Japan's cabinet approves $24.7bn for disaster relief
Japan's government has approved a second budget of 2tn yen ($24.7bn; £15.4bn) for reconstruction after the 11 March earthquake and tsunami.
The money will be spent on rebuilding, and on compensating victims of the Fukushima nuclear crisis.
Japan is facing huge public debts and will not borrow money from the market for this budget.
This second emergency budget, announced on Tuesday, will be sent to parliament for approval later this month.
Crisis continues
In May parliament passed a 4tn yen emergency budget following the 11 March earthquake and tsunami.
That money is to help fund new housing for tens of thousands of people who have lost their houses. It will also support businesses hit by the disaster.
The quake and tsunami that hit Japan's north-eastern coast has left more than 20,000 people dead or missing.
It is thought to be the country's worst disaster since World War II.
The Fukushima Daiichi nuclear power plant has been leaking radiation since the quake and tsunami crippled reactor cooling systems.
About 85,000 people have been forced to evacuate the area around the plant.
Mounting pressure
The government said it plans to use money left over from the annual budget for the last fiscal year to March for this new budget.
"With this budget we aim to ensure steps towards restoration and pave the way for reconstruction," Finance Minister Yoshihiko Noda told reporters.
Prime Minister Naoto Kan, who has been facing increasing pressure to resign for his handling of the nuclear crisis, had said the passage of this extra budget was one of his conditions after which he would keep his promise to resign.
Opposition parties have so far signalled they will support the emergency spending.
Portugal's debt is downgraded to junk status by Moody's
The credit ratings agency Moody's Investors Service has downgraded Portugal's debt to junk status.
The agency said there was a growing risk the country would need a second bail-out before it was ready to borrow money from financial markets again.
Moody's was concerned that if there was a second bail-out, private lenders might have to contribute.
Portugal's government said Moody's had not taken into account the strong backing for austerity measures.
It said that the programme of economic measures announced last week was "the only way to reverse the course and restore confidence" in Portugal.
Discussions are under way about the possibility of banks that have lent money to Greece waiting longer to be repaid.
Moody's said that prospect would scare private investors and make it even harder for Portugal to borrow money commercially again.
It said the talk of a private bail-out was "significant not only because it increases the economic risks facing current investors but also because it may discourage new private sector lending going forward".
Portugal, Greece and the Irish Republic were all given bail-out loans to give them time to repair their economies so they could borrow money normally again.
But Greece has already had to start negotiating a second bail-out.
'Formidable challenges'
The agency also said it was concerned that Portugal would not be able to achieve the deficit reduction targets set out as conditions for its first bail-out from the European Union and the International Monetary Fund.
It blamed this on "the formidable challenges the country is facing in reducing spending, increasing tax compliance, achieving economic growth and supporting the banking system".
Portugal was supposed to cut its deficit to 3% of its gross domestic product by 2013, from last year's 9.1%.
'Contagion'
"The Portugal downgrade clearly is negative because as the downgrades spread from the weakest to the weaker, the market is now asking, 'if Portugal is downgraded, will Spain be next?'" said Cary Leahey, an economist at Decision Economics in New York.
"It's symptomatic of the contagion effects in the eurozone."
Moody's cut Portugal's rating by four notches from from Baa1 to Ba2.
The other two major ratings agencies still list Portugal as BBB, which is above junk status.
Moody's last cut Portugal's rating in April, predicting the original bail-out loans of 78bn euros ($112bn; £70bn) from the EU and the IMF.
The country was bailed out in May, when it could no longer manage its debts.
It was the third country to be bailed out, after Greece and the Irish Republic.
Portugal got into trouble because low growth in the economy made it difficult for the government to fund its spending.
It gradually lost competitiveness as wages increased and tariffs on cheap exports from Asia were cut.
When the financial crisis came, Portugal had a great deal of debt, which was suddenly much more expensive to finance.
Japan 'to hold stress tests at all nuclear plants'
Japan is to conduct safety tests on all its nuclear reactors in the wake of the crisis at the Fukushima plant following the 11 March earthquake and tsunami.
Trade Minister Banri Kaieda said Japan's 54 reactors would undergo "stress tests" to determine how well they can withstand major disasters.
Only 19 reactors are still operating, causing a drawn-out energy crisis.
