Yuan at record high versus dollar after Treasury report
China's yuan has hit a record high against the US dollar after the US Treasury department said the Chinese currency was undervalued but not manipulated.
The People's Bank of China (PBOC) fixed the yuan's mid-point at 6.4856 against the US dollar on Monday.
China has been accused by the US and other developed economies of keeping the value of its currency artificially low to boost its exports.
China is the world's biggest exporter.
The US and other major economies have said that China's policy of keeping the value of its currency low gives an unfair advantage to its manufacturers.
There have also been concerns that China's currency policies have also been responsible in part for big trade imbalances with its trading partners.
Currency manipulator
There had been repeated calls in the US to label China a currency manipulator, given Beijing's currency policies and reluctance to let the yuan trade freely.
China however has maintained that while it is willing to allow the yuan to appreciate, its pace has to be gradual.
It said that a sudden rise in the yuan will not only be detrimental to its export sector but will also have a negative impact on the overall economy.
In its report released on Friday, the US Treasury Department said that although China's currency was undervalued, the country was not a currency manipulator.
Analysts say that the report came as no surprise.
"While the US China Business Council (USCBC) has advocated repeatedly that China should allow its exchange rate to better reflect market forces, designating China as a 'manipulator' would achieve nothing," said Erin Ennis of USCBC.
Barclays 'considering buying regional Spanish bank'
Barclays is considering buying one of Spain's regional savings banks, it has been reported.
It comes after the Spanish government said Barclays' boss Bob Diamond had met Prime Minister Jose Luis Rodriguez Zapatero in Madrid last week.
The Sunday Times said Mr Diamond was seeking a guarantee that Barclays would not be responsible for any historic debts.
Barclays said it would not comment as the discussions were private.
The Spanish government said the talks focused on the financial markets and the global and European economies.
Spain has a number of regional banks, called cajas. Many are struggling with high bad debt levels after the collapse of Spain's property sector.
Reports have not named which of the regional banks Barclays is said to be looking at.
Philippines economy reports 'modest' 4.9% growth
Economic growth in the Philippines slowed down in the first quarter of 2011 due to lower government spending and a slowdown in global trade.
The country's economy grew by a 'modest' 4.9% in the three months to March compared with the same period last year, the latest government data showed.
Compared with the previous three months the economy grew by 1.9%.
The Philippines is targeting annual growth of 7.8% for this year.
However analysts said that given the current data, that target may need to be revised.
"It's clearly much slower than last year. It would probably be reasonable to see a downward revision in the government's target of 7 to 8 percent growth." said Jun Neri of Bank of the Philippine Islands in Manila.
The latest numbers are a big drop from the same period last year, when the economy grew by 8.9%.
Analysts say that the government is likely to take note of the slowdown and react fast.
"I supposed for the rest of the year government will be stepping up on its spending programme to help neutralise some of the negative impact arising from the Middle East developments as well as the disaster in Japan," Mr Neri added.
RBS launches China markets joint venture
Royal Bank of Scotland has launched a joint venture with a Chinese financial securities firm.
The tie-up with China's Guolian Securities will allow RBS to manage share sales and issue debt in China's fast-growing financial markets.
RBS Asia boss John McCormick said the venture could also help UK companies tap China's deep pool of capital.
RBS will have a 33% stake in the venture, which will be known as Hua Ying Securities. Hua means "Chinese", while Ying means "British".
"We want to be a top foreign bank in China," Mr McCormick, RBS Asia Pacific chief executive, told the BBC.
"China is an important part of our strategy," he added.
It will be based in Wuxi, Jiangsu Province, about two hours away from Shanghai.
Mr McCormick declined to disclose how much the bank had invested in the venture.
Approval
RBS is the first UK bank and the seventh bank internationally to get approval to enter the investment banking business in China.
"My vision is that we will be able to bring British, European and US companies to China and allow Chinese investors to gain access to foreign companies, equities and debt," said Mr McCormick.
In 2010, initial public offerings in China amounted to around two thirds of the world's total.
Foreign companies are not currently allowed to list shares in China but that is expected to change in the near future.
