Royal Advice from LisaRaye??
Estranged ex-wife of former Premier of the Turks and Caicos Islands, actress LisaRaye McCoy is at it again.
McCoy is giving advice to Kate Middleton, who will also be marrying into royalty when she and Prince William say "I do" on April 29. According to McCoy who considered herself to be royalty when she married the then Premier- “Everything that you do is in the spotlight; everywhere you go is in the spotlight. This marriage is going to be huge. This wedding will be huge and she cannot step in the shoes of Princess Diana. She's going to be able to do the best that she can do. So I wish them nothing but luck, communication and help and a lot of babies."
The now reality show star even suggested that Queen Elizabeth herself had some suggestions for McCoy's wedding.
"It became bigger than what I really wanted it to be," she says of her nuptials. "I wanted a medium-sized wedding and it grew and grew and grew. And then Queen Elizabeth heard about it and then it was more flowers and more dignitaries and more people that needed to be there and then the trumpets -- and I was like I didn't really want trumpets - but I had to have the 'duh duh duh duh duh duh duh duh duh.' And it was oh okay."
McCoy says her wedding was fit for a princess -- and she even wore Princess Grace's tiara.
"My wedding dress was phenomenal," she says. "I looked like a Barbie doll if I must say. The bodice was fitted and it came out at the waist and train was long and I just I had my head up high and just floated towards him and I didn't see anybody."
Sadly, the fairy tale didn't last for McCoy and Michael. The couple split in 2008.
Ex-convict advising TCI on taxes
A former Minister of Government who was charged and convicted in his native Peru on various accounts of high-level corruption, is now one of the chief advisors to the Turks and Caicos Islands Government (TCIG) on tax and revenue matters.
The man is Jorge Baca Campodonico, who was Minister of Economy during former President Alberto Fujimori's notoriously corrupt Government in Peru.
Peru’s Supreme Court convicted Baca for misappropriating state funds by diverting US$59.4 million from Government money to bail out a private bank, ordered him to repay US$666,000 to the state and barred him from holding public office for three years.
Campodonico is one of the European Union (EU) team of experts, who is advising government on how to impose and establish the Value Added Tax (TAX) and other revenue measures. He recently addressed a meeting of the Turks and Caicos Islands Chamber of Commerce in Providenciales.
Campodonico, who was arrested by INTERPOL in Argentina in February 2003, while working for the International Monetary Fund (IMF), was slapped with a four-year suspended sentence in 2008 for having protected the affidavits of former presidential advisor Vladimiro Montesinos and for other corrupt matters.
Montesinos was the main collaborator of the Peruvian President Alberto Fujimori (1990 - 2000) and is now in jail in Peru for criminal actions against the public administration. Montesinos has also been prosecuted in connection with narco-trafficking, corruption and political assassinations.
The SUN contacted the TCIG for a statement on the matter and they said they did not know of Campodonico’s past criminal record at the time he was hired.
The statement from TCIG said: “TCIG were unaware of Mr Baca’s background; had they been, TCIG would not have considered him suitable for this role. TCIG wish to stress, however, that his analysis was carried out as one member of a team, and that we do not believe the revenue work, which was the result of the whole team's efforts and which is now complete, to be invalidated. The TCIG view is that the entire team conducted itself in a completely professional and credible manner throughout their period of work in the TCI.”
When he was arrested, Campodonico was part of an IMF technical mission visiting Argentina to examine aspects of a new IMF programme. The IMF and the World Bank had sent a mission to Buenos Aires in order to survey public accounts.
Campodonico’s arrest was regarded as a serious incident and is a blow to the IMF's credibility, especially to its increasing tendency to lecture borrowing countries about a good governance agenda. Similar concerns and suggestions of double-standards are likely to be raised here in the Turks and Caicos Islands.
Baca, as he is popularly known, was accused of having links to the former chief of the Peruvian intelligence services, Vladimiro Montesinos.
The TCIG adviser is an expert on taxation systems and conducted the reform of the Peruvian tax collection department. It is said that the reform has serious irregularities as excluded from control hundreds of politicians and public officials connected with Fujimori's administration.
In June 2001 a parliamentary investigation concluded Baca had illegally countersigned decrees authorising weapons purchases with revenues from state enterprise privatisations that were intended for poverty reduction.
Baca, was also was prosecuted by the Special Criminal Chamber of the Supreme Court, for having supported the illegal bailout of Banco Latino in 1998 during the Fujimori administration.
Fujimori is now serving 25 years in prison after he was arrested and tried for a number of crimes related to corruption and human rights abuses that occurred during his government.