Engineers are still working to shut down the Fukushima plant, which continues to leak radioactive material.
Japan was hit by a 9.0-magnitude earthquake - the country's most powerful on record - creating a massive tsunami that levelled towns along the country's north-east coast.
Waves from the tsunami caused back-up generators at the Fukushima Daiichi plant to fail, disabling reactor cooling systems and leading to meltdowns, explosions and radiation leaks.
The plant's operator Tepco has come under heavy criticism for failing to sufficiently prepare for the natural disasters.
The crisis has led to great public concern over the safety of nuclear energy.
"The safety of nuclear power plants has been secured, but this is to gain a further sense of security among the people," Mr Kaieda was cited as saying by Jiji Press news agency.
Speaking on television, Mr Kaieda said: "We are planning the stress tests to gain the understanding of local residents. We will get further confidence from the people and will restart operations at some plants."
He did not say when the stress tests would begin; however, he promised there would be enough energy available for the peak usage during the summer months.
Beleaguered leader
To avoid unexpected blackouts, the government has ordered big power users in Tokyo and north-eastern Japan to cut their peak power use by 15% compared with last year.
Before the March disaster, nuclear energy accounted for about 30% of Japan's power supply, making it the world's third-biggest nuclear generating country after the US and France.
Meanwhile, Japan's government has approved a second budget of 2tn yen ($24.7bn; £15.4bn) for reconstruction.
The money will be spent on rebuilding, and on compensating victims of the Fukushima nuclear crisis. About 85,000 people have been forced to evacuate the area around the plant.
This emergency budget will be sent to parliament for approval later this month.
Last month, Prime Minister Naoto Kan survived a no-confidence motion brought by MPs critical of his handling of the reconstruction process.
Mr Kan, who is just over a year into his post, has vowed to step down soon, but only once several key bills on disaster recovery and renewable energy are passed.
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Moody's warns over China bad debt
Bad debts held by local governments in China are a far bigger problem than first estimated, ratings agency Moody's has warned.
Chinese banks had lent 8.5tn yuan ($1.3tn; £820bn) to the local governments in 2010 in an attempt to boost growth.
However, the agency said the debt burden could be 3.5tn yuan larger than auditors had estimated.
It warned that bad debt could reach between 8% and 10% of the total loans.
"When cross-examining the findings by the 27 June National Audit Office (NAO) report, in conjunction with reports from Chinese banking regulators, we find that the Chinese audit agency could be understating banks' exposures to local governments by as much as 3.5tn [yuan]," said Yi Zhang of Moody's.
Ms Zhang explained that since these loans were not covered by the NAO, they were not considered as real claims on local governments by the audit agency.
"This indicates that these loans are most likely poorly documented and may pose the greatest risk of delinquency," she added.
Moody's warned that given the scale of the problem, the credit outlook for China's banking sector could turn to negative.
Obama Invites Lawmakers for Thursday Meeting on Debt, Deficit Issues
President Barack Obama has reiterated his insistence on achieving a "balanced" agreement that would trim trillions of dollars from government deficit spending over the next decade, while preserving investments he sees as crucial to job creation and economic growth.
With just a few weeks before an August 2 Treasury Department deadline to raise the $14.3 trillion borrowing limit - and effectively less time than that to allow Congress to draft legislation - the pressure on the president and congressional leaders increases daily.
After chiding Republicans, and Congress in general, last week over inaction on the debt and deficit issues, Mr. Obama spent the weekend at the presidential retreat at Camp David, Maryland where he and advisers continued contacts with lawmakers.
Mr. Obama refused a call by Senate Republican leader Mitch McConnell to go to Capitol Hill for talks and the White House remained silent on another offer from McConnell to meet this week.
In the White House briefing room, the president took no questions, but said he has invited Republican and Democratic congressional leaders to the White House on Thursday for an effort to "drive towards a final agreement."
"It is my hope that everybody is going to leave their ultimatums at the door, that we will all leave our political rhetoric at the door, and that we are going to do what is best for our economy and what is best for our people," said President Obama. "
Senator McConnell and other Republicans have said there is no chance Congress will approve new tax increases, Republican's description of tax breaks and loopholes for wealthier Americans that the White House seeks to end.
McConnell spoke on the floor of the Senate just a few hours before President Obama's statement at the White House, appearing to take a hard line on any debt ceiling increase without significant spending cuts.