Morgan Stanley, UBS, Deutsche Bank, CLSA Asia Pacific, Credit Suisse and Goldman Sachs have also received approval to set up securities ventures in China.
A tie-up with a Chinese partner is a pre-requisite for a foreign bank wanting to enter the securities business.
'Disappointing'
RBS is seeking to shore up its business in the world's second largest economy after it was forced to sell a stake in Bank Of China in 2009 for 1.6bn pounds.
Mr McCormick said the sale was "disappointing" for the bank's ambitions in Asia but a necessary move following the massive bail-out by the government.
"The bank had a near fatal heart attack and we had to raise capital quickly," he said.
The bank is also making new hires following a loss of some key employees in Asia after the bail-out.
RBS - which is 83% owned by the UK government - made a loss of 1.13bn pounds in 2010.
The government has said it will sell its stake in RBS, but is unlikely to do so until the Independent Commission on Banking, due in September, reports its findings.
Mr McCormick suggested that potential buyers of the government's stake would be likely to come from Asia.
"I think there would be a number of investors in China, in Asia that would have an eye (on RBS)," he said.
"This is where the world's wealth is."
LeBron James: ‘I’m Not Better than Jordan’
Earlier last week NBA great Scottie Pippen started a firestorm by praising LeBron James as basketball’s greatest player ever.
However, for the record, James does not agree.
“I’m not better than Jordan,” the Miami Heat forward said on Saturday, even though he was flattered by the comment.
On Friday, Pippen – who won six championships alongside Jordan in Chicago during the Bulls’ epic run in the 1990s – told ESPN Radio’s “Mike & Mike in the Morning” program that while Jordan is “probably the greatest scorer to play the game,” James “may be the greatest player to ever play the game.”
“Michael’s an unbelievable player,” James responded on Saturday. “I’ve got a long way – long way – to be mentioned as far as one of the all-time greats. Not even just Jordan. There’s a lot of great players who have played in this league. Larry Bird, Kareem Abdul-Jabbar, all these guys who are floating around with multiple rings, Bill Russell, all these guys who have pioneered this game.”
James continued:
“I’m gracious. Humbled by Scottie’s comments, especially with him being a teammate of his and seeing Michael on a day-to-day basis. But as far as me, I’m not going to sit here and say I’m better than Jordan. I’m not better than Jordan.”
He’s right of course because he’s yet to win his first championship which he’ll attempt to do starting Tuesday when the Heat host the Dallas Mavericks in game on of the 2011 NBA Finals
Djokovic, Nadal, Sharapova win
What was shaping up as a struggle for Novak Djokovic at the French Open suddenly turned into something of a stroll.
Tied at a set apiece with big-hitting 2009 US Open champion Juan Martin del Potro when play was suspended because of darkness a night earlier, Djokovic quickly faced two break points yesterday. He saved those, then broke del Potro in the next game and that was pretty much that.
"If he serves well, he can beat anybody, really," Djokovic said. "I went (into) the match a bit more nervous than usual."
If that's so, it didn't really show. Djokovic completed a 6-3, 3-6, 6-3, 6-2 victory in the third round, pushing his 2011 record to 40-0 and stretching his winning streak to 42 matches overall, including two Davis Cup matches in December.
"He was much better than me," said the 25th-seeded del Potro, a semi-finalist in Paris two years ago. "He has everything; everything perfect. He has very good movement. He's very fast. He's improved his serve. He's beating all the players very, very easily and I'm one more victim of his game."
Djokovic's 42-match run is tied for the third-longest by a man in the Open era, which began in 1968; Guillermo Vilas won 46 in a row in 1977. And Djokovic is off to the second-best start to a season, trailing only John McEnroe's 42-0 in 1984.
As it happens, the 24-year-old Serb ran into McEnroe at Roland Garros yesterday and they chatted.
Asked whether McEnroe was one of his favourite players, Djokovic replied with a smile: "Nothing against his age, but it's just that I was still quite young when he stopped playing."
More impressive streak
McEnroe said recently he finds Djokovic's streak more impressive than his own, because of the current depth in men's tennis and because it includes a Grand Slam title - at January's Australian Open, which was played at season's end in 1984.