It is reported that in 1999 Baca joined the Inter-American Development Bank after leaving the government, and that he was then hired by the IMF in April 2001 to work as an adviser on fiscal issues, for a $10,000 monthly salary.
In September of that year he had to testify in a Peruvian court about his links with former President Fujimori's spy chief Vladimir Montesinos, who was sentenced to five years in prison for human rights abuses, money laundering, embezzlement and arms deals. Baca was then prohibited to leave the country but fled to the US. In December 2001 he was found guilty of contempt of court. An international warrant was issued on 5 February 2002 and in May 2002 he was arrested in Miami, but extradition efforts failed.
The IMF provided legal assistance to Baca after his arrest in Argentina and expressed "concern". The judge in charge of the case questioned whether IMF concerns had to do with the fact that "[she had] made effective an international warrant or because they are employing a person wanted by Interpol".
Baca had a UN passport and the immunity normally granted to IMF staffers, but this only applies to acts performed by employees in their official capacity. The judge said it would be juridical nonsense if "[the IMF] could deny one of its member states the possibility to exercise its rights as a sovereign state on one of its citizens". Baca was released after a $10,000 bail was paid, but he could not leave the country.
When questioned about whether due diligence was done on Bacca, IMF external relations chief, Tom Dawson, said at a press briefing in Washington: “We do extensive reference checks on individuals when they are hired. It's not quite clear that he was on any kind of list at the time that he was hired at the Fund".
Baca says he later informed the Fund that he was a fugitive and that an international warrant had been issued for his arrest. According to Baca the Fund asked the FBI to send agents to Peru to investigate the charges; their assessment was that they were unfounded and that Baca was being persecuted by the new government. Apparently the Fund decided to retain Baca and ignore the international warrant.
Source:TCI SUN
PPC Statement on proposed Carbon tax
Many of you have expressed concerns over the Interim Government’s proposed Carbon Tax, and rightly so. Many persons are concerned about (1) the efficacy of this new tax, (2) what it will do to the price of electricity, (3) the future generally of the utility industry in these Islands.
PPC became aware of the proposed Carbon Tax on Tuesday of this week (5th April 2011) through the Government Information Service’s Press Release. There were no prior consultations or advanced notice from the Interim Government, even though the Chairman and the CEO of PPC paid a courtesy call on the Governor and senior staff as recently as the 25th March 2011. Consequently, we are still assessing the likely impact of such a Tax on our customers, on the Company, and on the Country, if it is to be implemented. As far as we can tell, a Carbon Tax does not exist anywhere in the Caribbean, and we know as a fact that it does not exist in the United States and Canada.
What we can say at this stage is that the Interim Government’s proposal to impose a Carbon Tax on electricity generators is based on the false presumption that doing so will “encourage the generating companies to review their generating efficiency and mix of sources, including from renewable technologies, over time.”
The Carbon Tax according to this proposal is to be paid directly by PPC and its shareholders, to finance a waste management program. This is grossly unfair, violates basic and long-established regulatory principles, and will, in fact, discourage improved generating efficiency and renewable energy investments.
The Interim Government’s assertions run counter to basic principles of both economics and finance. Apparently, the Interim Government does not realize that the funds needed for investments in renewable energy resources and improved operating efficiency come directly from PPC’s earnings and its ability to raise capital. Arbitrarily reducing PPC’s earnings is not only grossly unfair to PPC’s investors, but it will reduce the funds available to PPC for further capital investment. Since acquiring PPC in 2006, our parent company, Fortis Inc., has reinvested all of PPC’s profits (plus tens of millions of dollars more) back into PPC, in its commitment to build a modern, reliable, and environmentally responsible utility company in the Turks and Caicos Islands.
By effectively expropriating millions of dollars from PPC, the Interim Government will raise concerns from future investors, thus raising the costs of borrowing funds and reducing access to capital markets, not only for PPC, but for all TCI businesses. Such an outcome will lead to higher electric rates and lower overall economic growth, hardly a recipe for economic recovery.
We understand the dire straits Government has gotten itself into financially. However, this Tax is not the way to solve Government’s financial difficulties. We hope to work with the Interim Government and persuade them to this effect.
We will keep you apprised.
PPC Ltd
Bank of America profits fall due to mortgage losses
Bank of America Merrill Lynch has reported a 38% decline in profits for the first three months of 2011 compared with a year earlier.
It made a profit of $2bn (£1.23bn), but the bank's residential mortgage unit lost $2.39bn, as debts were not repaid.
High unemployment and falling property prices have seen many US households falling behind on their mortgages.
Analysts were disappointed by the figures which came after unexpectedly good results from rival JP Morgan.