"I think the best way to solve this impasse is for the president to hear what needs to be done and how we can do it, hear what can actually pass here in Congress," said Senator McConnell.
McConnell and other Republicans also held a news conference, at exactly the same time as the president was speaking at the White House, to drive home their points about spending and their view on the connection between deficits and the debt issue.
President Obama again pointed to progress made in more than two months of negotiations that were first led by Vice President Joe Biden. However, he added there are still "some real differences" and said all involved must be prepared to get out of their "comfort zones."
White House Press Secretary Jay Carney was pressed by reporters on whether Mr. Obama would support a short-term deal on deficit reduction and raising the federal borrowing limit. He said the president said "quite clearly" he does not believe that is the right course.
"He believes that we have now a unique opportunity, the result of a confluence of events [and] decisions, that gives us a chance to do something big, that can set us on a solid footing for the 21st century as we build our economy, get our fiscal house in order," said Carney.
Carney said the eight lawmakers invited to the White House meeting on Thursday have accepted the invitation, and he said the White House anticipates intense negotiations ahead as the deadline for raising the debt ceiling approaches.
Second Marine is Arrest in South Korean Rampage
South Korea's military says it has arrested a Marine private for helping a colleague who killed four other Marines in a shooting rampage on Monday.
An official with the Defense Ministry says the private, identified only as Jung, is suspected of helping his friend steal ammunition from a weapons storage area shortly before he opened fire at a barracks on Gangwha Island, located near the tense maritime border with North Korea.
The shooter, a 19-year-old corporal identified only as Kim, has been hospitalized with wounds from a grenade blast in an apparent suicide attempt.
The defense official says Jung admitted that he and Kim had hatched a plan to kill their colleagues and desert from their Marine unit to escape the abuse they had suffered at the hands of their superiors. Jung denies taking part in the shooting, but the official says Kim has implicated his friend.
The military previously said Kim had shown signs of mental illness before the incident, and left behind a note lamenting his life, describing himself as a “troublemaker.” He also reeked of alcohol before the shooting, suggesting he may have been intoxicated.
The four slain Marines were memorialized Wednesday at a joint funeral. In his eulogy, Lieutenant General Yoo Nak-jun, the Marine Corps commander, said the corps will try to ensure “our soldiers never again hurt each other.”
The shooting rampage was the worst in the South Korean military since 2005, when eight soldiers were killed by a soldier who threw a grenade and opened fire at a front line army outpost.
The incidents have raised questions about the level of discipline in the South's 650,000-strong military force, which is largely made up of young men who are required to serve two years. Critics have said the men are abused and harassed.
Chinese Aircraft Carrier Said Not Yet Ready for Launch
China's state media say construction equipment, cranes and shipping containers still litter the deck of the country's first aircraft carrier, indicating the vessel is far from ready for launch.
The Communist Party-controlled Global Times newspaper reports on its website Wednesday that naval enthusiasts were disappointed when the ship failed to to begin sea trials on July 1 as had been widely expected. The date marked the 90th anniversary of the Chinese Communist Party.
The website published a detailed photograph of the vessel, whose existence was not officially confirmed until armed forces chief Chen Bingde disclosed it to a Hong Kong newspaper last month. Global Times says the ship can be clearly seen from a number of vantage points in its berth at Dalian, where it has been undergoing a refit since 2005.
The ship was purchased from Ukraine after the collapse of the Soviet Union, and was towed to Dalian in 2002. Global Times says the ship still carries its Russian name, Varyag.
Its progress has been of keen interest not only to military enthusiasts but also to several of China's neighbors, who worry about the country's growing naval power at a time of tension over competing territorial claims in the South and East China seas.
This week, China's foreign ministry called for Japan to withdraw its fishing boats from disputed waters in the East China Sea which have long been under effective Japanese control. The area is adjacent to an island chain referred to as Diaoyu in Chinese and Senkaku in Japanese.
CARICOM has made substantial progress, says Trinidad PM
Trinidad and Tobago prime Minister Kamla Persad-Bissessar has once again stated her country's continued commitment to the regional integration movement, while at the same time laying out a number of broad principles against which the process of co-operation can be further developed.