Djokovic, who will be in action for a third straight day today when he faces No. 13 Richard Gasquet of France, said a third major championship - and first at the French Open - takes priority over any other possible goal at the moment. If he gets to the final, he'll take over the No. 1 ranking from Rafael Nadal.
Djokovic is 4-0 this year against Nadal, including wins in two clay-court tournament finals this month, and some have speculated those results chipped away at the Spaniard's self-belief.
Nadal felt much better about himself and his game after reaching the fourth round by beating Croatian qualifier Antonio Veic 6-1, 6-3, 6-0.
"Solutions don't come from heaven. I mean, you can't change everything in one day. And you know what? I had not forgotten how to play tennis for a week, but I played better today," said Nadal, who was pushed to five sets in the first round.
He's 41-1 in his French Open career and bidding to tie Bjorn Borg's mark of six titles at the clay-court Grand Slam tournament.
The man Nadal beat for trophy No. 5 in last year's final, Robin Soderling, also reached the fourth round, as did three-time Grand Slam runner-up Andy Murray, No. 15 Viktor Troicki, No. 18 Gilles Simon, and unseeded Ivan Ljubicic, who eliminated No. 16 Fernando Verdasco 6-3, 7-6 (6), 6-4 and meets Nadal tomorrow.
"There is no question that his confidence is shaken," Ljubicic said about Nadal. "You see him in the locker room. He's saying it. He's not hiding it."
No. 4 Murray got past Michael Berrer of Germany 6-2, 6-3, 6-2 despite badly twisting his right ankle while chasing a drop shot in the second set, then said he wasn't sure if he could play his next match.
Chastised
Berrer chastised himself for not taking advantage.
"I should have hurt him when he's down, but that's difficult for me. So I was feeling sorry for him," Berrer said. "I need to be tougher. Like, in Germany, we have a saying that "an injured deer has to fall." So that was what I should have done today."
France's Simon beat No. 10 Mardy Fish 6-3, 6-4, 6-2. That result, plus Vania King's 6-4, 6-2 loss to No. 9 Petra Kvitova of the Czech Republic, mean there are zero US men or women left in the singles draws as the tournament enters Week Two.
Twenty-eight of the 32 players still around in both fields are from Europe. That includes three Russian women who won Saturday: No. 7 Maria Sharapova, No. 25 Maria Kirilenko and unseeded Ekaterina Makarova.
Also advancing: No. 4 Victoria Azarenka of Belarus, No. 6 Li Na of China, No. 12 Agnieszka Radwanska of Poland and No. 15 Andrea Petkovic of Germany.
Kirilenko put together a 6-1, 6-1 victory that abruptly ended the surprising run of 114th-ranked Arantxa Rus of the Netherlands, who stunned No. 2 Kim Clijsters in the second round by taking 11 of the last 12 games.
Sharapova also needed a big comeback to win her previous match - she claimed the final 11 games after trailing a 17-year-old wild-card entry - but faced no such trouble in beating Chan Yung-jan of Taiwan 6-2, 6-3.
WI keep faith with players
West Indies have kept faith with most of the players who served them during the recent home series against Pakistan, with the selection of their squads for the opening matches of India’s tour of the Caribbean. Choosing for the Twenty20 International and the first two One-day Internationals—all to be contested in Trinidad—West Indies have retained all but three of the players that featured against the Pakistanis, and Darren Sammy will remain in charge for the time being. Left-hander Devon Smith, whose aversion to spin was cruelly exposed by the Pakistanis, Mohammad Hafeez in particular, and wicketkeeper Devon Thomas have been sidelined because of their form. But key fast bowler Kemar Roach is being rested for the matches with a view to keeping him fresh for the later exchanges in the series. “It is expected that other players with heavy workloads will also be rested and rotated from time to time throughout the West Indies vs India series and moving forward,” said a WICB media release. West Indies will be boosted in the ODIs with the inclusion of all-rounder Kieron Pollard, after he missed the entire Pakistan series to take part in the Indian Premier League. ODI vice captain Dwayne Bravo, who missed the Tests against the Pakistanis, has also returned from the IPL, where he helped Chennai Super Kings, led by India’s World Cup-winning captain Mahendra Singh Dhoni, to lift the title last Saturday over the Royal Challengers Bangalore, which included Chris Gayle.