"I think the reason seems to be Bank of America is struggling with the mortgage mess and cleaning up what is going on there," said David Morrison a market strategist at GFT Global Markets.
The first quarter result was, however, an improvement on the loss of $1.2bn dollars made in the final quarter of 2010.
Mortgage problems
The bank has not only faced the problem of debts not being paid, but has also incurred costs due to problems and delays with its attempts to foreclose homes.
The bank said it had lost $874 million in "mortgage-related assessments and waivers".
Some $1bn of costs came from not being able to sell on mortgages which then fell in value.
Bank of America, the US's largest bank, does business with half of all the country's households.
JP Morgan, the second-largest US bank, had also said that it had suffered high losses on its mortgage related assets, including similar costs associated with delays.
"Unfortunately, these losses will continue for a while," said JP Morgan chief executive Jamie Dimon last week.
Analysts say Bank of America is particularly exposed to the mortgage market since its take-over of Countrywide Financial in 2008.
Markets were disappointed at the results with the bank's shares falling 1%.
The bank announced that Bruce Thompson, its chief risk officer, will also become chief financial officer in July.
Chuck Noski, the current CFO, will become vice chairman of Bank of America.
Mortgage losses were one of the main causes of the financial crisis in 2008 which saw Bank of America merge with investment bank Merrill Lynch.
Heavy losses in the merged unit forced the bank to rely heavily on Federal funds through the Troubled Asset Relief Program.
China's economy expands 9.7% as inflation accelerates
China's economy continued its boom in March and inflation accelerated to the fastest rate since 2008.
Growth was at a faster-than-expected 9.7% between January and March from the same period a year earlier, the National Bureau of Statistics said.
Consumer prices rose by 5.4% in March compared with a year earlier. In February, the annual figure was 4.9%.
The government has been taking steps to try to cool property and food prices.
Chinese inflation has been accelerating despite four interest rate rises since October.
"The figures are higher than market expectation, especially the CPI (consumer prices index), which means the inflationary pressure is really big," said Nie Wen from Hwabao Trust in Shanghai.
"So I think the tightening measure will continue."
Tackling inflation
Chinese President Hu Jintao said on Friday that China's economic growth was still unbalanced.
He pledged to boost the role of domestic consumption in the economy.
Mr Hu made the comments at Asia's version of the World Economic Forum, taking place in Boao on the Chinese Island of Hainan.
This week, Prime Minister Wen Jiabao said that the government would use all the tools at its disposal to tackle inflation.
"We will try every means to stabilise prices, the top priority of our economic controls this year and also our most pressing task," Mr Wen said at a cabinet meeting.
Food prices
Rising food prices have been the main cause of inflation. The cost of food was up 11.7% in the year to March. Housing costs have also risen sharply.
Prices have also been driven up by demand. Retail sales in the first quarter of the year were up 16.3% on a year ago.
In another sign of the impact of strong growth, oil demand for February increased by 10.3% on a year ago, driving global oil prices higher.
The Chinese central bank has increased the amount of money Chinese banks need to keep as a reserve in order to limit lending and to try to control inflation.
Analysts are expecting the bank to order further increases alongside possible interest rate rises.
Irish Republic's economic progress gets EU approval
The Republic of Ireland's progress on deficit reduction has been approved by the European authorities - a condition of last year's bail-out.
They have looked at the Republic's performance throughout the first three months of the year and have said that it has met its targets.
The country's Finance Minister, Michael Noonan, told a news conference that the bodies had been "very complimentary".
Earlier its credit rating was cut again on concern over its financial strength.
The credit rating agency Moody's marked the country down two notches on the scale to a status just one notch from "junk".
Such a move typically means that the government will have to pay more to borrowing money.
European authorities and the International Monetary Fund (IMF) agreed an Irish rescue package worth 85bn euros (£70bn, $113bn) - 17.5bn to come from the country itself - when it could no longer cope with its debts, largely the result of support for its over-stretched banking sector.
Mr Noonan said the authorities behind the bail-out, the EU, the IMF and the European Central Bank, had agreed to certain changes, including the reversal of a cut in the minimum wage.
The bail-out came with strict conditions, including an interest rate which the newly elected government said was too high and pledged to get it reduced.
Mr Noonan said "significant progress" had been made on the matter at last week's meeting in Hungary.
He said he would take up the matter again at a meeting of eurozone finance ministers next month.
The final review documents would be made public once final approval had been given on May 15-16, Mr Noonan said.
Moody's cut the Republic's credit score on Friday to Baa3 - one level above junk-bond status - saying it could struggle to cut its budget deficit because of weaker-than-expected economic growth.
