21 year old Garrick Tucker charged with Aggravated Burglary
Police in Grand Turk have charged Mr.Garrick Tucker a 21 year old Turks and Caicos Islander for Aggravated Burglary.
This is in connection with an incident which occurred at the Osprey Beach Hotel in Grand Turk on Sunday night 9th January 2011.
Garrick Tucker will appear in Providenciales Magistrate's Court # 2 on Friday 14th January 2011 at 9:00am to answer to the charge.
TCI to host Bahamas, Turks and Caicos Islands Conference of the Methodist, Church in the Caribbean and the Americas
The annual session of the Bahamas, Turks and Caicos Islands Conference of the Methodist, Church in the Caribbean and the Americas will convene at Wesleyan Methodist Church in Blue Hills Providenciales from today 13th to the 24th January 2011 under the theme PURSUING OUR MISSION TOGETHER THROUGH COMMITTED AND RESPONSIBLE SERVICE.
The Conference will commence with a Ministerial retreat from today Thursday to Friday, followed by a Ministerial session on Saturday. Lords Day Sunday will be devoted to worship services at the Various Methodist Churches where Probationer presbyters and evangelists in training, will do their trial services.
On Monday at 2.15 p.m., the flag-raising ceremony, chaired by the Vice President Mrs. Judy Munroe, will take place during which time the flags of the Bahamas and Turks and Caicos Islands will be raised followed by the Conference flags. The representative session commences at 5.30 p.m. and during the evening, the welcome and communion service will take place at 7p.m.
Conference continues with sessions during the day and evangelistic and open air services during the evening as well as the annual Conference Prayer breakfast on Saturday. The official Conference service will be held at 10.00 a.m. on Sunday 23rd January.
Conference will be chaired by the President, Bishop Rev Derek C O Browne who is presiding over his first Conference since becoming Bishop of the Bahamas, Turks and Caicos Islands Methodist Conference. Delegates will come from through the Bahamas and Turks and Caicos as Well as representatives from the Connexional Conference headquarters in Antigua.
RTC News will have more as the Conference progresses.
TCHTA's Caesar Campbell heads a team of 17 to Jamaica
A visionary and creative small hotelier in Jamaica believes the Caribbean Marketplace travel trade convention that opens in Port Antonio, Jamaica this weekend, is a unique opportunity to highlight the contribution of the region's smaller hotels and resorts to the international draw of the Caribbean and a team of 17 from the TCI, will be among those benefitting from the experience.
The team is headed by Caesar Campbell, CEO of the Turks and Caicos Hotel and Tourism Association, the TCHTA and includes other members of the TCHTA, the Tourist Board and tour operators.
Dr. Paul Rhodes, who runs the Great Huts eco-themed property in Port Antonio, said the hundreds of travel and tourism movers and shakers visiting Jamaica for the convention, offer "the face of the Caribbean - we smaller hotels" - a rare chance to share unique stories about the appeal of a "down-home" hospitality experience.
"We in the smaller hotels offer what customers are yearning to experience when they travel to the Caribbean on vacation - human interaction and cultural connections," said Dr. Rhodes, a medical practitioner-turned resort owner and community volunteer.
Dr. Rhodes believes Jamaica and the Caribbean's smaller hotels are part and parcel of the people-to-people experience for which many Caribbean countries have become renowned.
"Our staff have chosen careers in this industry to learn from our guests, to share our indigenous culture and music, our amazing cuisine, but more importantly, to make new friends and share the warmth of the Caribbean," said the hotelier whose property sits within a stone's throw of Port Antonio's Boston Bay.
Rhodes congratulated the Jamaican government and the private sector for their tireless efforts to open the brand new Montego Bay Convention Centre in time for Caribbean Marketplace which is expected to host more than 1,300 members of the travel and tourism trade.
Caribbean Marketplace opens on Sunday, January 16 and culminates with a Jamaican musical extravaganza on Tuesday, January 18, 2011.
