell Landy and Walter Wilson, who both expressed their enthusiasm and excitement, noting that they are currently undertaking their Discipline module which includes fitness sessions with renowned fitness instructor John Wright of Wrightfully Fit Fitness Centre.
Durrell stated, “The training so far is geared towards training the whole body and is doing precisely that. Though physically challenging, I have seen significant improvements throughout the entire team. A determined mindset is simultaneously developed as our strengths and limits are pushed higher. I believe the programme will allow us to develop our team building, problem solving and conflict management skills, all necessary for better performance, improved work relationships, greater job satisfaction and definitely career advancement.”
Also commenting on the detailed and intense programme was Human Resources Director Judy Missick who said, “The programme which is tailored to FortisTCI’s management development needs will without a doubt enhance the Company’s long term staff development objectives. Here at FortisTCI, we have a team of young eager professionals and we are dedicated to guiding them and developing their skills so that they can become future leaders. FortisTCI considers our staff our most valuable asset and continuous training will remain a critical part of our corporate agenda.”
The LEADERship programme, which is scheduled to be completed in September 2012 will culminate with an Awards Luncheon and Certificate Presentation.
Soulja Boy Arrested In Georgia On Weed, Gun Charges
Atlanta rapper Soulja Boy is in trouble with the law, after getting caught with marijuana.
According to TMZ.com, the 21-year-old was caught with four other men in car in Temple, Georgia.
Police decided to conduct a search when they noticed the smell of marijuana emanating from the vehicle.
A search of the vehicle turned up a large amount of marijuana, $70,000 in cash and guns.
Police immediately arrested Soulja Boy, born DeAndre Cortez Way, is currently being held in the Carroll City jail.
In February of 2010, Soulja Boy was given 12 months probation, over an incident in Henry County, Georgia.
The rapper was among a group of about 40 people who fled from police, while shooting a video in an abandon house.
Ironically, the rapper’s arrest comes on the same day as the release of his new autobiographical film, Soulja Boy: The Movie, featuring Snoop Dogg, Chris Brown, Hurricane Chris and others.
Gabriel Aubry Loses Bid for Unsupervised Visits with Nahla
In another custody development between Halle Berry and her ex Gabriel Aubry, a judge has rejected the latter’s request to ditch his nanny-supervisor while he spends time with their daughter, Nahla.
According to TMZ, Gabriel was trying to amend his visitation rights, which require a nanny to be present while he’s with Nahla. Gabriel claimed he wanted more alone time with his daughter; Halle opposed the change.
The judge issued an order yesterday, siding with Halle, upholding the original agreement requiring supervised visitation on Gabriel’s part, TMZ reports.
Sources tell TMZ, Gabriel is upset and he feels the nanny is ruining his relationship with his daughter.
Cee Lo Green’s Divafied Cameo on ‘Parenthood’
Now that Cee Lo Green is part of the NBC family due to his presence on “The Voice,” the network has decided to take advantage of his popularity and spread him around to different shows.
Tuesday at 10, he appears on the drama “Parenthood” as a more divafied version himself — recording a ’60s tribute album at a new studio now owned by Braverman brothers Adam (Peter Krause) and Crosby (Dax Shepard). [Scroll down to watch a clip.]
“I respect their craft, so I didn’t go over the top,” Cee Lo told Entertainment Weekly of his approach to the role. I really made an effort to do my best, because one domino leads to the next.”
Those dominos stretch all the way back to 1991 for Green, whose career started as a rapper/singer in Atlanta-based rap collective Goodie Mob. Looking back on a journey that has wound through a hughely successful run with DJ Danger Mouse as Gnarls Barkley and an equally as fruitful solo career, the 37-year-old star tells EUR exclusively that his achievement thus far is all a testament to his strong faith.