“Dwayne Bravo and Kieron Pollard are not eligible to represent the West Indies in T20 format as they did not take part in the last edition of the Caribbean Twenty20,” said the WICB media release. “The WICB Selection Criteria outlines that for a player to be eligible for selection to the West Indies team he must participate in the corresponding format of the game at the regional level.” Gayle, whose batting in the IPL was a revelation, helping him finish as the tournament’s leading scorer with 608 runs, will have to wait his turn for a recall to the side. “Gayle will not be considered for selection to the West Indies team before an intended meeting with himself, the selection committee, the WICB management, and the West Indies team management,” stated the media release. “The selection committee views this meeting as necessary as a result of Gayle’s comments in a widely publicised radio interview in Jamaica.”
Gayle’s decision to play in the IPL angered WICB officials under the impression he was recovering from an injury. The left-handed West Indies opener subsequently blasted the WICB over their indifferent attitude to his recovery from injury, and his subsequent non-selection for the Pakistan series on a Jamaican radio sports talk show.
Similarly, Jerome Taylor, Gayle’s compatriot, also drew the ire of the WICB when he chose to play for Pune in the IPL. He too, was supposed to be recovering from an injury, which he sustained during the WICB Regional first-class championship, and also bemoaned the WICB’s interest in his recovery. “The selection committee is of the view that Taylor is required to play a full season of regional cricket in order to prove his fitness to compete adequately at the international level before being considered for selection,” the media release noted. Veteran left-hander Shivnarine Chanderpaul and rookie opener Adrian Barath were not considered for selection.
Though no formal explanation was given for Chanderpaul, it appears the selectors will stick to their guns, and only select him for Tests, meaning his appearances in ODIs and T20Is will either be very scarce, or will not exist at all. An update on Barath, who has not played for West Indies, since he withdrew from the side on the eve of the World Cup, was given. “Although he has been allowed to return to low intensity cricket in Trinidad, Adrian Barath is still undergoing rehabilitation, and an assessment will be done during the Trinidad leg of the West Indies vs India series,” said the media release. “A decision on his return to international cricket will be taken following the assessment, and it is hoped he will be available for the Test Series—West Indies vs India.” West Indies face India in a T20I, five ODIs, and three Tests between next Saturday and the first week in July.
Squads: T20I: Darren Sammy (captain), Christopher Barnwell, Devendra Bishoo, Darren Bravo, Andre Fletcher, Danza Hyatt, Ashley Nurse, Ravi Rampaul, Andre Russell, Marlon Samuels, Krishmar Santokie, Lendl Simmons
ODIs: Darren Sammy (captain), Dwayne Bravo (vice captain), Carlton Baugh Jr, Devendra Bishoo, Darren Bravo, Kirk Edwards, Anthony Martin, Kieron Pollard, Ravi Rampaul, Andre Russell, Marlon Samuels, Ramnaresh Sarwan, Lendl Simmons.
Machel bags five at IRAWMA
Soca heavyweight Machel Montano with his band HD and Jamaican sensation Shaggy walked away with the lion’s share of the awards at the Annual International Reggae and World Music Awards (IRAWMA) held at the National Academy for the Performing Arts (NAPA), Port-of-Spain, on Saturday evening. Montano, who was among the show’s top winners for the last three consecutive years, copped five awards—Best Male Calypso/Soca Entertainer, Best Caribbean Entertainer, Best Outstanding Stage Personality, Most Outstanding Show Band and Best Soca Band.
Shaggy, whose real name is Orville Richard Burrell, bagged three prizes—The Marcus Garvey Humanitarian Award, Community Service Award and the prestigious Bob Marley Award for Entertainer of the Year. Meanwhile, Chutney star Rikki Jai and Chutney Band Dil-e-Nadan, who were chosen via public and bmobile text votes, copped Best Chutney artiste and Best Chutney group, respectively. It was the first time that the Chutney categories were added to the list. Another new category was Best Steelband which went to 2009 Panorama champs Silver Stars. And the announcement that soca artiste Iwer George won the Most Improved Artiste award was greeted by loud gasps and laughter from the crowd.
