Minister of Finance of St.Maarten says 2012 National Budget Balanced.
Preparations are underway to send the 2012 National Budget to the Committee of Financial Supervision CFT after the Council of Ministers (COM) approved a balanced budget on Monday, Minister of Finance Hon. Hiro Shigemoto of St,Maarten announced on Tuesday.
The 2012 balanced budget is Naf.432.549.600 million or Naf.11.633.003 million more than the 2011 budget of Naf.420,916.597 million.
While the CFT is reviewing the budget, it will be discussed simultaneously with the Council of Advice.
The Minister of Finance expects to receive the CFT advice two weeks after they have reviewed the national budget. The advice and budget will then be sent officially to the Council of Advice whose main focus can then be on the advice from the CFT.
When the COM receives the budget back from the Council of Advice, it will be sent to the Governor who will then send it to Parliament.
China cuts holdings of US debt after ratings downgrade
China has reduced its holdings of US debt to their lowest level in a year, after the US's credit rating was downgraded by Standard & Poor's (S&P).
China sold $36.5bn (£23.2bn) in US Treasuries or bonds to cut its holding to $1,137bn in August, latest data by the US Treasury department showed.
In August, S&P cut the US's credit rating to double A+ from triple A over concerns about budget deficits.
China is the largest foreign buyer of US government debt.
Other countries in the region such as Hong Kong, Taiwan and Singapore also reduced their holdings of US Treasuries in August.
"These players are sitting on large dollar-denominated assets already, so they can afford to take a longer view," said Michael Woolfolk of BNY Mellon.
"They would have been the ones most concerned about a downgrade on their current holdings," he added.
However, the overall demand for US Treasuries increased in August amid rising global economic uncertainty.
The United Kingdom and Switzerland increased their holdings by almost $40bn each, while Japan increased its investment by $21.8bn to $936.8bn.
The have been concerns that the debt crisis in some European economies may hurt growth in the region.
At the same time there are fears that recovery in the US, the world's biggest economy, may be faltering.
Analysts said the combination of these factors reduced the appetite for risk among investors, who have turned to traditional safe havens.
"People were afraid of a Lehman-like crisis in August, so money was funnelled into Treasuries - notes and short-dated paper alike," said Mr Woolfolk.
Millan Mulraine of TD Securities said: "The flows reinforce the safe-haven appeal that Treasuries continue to enjoy, even if the turmoil was being driven in part by concerns about the quality of these assets".
Source: BBC
Apple full year profits rise 85%
The world's biggest technology company Apple has reported full year results, showing net profit for the year to 25 September at $25.9bn (£16.5bn), up 85% from the previous year.
Even that was not enough to satisfy Wall Street, with the shares falling nearly 5% in after-hours trading.
There was some disappointment with the fourth quarter of the year, when no major new products were released.
It is the first set of results since the death of co-founder Steve Jobs.
In the fourth quarter of the year, Apple sold 17.1 million iPhones, which was a 21% increase on the same period last year, and 11.1 million iPads, which was a 166% increase.
But analysts had been expecting iPhone sales of 20 million in the quarter.
Apple said sales were hurt in September by customers waiting for the new version, the iPhone 4S, which was released on 14 October.
It sold four million of the new models in the first three days after launch.
"The numbers came in weak. They need to set records every time they report to keep up the momentum," said Colin Gillis, analyst at BGC Partners.
Apple sold 4.9 million Mac computers in the quarter - up 27% over the same period last year.
"The numbers are actually quite good. The reason why the stock is off - I think some of the analysts got carried away," said Shaw Wu, analyst at Sterne Agee.
Moody's cuts Spain's debt rating
Moody's has downgraded the rating of Spain's government bonds.
The ratings agency cut Spain two notches, two days after Standard & Poor's took the same decision.
Moody's said it had cut the rating because there had been no credible resolution to the eurozone debt crisis.
It also said that the debt crisis and difficulties faced by Spanish banks wanting to borrow money meant it had further scaled back its growth forecast for the country.