TCHTA's CEO Caesar Campbell, heads the team of 17 from the TCHTA, the Tourist Board and tour operators, at this years Caribbean Marketplace on behalf of the Turks and Caicos Islands.
Alison Capron parts ways with WIV
As of January 10th 2011 Alison Capron former WIV 4 news anchor and reporter, parted ways with WIV 4 News. Ms. Capron has expressed thanks to the public for their unwavering support and encouragement over the years that she has been employed at WIV 4 News.
Capron said .Without the consistent supportive feedback from the community, I could not have achieved all that I have up to date the public has been my motivation over my past two years working with WIV News. There is no better feeling then knowing you have been a valuable asset to your community.
She is also thanking WIV 4 News for their support during her employment with the company Capron stated
I want to thank Nigel Wardle, Director of WIV Group for his belief in my potential and for giving me the opportunity to learn and grow. I would also like to thank Teri Davis WIV Administrator for her guidance and leadership. I must also thank my hard working co-workers for their daily support.
Capron stated that she plans to continue to be involved in the community by beginning a new venture in Public Relations through her Capron Communications Consultancy Firm.
Commenting on her new endeavor, she said Having been intimately involved in the PR and news business in the Turks and Caicos . Capron Communications is aptly positioned to provide expert advice to local businesses wanting to position their brand within the Turks and Caicos Islands.
Anyone wishing to contact Capron Communications can email caproncommunications@gmail.com or reach Alison Capron at (649) 232-5052.
Fundraising pressure on China's banks unlikely to ease
Despite a flurry of deals last year that raised nearly $82 billion, stock and bond sales by China's banks are expected to continue as the industry pumps out loans to support its economy.
While Industrial and Commercial Bank of China (1398.HK) (601398.SS) said on Thursday it will not pursue fund raising for another three years, other banks may have to tap markets to keep up with loan growth.
The Agricultural Bank of China (1288.HK)(601288.SS), having raised $22 billion in an IPO last August, has already tapped investors for another $8 billion of capital barely two weeks into 2011. And that still may not be enough, according to some analysts.
With Chinese banks embarking on another lending spree in recent months, some may not have as big a cushion as they think when it comes to cash reserves.
For now, though, the near term fund raising targets are expected to be small to mid-sized lenders such as China Merchants Bank (600036.SS), analysts say. China Merchant's top-quality reserves -- known as Core Tier 1 capital -- are the lowest among the top eight.
"The smaller players are known for growing their loan book aggressively, so I expect share issues to be something that may happen again in the future," said Sophia Huo, an analyst at Daiwa Securities in Hong Kong.
China Merchants Bank declined to comment for this article.
Chinese banks raised $81.6 billion to shore up their balance sheets in 2010, according to Thomson Reuters data, with AgBank's IPO and clocking in as the world's biggest IPO on record.
The tighter capital controls come at a time when regulators are trying to pull back on lending to drain liquidity out of the system and cool China's red-hot growth, with tougher rules expected in the coming year.
However, despite all the rhetoric about restricted lending, the banks don't seem to be listening, with overall loans climbing to 1.6 trillion yuan in the last quarter of 2010 as borrowers tapped the banks ahead of an expected rise in interest rates.
And the new year has brought no sign of a slowdown, with sources saying banks doled out 500 billion yuan ($75.6 billion) in new loans in the first week of January alone.
"The banks have their own relationships they need to maintain with their customers, so they probably have to continue lending if their customers want it," said Daiwa's Huo.
Among the stock deals anticipated for 2011, mid-sized lender China CITIC Bank (0998.HK), 15 percent owned by Spain's BBVA (BBVA.MC), said it would look to raise more than $3 billion.
AgBank may need a fresh infusion of cash as early as 2012, when its self-imposed three-year limit on new fundraising expires.
Michael Werner, senior equity analyst at Bernstein Research said that even after AgBank's fund raising efforts, its core capital ratio is 9.75 percent, or slightly below what China's banks are aiming for.