It stands alone though among the three leading ratings agencies. On Thursday Fitch ratings upgraded its outlook, while Standard and Poor's gives the Republic the same grade as Fitch.
It has a target to cut the gap between government income and spending to 3% of gross domestic product by 2015.
The Republic's 2010 deficit hit a European record of 32% after it bailed out its crippled banks.
India's inflation accelerates to 8.9% in March
India's inflation rate rose to 8.9% from 8.3% in February, driven higher by fuel and manufacturing costs, the government has announced.
The January inflation rate was also revised upwards to 9.35% from 8.23%.
Earlier this week the International Monetary Fund (IMF) warned about inflation building in Asia's fast-growing economies.
The body said "boom-like dynamics" should not be allowed to get out of control.
The Reserve Bank of India has raised its key interest rate eight times since March 2010.
The cost of borrowing currently stands at 6.75%
Analysts believe another rate rise from the Indian central bank is now likely.
"It seems that inflation trajectory has changed. The expected decline in inflation is just not happening and looks like we have underestimated the underlying pressure on prices," said Ashutosh Datar, an economist at IIFL in Mumbai.
"More monetary tightening is inevitable after today's data and the case for a 50 basis point hike in May is strengthened," he added.
Rising commodity prices are pushing up the rate of inflation across the world.
On Friday China revealed that prices rose by 5.4% in March compared with a year earlier. This was up from 4.9% in February.
The rate of inflation also rose in the eurozone and the US to 2.7%.
Google sees a sharp rise in first-quarter earnings
Internet giant Google has reported a sharp rise in first-quarter earnings, the first figures with co-founder Larry Page back at the helm as boss.
The world's leading search engine reported $6.54bn (£4bn) in net revenue in the first quarter, up 29% from $5.06bn the same time a year ago.
Google has about a 65% share of the US search engine market and about 90% in Europe.
The firm said it would continue "to invest for the long term".
Announcing the results, Patrick Pichette, Google chief finance officer, said: "These results demonstrate the value of search and search ads to our users and customers, as well as the extraordinary potential of areas like display and mobile."
UK revenues shrink
During the quarter, paid clicks - which measures the number of times people click on Google ads that are sponsored by the advertisers - rose by 18%.
Meanwhile, average cost-per-click for its search advertisements increased by about 8% on the same quarter 12 months earlier, and decreased about 1% from the fourth quarter of 2010.
However, on some measures Google came in below analysts' expectations.
Revenues from the UK were $969m, representing 11% of income in the first quarter of 2011, against 13% in the first quarter of 2010.
The firm has been engaged on a staff hiring spree, looking to employ more than 6,000 workers this year, but that has been driving up its costs.
"Clearly the company is still in growth mode and for Google that means spending too," said Jordan Rohan, analyst at financial services firm Stifel Nicolaus.
He said Google was spending on sales and marketing, and "they've hired 1,900 more people this quarter, which might be a new high".
In trading of its shares after the New York Stock Market closed, Google stock fell by 4% to $553.09.
TCI CARIFTA TEAM named for 2011
The 2011 Carifta Games will take place in Montego Bay, Jamaica from 21st April 2011 to 25th April 2011.
Delano Williams one of the athletes created history at Jamaican’s world renowned High School Athletics Track and Field Championships by becoming the first non-national to win a gold medal when he took home the highly-anticipated Class 1 Boys 200m race, on Saturday, April 2.
Williams, who was one of the Jamaican media darlings of the champions, which is referred to by Jamaicans as “Champs”, also teamed up with our very own Ifeanyi Otuonye to win gold in the Class 1 4x100m and 4x400m races.
His performance at Champs, which is regarded as the most prestigious junior athletics champions across the globe, appears to be a sign of things to come at the CARIFTA Track and Field Championship
President of the Turks and Caicos Islands Amateur Athletic Association, Neroy Kennedy, informed RTC Sports on Friday of the athletes and officials that will be representing the Turks & Caicos islands.
Under 17 Girls
Jatavia Howell 100m and 200m
Christina Hinds Pentathlon
Dujuana Fulford Pentathlon
Under 17 Boys
Junior Feli-Aimes 200m and 400m 4X 100m relay
Dewandre Smith 100m and 200m 4 X 100m relay
Javanio Fulford 100m and Long jump 4 X 100m relay
Clifton Jean 800m and 1500m 4 X 100m relay
Under 20 Boys
Delano Williams 200m and 4 X 100m
Shyon Parker 100m and 200m 4 X 100m
Angelo Germain 800m and 1500m and 4 X 400m
Deandro Toussaint 800m, 1500m, and 4 X 400m
Angelo Garland 110m hurdles, 4 X 100m and 4 X 400m
Ifeanyichukwu Otuonye long jump, high jump, 4 X 100m and 4 X 400m
Dominique Missick long jump and high jump and 4 X 100m
Kivarno Handfield Heptathlon
Anthony Clarke Heptathlon
Officials accompanying the TCI Team includes:
Neroy Kennedy -President/ Team manager
Rita Gardiner- VIP TCAAA
Russell Cox- Technical Official
Ali Smith- Coach
Brenda Lightbourne- Assistant Coach
Rodney Cox- Sports Commission
Despite the performances in Jamaica, TCAAA President is calm about the team selected and is focusing on the week ahead.