"Moody's is maintaining a negative outlook on Spain's rating to reflect the downside risks from a potential further escalation of the euro area crisis," the agency said in a statement.
It added that while it assumed any new government to emerge after elections on 20 November would continue measures to reduce the deficit, it would downgrade Spain further if that turned out not to be the case.
Spain's rating was cut from Aa2 to A1 with a negative outlook.
Earlier in the day, Moody's warned that it was considering changing its outlook on France's AAA rating from stable to negative, which knocked European markets.
Turkey Taps Arab World For Tourist Dollars
Hard economic times in Europe is hitting the tourist industry in Turkey. But the country is enjoying a rather surprising dividend in the growing popularity of its prime Minister Recep Tayyip Erdogan across the Middle East. It is proving an increasingly popular destination for Arab tourists.
When he arrived in Cairo last month, the Turkish Prime Minister Recep Tayyip Erdogan received the sort of welcome usually reserved for rockstars.
Thousands of cheering Egyptians turned out to see Mr. Erdogan who has strongly supported the Arab Spring uprising and waged a diplomatic war against Israel.
And, as a result of his popularity in Middle Eastern countries, Arab tourists are now choosing to visit Turkey.
Here in Istanbul on the city's main street, Istiklal cad, throngs of Arab tourists are now a common sight. Its predicted nearly 2 million Arab tourists will visit Turkey this year, nearly double last year's number.
For many, like Ahmet from Kuwait, the almost cult status of Mr. Erdogan was a reason why he chose to spend his vacation in Istanbul.
"Erdogan , nice guy," said Ahmet. "You know there is a relation between all Muslims. Because I heard about Erdogan I came here, nice country. Before I go U.K. and U.S., Malaysia."
Shops are adapting fast to this new trend. In this shopping mall, signs in Arabic have appeared everywhere next to the customary English one.
And that's not surprising. Arab tourists, many of whom are from oil rich countries, have a reputation for having much deeper pockets than many of their cash-strapped European counterparts.
That means a major boost to the economy, according chief economist Emre Yigit from the financial trading house Global Securities.
"If you go out on the streets in Istanbul, one can very safely say one has never seen as many Arab tourists in Turkey, and we know that overall number of tourists is also increasing rapidly in 2011," said Yigit. "So it looks like its going to be a bumper year for tourism. And there is circumstantial evidence that the Arab tourists are relatively good spenders as well. So they are supporting the economy it appears."
Turkey is cashing in on its growing prestige, aggressively targeting Middle Eastern tourists.
And, Arab tourism is more than a welcome boost for many of Istanbul's hotels.
At the CVK hotel in central Istanbul, Manager Edip Celick says Arab tourists are now the main source of customers.
"European Union for crisis, no came from Greece no came from Spanish,
Celick. "But all hotel 60 or 70 percent Arabic people stay in hotel. And the for Arabic people like the shopping mall and their first question [is] 'Where is the shopping mall?'"
But its not only shopping and Turkey's growing regional prestige that attracts tourists. It's also Turkish television soaps that air in several Arab countries.
The highly produced programs, many with their comparatively risque story lines, by conservative Arab standards, are proving so popular that many Arabs come to visit the film locations.
Aydar Sengec is guiding around the latest group of Arab tourists to visit one of Istanbul's mansions on the shoreline of the Bosphorus waterway. The building features in one of the biggest Turkish TV hits in the Middle East. Sengec says they are overwhelmed by the interest shown by Arabs.
"The visitors come from Saudi Arabia," said Sengec. "All these people come from the Middle East also north Africa, from Algeria, Tunisia and Morocco. There are 3,000 people who came in two months. Especially woman. They like the characters. They like the story. Because the story is familiar, the same family relations."
One of those visiting is Kuwaiti Asla. She says they just can't get enough of Turkish soaps and the lifestyle they portray.
"We all love the actors the artists," said Asla. "The Arab love too much this drama. You see the streets , nobody, no cars, all the house, all see the TV."