Lehman sees $60 billion bankruptcy payout, needs time
Lehman Brothers Holdings Inc (LEHMQ.PK) said it will take longer than expected to win approval of a bankruptcy plan, and projects paying out $60.1 billion as it tries to settle differences with creditors owed six times that amount.
Harvey Miller, a lawyer for Lehman, told U.S. Bankruptcy Judge James Peck at a hearing in Manhattan on Thursday that the company hopes to file a revised Chapter 11 plan in seven to 10 days, and win court approval "well before the end of the year."
Miller, a partner at Weil Gotshal & Manges LLP, said Lehman's earlier goal to win approval of a bankruptcy plan by the end of March is no longer feasible.
According to a regulatory filing, Lehman expects to have about $60.1 billion of assets, up from the $57.5 billion it estimated six months earlier, to distribute to creditors once it emerges from its now 28-month-old bankruptcy.
Lehman said the judge will likely let creditors pursue $322 billion of their estimated $369 billion of claims. It said a "significant" amount of claims are unresolved, including $40.3 billion tied to derivatives.
The company still needs an accord with creditors, including billionaire investor John Paulson, that submitted a competing Chapter 11 plan in December. This group believes Lehman's plan treats big bank creditors better than other creditors.
Once the fourth-largest U.S. investment bank, Lehman filed for court protection on September 15, 2008, in by far the largest bankruptcy in U.S. history, after growing overexposed to real estate, mortgages and complex debt that plunged in value.
The bankruptcy filing is considered one of the main triggers of the global financial crisis.
"GOLDEN OPPORTUNITY" TO SELL ASSETS
Bryan Marsal, Lehman's chief executive and a principal at restructuring firm Alvarez & Marsal LLC, told Peck that improved market conditions for mergers and acquisitions give Lehman a "golden opportunity" to sell assets over the next six to 12 months.
Lehman can start repaying creditors once it emerges from bankruptcy. A company typically emerges shortly after it wins approval of a reorganization plan, but it is unclear how fast Lehman might emerge.
Under Lehman's plan, unsecured creditors could recover 10.4 cents to 44.2 cents on the dollar, general unsecured creditors of the holding company could recover 14.7 cents on the dollar, and creditors of derivatives and commercial paper units could recover 21.9 cents to 44.2 cents on the dollar.
The company is separately suing Barclays Plc (BARC.L), JPMorgan Chase & Co (JPM.N) and others to recover tens of billions of dollars of assets for distribution to creditors.
Barclays bought Lehman's main U.S. brokerage business shortly after the bankruptcy. Peck is expected to rule early this year on Lehman's claim that Barclays extracted an $11 billion "windfall" from this transaction.
Madoff victims win $7.2 billion from Picower estate
It's a landmark day for victims of Bernard Madoff's Ponzi scheme. A bankruptcy court judge approved the trustee's request to dole out billions of dollars in seized assets to the victims.
Judge Burton Lifland ruled on Thursday that Irving Picard, the court-appointed trustee in the recovery of assets stolen by Madoff, should free up cash to compensate victims.
This applies specifically to the $7.2 billion estate of Jeffry Picower, a philanthropist and Madoff associate who died of a heart attack in 2009. On Dec. 17, 2010, Picard reached a deal with Picower's widow Barbara, who agreed to turn over the money her husband received from the Madoff scheme so it could be returned to victims. This is the largest forfeiture in U.S. history.
"It was totally appropriate and correct and very beneficial to the victims," Picard told CNNMoney.
Picard claimed in court filings that Picower was a key beneficiary of Madoff's scheme. The trustee said Picower had withdrawn $7.8 billion from Madoff's firm since the 1970s, even though he only invested $619 million. Picower "knew or should have known that [he] was profiting from fraud, because of the highly implausible high rates of return" on his accounts, the trustee said.
Barbara Picower has denied that her late husband knew anything about the scheme.
Many victims have received compensation through the Securities Investor Protection Corp., which insured $783 million of the damages to investor. But with the court's ruling, this is the first time that victims will receive money from seized assets.