Patrons were heard saying “What!” and “Oh my God!” George was not present to accept his award. The show, scheduled to begin at 7 pm, got under way at about 8.15 pm and was hosted by Jamaican artistes Tony Rebel, Shaggy and US singer, Deniece Williams. The crowd was treated to performances from a diverse crop of entertainers, including Montano, Isidore “Mighty Dow” York, who was inducted into the IRAWMA Hall of Fame, Soca Elvis, Tarrus Riley and General Grant. T&T got the nod over 30 countries, including Jamaica, Ghana and Nigeria to host the red-carpet affair for the first time. The award ceremony, however, failed to attract a large crowd and there were many empty seats at the NAPA.
Producer/president Ephraim Martin had earlier estimated that 5,000 guests would attend.
A co-ordinator told the T&T Guardian that “about 900 people” attended. More than 80 per cent of local and regional nominees and award recipients were absent, forcing others to accept the awards on their behalf. Special awards were given to comedian Dennis “Sprangalang” Hall, entrepreneur Tony Chow and Arts and Multiculturalism Minister Winston Peters, who copped a Lifetime Achievement Award. They were also absent. Businessman and former producer, Robert Amar, who was on hand to accept his special award, said while he was happy to be recognised for his contribution, he was disappointed that his “own people” failed to appreciate his accomplishments. “It’s a bitter-sweet night, because this homeland has never paid me the kind of homage that this foreign entity has paid me,” he said.
The show ended at 11.20 pm with some patrons calling it “an OK event.”
Other awardees included:
• Destra—Best Female Entertainer (absent).
• Buffy—Best New Entertainer (absent).
• Kernel Roberts—Songwriter of the Year (absent).
• Freddy McGregor and Mighty Sparrow—Most consistent entertainer (absent).
• Rhianna—Most popular Hip Hop Artiste (absent).
Vybz Kartel: "Your Best Friend Can Turn Out To Be Your Worse Enemy"
Many of you have heard or seen the recent accusations made by my former associates in the past few weeks. I don’t know why all of these individuals, think the most appropriate action to take after a philosophical difference occurs is to go to the press and attack me.
I can only say that I am reminded of Bob Marley’s admonishments when he said man is so unjust, you don’t know who to trust…your best friend can turn out to be your worst enemy…I shall say no more, other than who the cap fit, mek them wear it. I am issuing this statement because I think these accusations are due to a breach of confidentiality as certain individuals got wind of my upcoming projects and initiatives and they know they can’t stop me without resorting to underhanded tactics.
See Jamaica, Vybz Kartel has been carrying a secret for a very long time and I think it is time that I reveal it before persons try to derail the projects that I have put together by continuing to make false reports about me in their attempt to have me muzzled. Two years ago, I had an epiphany whilst on stage. I saw thousands of people screaming for Kartel, jumping up and down, listening to ever word that I uttered on stage, it was like the people were eating out of the palm of my hands. At that moment, something strange came over me, as I heard the people screaming for more, I suddenly realized that my calling was to be more than a Deejay.
I realized that the people were not eating out my hands but they wanted to hear Kartel speak because finally somebody was telling their story in a profound no holds barred manner. Whether I was addressing sexuality, poverty, police brutality, injustice,the trials and tribulations of the ghetto I was finally giving ghetto people a voice - a big voice like society never heard before.
I know I am not the first that has ever attempted to do this. Because when I researched I saw that Marcus, Sam Sharpe, Paul Bogle all spoke directly to the powers that be on behalf of the people but were ostracized and in some cases killed. Later, Marley, Tosh, Jacob Miller did the same thing and all died young under unique somewhat mysterious circumstances. I have seen what they have done to ancient Rastamen, People’s Telecom, the Marcus Garvey Political Party and other entities that attacked Babylon head on.