Speaking during a meeting of Heads of Government on July 2, 2011 the prime minister said, despite opinions to the contrary and in the face of "upheavals in the national community" which have impacted negatively on Caribbean societies, she was "of the view that CARICOM has made substantial progress."
The region had, among a list of achievements, she said, "been able to develop a working Free Trade Regime to the benefit of our member states. And we have been able to establish a single market which includes the free trade in goods, the free trade in services, free movement of capital and free movement in skilled labour."
She spoke also about collaboration and co-operation among CARICOM member states, in such other areas as health and safety, the security of citizens, in aviation, quality and standards, competition and in the area of justice.
Surveying the environment wrought on the basis of such developments, she said this 38th anniversary of the establishment of the movement ought to have been an occasion for celebration.
"Yet it does not seem to have generated that level of contentment which accompanies such attainment," she said.
Expressing her own reasons for such a state of affairs, she said they included "unduly high expectations, implementation issues and the perennial inadequate resources."
But in urging the region's leaders and its peoples to look ahead, Persad-Bissessar said, "the age if adulthood should lead us to seriously examine if the obsession with survival and with making it through from day to day have not become an overwhelming inhibition to the kind of leap that is required to play a significant role in the world."
Consistent with such thinking, she said the region's leaders needed to "inject new life and fresh passion, more intense commitment to a CARICOM agenda of locating the Caribbean people in the world space."
The leaders should ask and answer the question as to what space they wished to occupy "in the global village in the future," she said.
It was her firm belief "that there is need for revolutionary thinking in that regard, because we live in an ICT driven world; and operate in an interconnected global community".
Also addressing the crucial question of the feelings of the region's youth, the prime minister said they should be invited "to be part of the future and to participate in creating the future. It is noteworthy that there is an increasing level of youth restlessness in all parts of the world, including our region."
"We must not ignore this phenomenon," she said. "This restlessness is a sign of a growing impatience with the inability of governments worldwide to efficiently, effectively and speedily deliver an acceptable quality of life, provide opportunities for employment and the fulfillment of potential and ensure citizen security."
Failure to address these as urgent priorities, she said "can be disastrous for our economies and for social stability."
On the question of what she termed the "implementation deficit" in CARICOM, the prime minister said, rather than being the result of lack of capacity, it could be more because of "a lack of adequate commitment," which itself points to the need for a reassessment of CARICOM's institutional structure.
Agreeing with views expressed at this summit and at others, about Trinidad and Tobago's critical leadership role in CARICOM, in advancing the cause of its peoples, the prime minister spoke about the three ambassadorial appointments she has made, for representation in CARICOM.
She referred to the appointments of Ambassador Mervyn Assam as ambassador with responsibility for trade, Sir Edwin Carrington as ambassador to CARICOM and Makaandal Daaga as ambassador to CARICOM for cultural relations.
"I take our relationship and responsibility to CARICOM very seriously," the prime minister said.
Former Premier Assests Frozen
The assets of Michael Misick, the former Premier of the Turks and Caicos Islands, have been frozen world-wide.
Documents obtained by The TCI SUN revealed that on June 23rd, 2011, Chief Justice His Lordship Gordon Ward made the order to freeze all of Misick's assets, including bank accounts here and overseas, his personal residence in Providenciales, parcels of land throughout the Turks and Caicos Islands, two condominiums, a cinema in Providenciales which still carries a variation of his ex-wife Lisa-Raye McCoy's name, and several credit cards.
The freezing order, which was made by Special Prosecutor Helen Garlick, clearly states: "This Order prohibits you Michael Misick, the alleged offender, from dealing with all of your assets wherever they may be situated in the world and in whosever name the same assets may be held."
It goes on to state: "This Order prohibits all of the persons, real or otherwise, named.from dealing with all or any of the assets in which the alleged offender has an interest whether directly or indirectly wherever they may be situated in the world and in whosever name the said assets may be held."