Analysts are predicting difficult economic times for Europe for some time to come. But Istanbul and the rest of the country are now hoping there will be further opportunities to exploit the deep pool of goodwill that observers say exist towards Turkey across the Arab world.
Britain, Canada Freeze Assets Over Alleged Iranian Plot
Britain and Canada have joined the United States and frozen the assets of five men in connection with the alleged Iranian plot to kill the Saudi ambassador to the United States.
U.S. authorities froze the assets of the five one week ago. Canada and Britain followed on Tuesday.
The men include the two Iranians that U.S. officials say have been charged with involvement in the plot, as well as another man Britain says is a Revolutionary Guard commander.
Iranian President Mahmoud Ahmadinejad has accused the United States of fabricating the plot in order to cause a rift between Tehran and Saudi Arabia.
In an interview on Al-Jazeera television Monday, Mr. Ahmadinejad said the U.S. will achieve nothing by accusing Iran. He said the allegations also are meant to divert attention from U.S. economic problems.
He denied that the Islamic Republic and Washington are on a “collision course” toward military conflict, but he condemned what he called widespread American “interference” in regional affairs.
U.N. Secretary-General Ban Ki-moon said Monday he has received letters about the alleged plot from Iran, the U.S. and Saudi Arabia. He said he has forwarded the letters to the Security Council for its consideration.
Saudi Arabia's U.N. Ambassador Abdallah Al-Mouallimi said in a letter to Mr. Ban that the plot is not only a “heinous” crime, but also a gross violation of international norms with respect to the protection of diplomats.
The U.S. Justice Department announced last week that it had broken up an alleged Iranian plot to assassinate the Saudi ambassador to the U.S., Adel al-Jubeir.
Analysts: Prisoner Exchange Could Boost Hamas
Some Middle East analysts say the release of an Israeli soldier and hundreds of Palestinian prisoners could have a significant effect on security in Israel and the Mideast.
It is a rare day in the Middle East when Hamas in the Gaza Strip, the Palestinian Authority in the West Bank and Israelis celebrate the same event.
Five years after Hamas militants in Gaza captured Israeli soldier Gilad Shalit, they released him Tuesday. On the same day, Israel released hundreds of Palestinians. Many were convicted in attacks on Israelis, but the Palestinians regard them as heroes.
After greeting Shalit, Israeli Prime Minister Benjamin Netanyahu warned any freed Palestinian who returns to terrorism will be held accountable.
Michael Singh, managing director of the Washington Institute for Near East Policy, says that is a major concern.
“Some of these men and women who were released are dangerous people who have engaged in terrorist acts and so the impact on Israel’s security or upon the security of the region is worrisome,” Singh said.
The prisoner swap comes after years in which little progress has been made in building peace between Israel and the Palestinians.
“I think that for Israel part of the reason [for the swap] was that they no longer worry as much as they did in the past about weakening the Palestinian Authority or about strengthening Hamas because frankly, right now, the peace process is stalled,” Singh said.
The exchange could alter the rivalry between Hamas in Gaza and the Palestinian Authority, which rules the West Bank.
Analysts say Palestinian President Mahmoud Abbas, after years of unsuccessful negotiations with Israel, could suffer politically.
Hamas, which negotiated the swap with the help of Egypt, could get a boost in popularity.
“You know [Hamas] was badly in need of political achievements of one kind or another at the moment, also because of the Arab Spring, which has left it feeling a bit isolated and ignored, also because of the recent advances made by the Palestinian Authority with regards to the United Nations’ and recognition of a Palestinian state,” said Middle East analyst Jonathan Speyer.
Israeli security analyst Daniel Scheuftan says the rapid changes in the Arab world also create new challenges for the Jewish state. “The real issue is when you look at Iran, Turkey, Egypt and the United States we have had changes that make the environment Israel needs to operate in much more dangerous, much more unstable,” he said.
Under the agreement that led to the release of Shalit, Israel will release 550 more Palestinians over the next two months.