I did not want the same fate to reach me at the time, I did not want them to muzzle me also, so I took a decision that I felt I had to, I had to trick Babylon. I realized if I kept doing outrageous and outlandish stuff, they would write me off as just an attention seeking artiste and not realize that since July 26, 2009 behind closed doors I have been writing my book and setting up my GEL (Gaza Education and Literacy) program. So they put the spotlight on me, not knowing that they were actually putting the spotlight on themselves because Vybz Kartel is not about braces, bleaching and hairstyles but I am about elevating the cause of Ghetto people.
Please understand Jamaica sometimes you have to trick Babylon with confusion. If I revealed my intentions two years ago, do you think the people that control the media would report everything I do? Babylon, you have been tricked. For 500 years, the system has been using reverse psychology to trick my people, I have now used reverse psychology to trick them Let’s see societal hypocrisy for what it is. Now that my book is going to be released, now that most of my songs will have a more cultural overtone as i have already taken the decision to stop deejaying gun lyrics, now that I am going to be providing educational opportunities for young people, will you be giving me the same attention?
In so far as business is concerned, I don’t agree that rum and a night club is an Empire. The Portmore Global Empire has been in the works for some time with proper infrastructure currently being put in place. I had anticipated certain moves and I have been in consultation with Attorneys in Pembroke Pines, Florida about proper branding, contracts, representation and protecting my legal rights globally. The team I have been working with are all degreed in the areas of Finance, Marketing, Mass Communications and have the expertise that I will need - it is funny when I hear "nobody can tell Kartel anything" when I have trained consultants who have aided me in planning my future projects. I have not finalized any decisions as yet but I have invested considerable resources to take my business endeavours to another level, so again, like Bob Marley said, half the story has never been told.
Now I know a lot of my fans are probably surprised but understand this, I feel called by a power greater than me. Black people have been suffering too long, we have been in poverty too long, we have been brutalized too long and Vybz Kartel is now advising the world that I will use the spotlight that you have put on me to highlight their cause. I am not naïve and I know based on recent interviews on TV that my life and freedom is more in danger than ever before because I have no intention of easing up on the system or their agents. However, I am at peace with this decision.The Gaza ladies, you are still my babies, so don’t worry, the black race must procreate so I will giving you more “Dumpa Truck” to drive in, you can still “Get Wild” and you will still ride your “10 speed bicycle” in “Slow Motion.” I will never stop deejaying for you. The “thugs,” you all built Kartel, so I will never alienate you but you may be getting some new messages from me.
It is unfortunate that I have been forced to prematurely make this statement as my book was slated to be launched on July 23, 2012 - His Imperial Majesty’s Earthstrong, my GEL program was for the September 2011-2012 academic year but the forces against me are rising on TV and in the newspaper so after consultation with the few trusted advisers I have left, I decided to make this release so that if they take my life or my freedom, the projects will continue. Keep in mind that the greatest black man that ever lived, Marcus Garvey, was betrayed by trusted individuals and endured continuous character assassination, so I guess I am in good company. We nah stop say Gaza4Life, we just upgrading the message.
Nationwide Manhunt Underway For Hip-Hop Executive Jimmy Henchman
DEA agents and Federal Marshals are on a nationwide manhunt for Hip-Hop executive, James "Jimmy Henchman" Rosemond.
A federal arrest warrant was issued for Rosemond this week, after he failed to turn himself in on cocaine distribution charges.
Rosemond, 46, was indicted on the cocaine distribution charges after a year-long investigation revealed that he shipped hundreds kilos of cocaine inside of music equipment cases, to various recording studios in New York.
Millions in proceeds were then sent back to the West coast, in vacuum sealed packages that held $100,000 in $20 dollar bills.
Last Monday (May 23rd), Rosemond issued a statement to AllHipHop.com, stating that he was the victim of a massive conspiracy and cooperating witnesses attempting to whittle their own time down when they are sentenced.
Rosemond also stated that he would turn himself in as long as he received a fair trial.
According to reports, Rosemond is facing at least 15 to 20 years in federal prison for his role in the cocaine distribution ring.
Three other men also face charges for their role in the ring, although two of the men have already begun cooperating.
Rosemond's brother Kesner is facing charges, along with Kahlil Abdullah and Henry "Black" Butler.
Abdullah and Butler, who is the brother-in-law of "Precious" director Lee McDaniels, are cooperating with the government.