Rafael Nadal beats Murray to reach Monte Carlo final
World number one Rafael Nadal remains on course for a seventh successive Monte Carlo Masters title after coming through a stiff test against Britain's Andy Murray in the semi-finals.
The Spaniard won 6-4 2-6 6-1 in just short of three hours to set up a final against compatriot David Ferrer, who earlier defeated Austria's Jurgen Melzer 6-3 6-2.
Murray can take plenty of encouragement from a high-quality display in the second semi-final, especially as his participation was in doubt because of an elbow injury, and that might have played a part as Nadal proved much the stronger in the final set.
"When you do have an injury, it's sometimes difficult to concentrate," said Murray afterwards.
"Against someone like him, you need to play every single point, concentrate from every single point to the last. You can't just throw games, hope to hang onto your serve. You need to play every single point to put pressure on him."
World number one Nadal has now extended his unbeaten record in Monte Carlo to 36 matches, stretching back to 2003, and he has not lost anywhere on clay since 2009.
Saturday's semi-final proved to be one of his tougher tests on the surface he so dominates, although it looked for a time that the contest would not take place at all after Murray felt a problem with his elbow in the morning.
"Yesterday at the beginning of the second set I felt something, but I managed to play through it," Murray added.
"This morning I was hitting, warming up fine. I went to hit some serves; I couldn't serve."
The Scot required a cortisone injection and local anaesthetic, and the match was delayed by 20 minutes, but any thoughts it might signal a swift capitulation proved unfounded.
Murray came out firing, standing up to the baseline and attempting to hit hard, angled drives whenever possible to keep Nadal off his relentless rhythm from the back of the court.
The break points came thick and fast from the outset, the pair swapping breaks at the start before Murray pegged back a 4-1 deficit by coming through a 14-minute eighth game to level at 4-4.
Nadal's higher percentage of first serves was giving him a marginally easier time and, after he eased through to hold in game nine, it was no great surprise when Murray ran out of steam to hand over the set in game 10.
Murray had given as good as he had got for 69 minutes but come up short and the prospect of beating Nadal on clay from a set down appeared remote, but he set about the task impressively.
After seeing off another break point in game two of the second set with a sharp volley, the Briton won a dramatic 19-minute game after eight deuces to move 3-1 in front before a drop shot gave him the double break at 4-1.
Nadal reduced the arrears by getting one of the back in the following game but a double fault from the Spaniard then put Murray 5-2 up, and the third seed closed it out with a beautiful backhand drop shot.
The British number one had the momentum going into the deciding set but Nadal simply brushed himself down and started again, hitting a superb forehand winner off a Murray smash on his way to breaking in game two.
Murray then requested a medical timeout for attention to his elbow but the umpire insisted that, as it was a previous injury and not one sustained in the match, he would have to wait until the next changeover.
The Briton was, not surprisingly, less than pleased with this news as he was 3-0 down by the time the trainer got to work but, no matter what difficulties Murray was enduring, Nadal was typically getting stronger as his opponent struggled.
Three breaks of serve in a row left him serving for the match at 5-1 and, with the match clock seconds short of hitting three hours, he closed it out to love as though it were the first, rather than the last, game of the contest.
"I thought it was a good match, but I think I can play better," said Murray. "It's good to know you're able to play at a similar level to what he does on the clay. To win against him, you need to be able to do that for three-and-a-half hours, four hours.
"The matches that he's lost on clay the last few years have been normally long ones. He's the best player in the world for a reason."
Murray is scheduled to play in Barcelona next week but will decide on Sunday whether he is fit enough to play again so soon.
"Certainly I'll have an MRI scan, maybe tomorrow," said the Scot. "You sometimes get like a bit of bone basically that has fallen off.
"It sounds worse than it is, but it's basically floating around in the joint, so every time I bend it, I get of a lot of, like, clicking. It just feels really bruised because I obviously had a couple of injections. There's blood and stuff going in there.
"It was good because I managed to play, but I would have liked to have finished the match a bit better."