Source: VOA
US Republican Candidate Cain Under Fire From Competitors
Republican presidential contender Herman Cain faced attacks on his tax reform plan from nearly all of his competitors at the party's latest debate on Tuesday at a Las Vegas casino.
The heated discussion Tuesday evening in Nevada highlights Cain's recent rise as one of the leading candidates in the race for the Republican presidential nomination.
Cain, a former pizza company executive who has never held political office, has gained attention for his “9-9-9″ plan that replaces current federal taxes with nine percent corporate, income, and sales taxes. Many of his opponents criticized the plan on Tuesday, saying it will increase the tax burden on lower-income Americans.
The candidates also discussed foreign aid, with Texas Governor Rick Perry and Texas Representative Ron Paul both calling for deep cuts in foreign development spending. Perry said that it is time for America to “have a very serious discussion about defunding the United Nations.”
Meanwhile, former Massachusetts governor Mitt Romney, who has faced questions about his Mormon faith, defended his religious views, saying that Americans should choose a president based on his political views and not his religious beliefs.
A CNN poll taken before the debate suggested that Romney holds a slight lead for the Republican nomination with 26 percent, while Cain is close behind at 25 percent.
The debate was the fifth in six weeks and covered familiar topics such as the economy, illegal immigration, and border security.
Also participating in the debate were Minnesota Representative Michele Bachmann, former Pennsylvania senator Rick Santorum and former House speaker Newt Gingrich.
Former Utah governor Jon Huntsman did not participate in the debate in protest of Nevada's decision to move up the date of its caucus to January 14.
Meanwhile, the Iowa Republican Party has set January 3, 2012, as the date for the first state contest to select a party presidential candidate.
Clinton Thanks Oman for Help Freeing US Hikers
U.S. Secretary of State Hillary Clinton has arrived in Oman, where she will thank Sultan Qaboos for his country's help in securing the release of three American hikers who were held in Iran.
Clinton arrived in the capital, Muscat, on Wednesday after visiting Libya.
Her visit comes less than a month after Oman arranged for the payment of a $1 million bail to Iran, paving the way for Tehran's release of Americans Josh Fattal and Shane Bauer.
The men had been in an Iranian prison since 2009 after being convicted of spying. Last year, Oman arranged the bail payment and release of Sarah Shourd, a third U.S. hiker who was arrested with the men.
The French news agency says Clinton and Sultan Qaboos will also discuss reform efforts in Oman.
On Saturday, voters elected representatives in the 84-member consultative Shura council. It marked Oman's first general elections since pro-reform demonstrations took place in the country earlier this year. The government has pledged to meet most of the demands made by protesters.
Clinton's last trip to Oman was in January. The visit took place as Sultan Qaboos marked his 40 year in power.
Clinton's tour of the region has also included a stop in Malta.
The Cost of Thailand Flood Growing
The financial cost of Thailand's worst flooding in 50 years is growing, as waters have submerged many industrial centers, halting production and forcing workers and residents to flee.
The floods caused by heavy rains since July have killed about 310 people in Thailand so far. Floods are expected to cut economic growth by about 1.5 percent this year.
Critics have said the government's flood control measures have failed, and that erratic information about the flooding has caused confusion.
Soldiers and government workers piled more than 1 million sandbags onto weakening flood walls protecting northern Bangkok Tuesday. Officials earlier said the flood walls were secure.
China sent a team of experts to Thailand Tuesday to assess the situation and help with flood relief. The official Xinhua news agency quoted the head of the team as saying the worst threat for Bangkok has passed, but that a serious flood threat to the city remains.
More rain is predicted.
United Nations officials say the death toll had risen on Tuesday to more than 700 in Thailand, Laos, Vietnam, Cambodia and the Philippines since torrential rains and tropical storms began hammering the region in late July. A U.N. statement said 8.3 million people have been affected by what forecasters are calling the worst flooding in half a century.
Cambodian officials say their economy also will suffer, with growth expected to be reduced this year by 6 to 7 percent.