The names of the persons and entities which are believed to have assets belonging to Misick, are listed in the order in which they appeared in the court document obtained by The TCI SUN, as follows: LisaRaye McCoy, Lyndon Roosevelt Gardiner, Lofton Misick, Floyd Hall, Jeffrey Hall, Chal Misick, Carlton Williams, Solana Holdings Limited, Grace Bay Plaza Limited, U-Hotels Holdings Limited, Prestigious Properties (1995) Limited, Avant-Garde Partnerships Limited, Hydronox Limited, Varcamp Holdings Limited, Secured Holdings Limited, Coral Square Limited, PRO Partnerships Debt Collection, Kasco Limited, East Harbour Nominees Limited, Schomer Limited, Nicosia, FirstCaribbean International Bank, British Caribbean Bank, Scotiabank (Turks and Caicos) Limited, Hallmark Bank and Trust, Joint Official Liquidators for TCI Bank in Liquidation, American Express Company, Interscope Development Limited, Dhow Limited, Sombra Co. Limited Lakeview Homes Limited, Terrapin
Investments Limited, Belview Holdings Limited, Windsor Investment Group, Windsor West, HSBC in Coral Gables, Miami, BSBC 445 Bedford Drive, Beverly Hills California, Nettie Becker Inc, USA, Bank of America, Premier Banking 818, Los Angeles, HSBC, Market Hill, Buckingham Road, England, NatWest Law Courts, Temple Bar branch POB 17020, Strand London, J & T Banka, Czech Republic and Arling Anstalt, Lichtenstein.
Under the section "PENAL NOTICE", the Court order states: "If you, the alleged offender disobey this Order, you may be held in contempt of court and may be imprisoned, fined or have your assets seized. Any person named above or who knows of this order and does anything which helps or permits the alleged offender to breach the terms of this Order may also be held in contempt of court and may be imprisoned, fined, or have their assets seized."
The order was made, according to the document, without notice to Misick, the alleged offender, or the other named parties.
Among the assets to which the Order applies are Misick's former residence at Belview in Providenciales, Turks and Caicos Islands, 10.4 acres of land in North Caicos, a condominium at the Providenciales Golf Club, 1.2 acres of land on Leeward Highway which houses the LaRaye Cinema, 18.2 acres of land in North West Point, Providenciales, .97 acres on the Leeward area of Provo, another 1.08 acres in the same area, .35 acres in The Bight, another acre in the same Bight area, .7 acres of land in Bottle Creek, North Caicos, two parcels of land totaling just over 2.5 acres in the Leeward area, a condominium in the Alexandra Resort held in the name of Windsor West Limited, accounts at TCI Bank, British Caribbean Bank, HSBC Coral Gables, Bank of America in Los Angeles, and NatWest Law Courts in The Strand London, and one in the Czech Republic.
A number of credit cards were also frozen.
The court document said Misick must, within 28 days of the order, file and serve and affidavit setting out with "full particularity, the nature and extent of all of the assets in which he has any interest wherever they may be situated in the world and whether held directly or indirectly by him and whether held on his behalf by others as nominees or trustees or as the recipients of tainted gifts".
Misick must also include in that affidavit, an account of all transfers out and receipts by him of greater than $10,000 in value since July 1st, 2005.
The order does not prevent Misick from spending up to $5000 towards his initial legal expenses in order to be advised about the meaning and effect of the said order, and to receive advice on whether he might be entitled to move the court to vary or discharge it. However, before spending such money, Misick must tell the Prosecutor where the money is coming from.
Misick may also agree with the Prosecutor that the order be varied to allow for the payment of living expenses and reasonable legal expenses, and in any other respect, any such agreement must be in writing and filed with the court in the form of a consent order.
Source:TCI SUN
NUISANCE CALLS TO 911
RTC news has been informed that 911 operators in the TCI have been receiving more prank calls than often.
The Public is reminded that under 911 Emergency Ordinance (2010), anyone who makes a false report or annoying phone call to 911 face up to six months in prison or a fine not exceeding $5,000.00.
Now that schools are out, parents are requested to teach their children how and when to use 911. Telephones that can only dial emergency numbers should not be given to children as toys.
Ms Juliette Gooding, 911 Manager said she is amazed at how many children have been calling the Centre and the foul language they use towards the Operators. In some cases these children think it is funny to call and make false reports. She said that they do not seem to understand the gravity of what they do and when a child calls and say someone is "raping" or "Killing my mummy". This is a very serious act and parents should ensure that their children are told of the consequences of this type of behaviour.
The public is reminded that 911 is a number to use in real emergencies. An emergency is any incident that has an immediate threat to life or property. Anyone who uses the system inappropriately will be dealt with in accordance to the law. 911 are here to serve but the public must act responsibly to ensure they receive the level of care and response that they deserve.