The trustee has verified nearly $6 billion worth of claims from 2,372 victims. More than 10,000 claims have been denied, in some cases because the victims withdrew more from Madoff than they invested, and in other cases because they invested through feeder funds.
The trustee has sued at least 400 investors, who withdrew more money from Madoff than they invested
Madoff pleaded guilty in March 2009 to orchestrating the most massive Ponzi scheme in history. He used his Manhattan investment firm as a front for the pyramid-style scam.
He stole money from investors while claiming to be investing it in the markets. He would provide the stolen money to his more mature investors, like Picower, while fraudulently claiming that the returns were legitimate.
Madoff is serving a 150-year sentence in a medium security federal prison in Butner, N.C.
Auto bailout's estimated cost to taxpayers: $19 billion
A Congressional oversight panel says that a "starkly improved" outlook for the auto industry has reduced the likely taxpayer loss on the bailout by more than half to about $19 billion.
The previous estimate from the panel was that taxpayers would lose $40 billion of the $81.3 billion given to the automakers and their finance arms from the Troubled Asset Relief Program.
The bailouts funded the automakers' operations through bankruptcy and Treasury ended up with significant equity in the various companies in return for the bailouts.
The report questions Treasury's decision to sell so much of its stake in General Motors (GM) during the automaker's successful initial public offering in November, saying the decision "essentially locked in a loss of billions of dollars and thus greatly reduced the likelihood that taxpayers will ever be repaid in full."
And it also cast doubt on whether Treasury will be made whole on a smaller bailout of the Chrysler Group, and questioned its handling of its holdings in the former finance arms of the two automakers, GMAC/Ally Financial and Chrysler Financial.
Treasury spokesman Mark Paustenbach said that despite the criticisms in the report, the analysis of the bailout was largely positive. The report acknowledged the government's action was necessary, he said, and because of the bailouts, the industry is now on a promising course.
Administration officials said it is too soon to say the final cost to taxpayers until the last shares of stock in GM, Chrysler and Ally Financial are sold.
But the Congressional report also says that there are significant consequences of the bailout which go beyond the loss of tax dollars.
"Treasury's rescue suggested that any sufficiently large American corporation -- even if it is not a bank -- may be considered 'too big to fail,' creating a risk that moral hazard will infect areas of the economy far beyond the financial system," it said.
"Further, the fact that the government helped absorb the consequences of GM's and Chrysler's failures has put more competently managed automotive companies at a disadvantage. For these reasons, the effects of Treasury's intervention will linger long after taxpayers have sold their last share of stock in the automotive industry."
1 million homes repossessed in 2010
Foreclosures were at a record high in 2010, and more than 1 million people lost their homes, even as notices started leveling off during the end year.
In total, there were nearly 2.9 million foreclosure notices filed during the year, according to report released Thursday by RealtyTrac. That was a record high, but just 1.7% above 2009.
It most certainly would have been higher had notices not plunged in November and December as banks halted tens of thousands of foreclosures in the face of the robo-signing scandal.
"Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity," said James Saccacio, RealtyTrac's CEO. "Many of the foreclosure proceedings that were stopped in late 2010 -- which we estimate may be as high as a quarter million -- will likely be re-started and add to [foreclosure] numbers in early 2011."
For the fourth consecutive year, Nevada led the nation in the rate of foreclosures with one of every 11 households there receiving at least one filing in 2010. Still, that constituted a 5.3% improvement from a year earlier.
In Arizona, one of every 17 households received a filing in 2010, down 4.5% for the year. Florida's 2010 foreclosures (one in 18 households) dropped 6.1% year-over-year, and California (one in 25) fell 8.5%.
Overall, 2010 was a rough one for the mortgage industry. The big news was the robo-signing scandal, which erupted in the fall amid allegations that banks were foreclosing on homes without having read the documentation.
Then, President Obama's efforts to fend off foreclosures foundered as the year wore on and the potential for ever more massive foreclosures ballooned.
At the beginning of 2010, the bloom had not yet faded from Obama's HAMP (Home Affordable Modification Program ) program, and many analysts were optimistic it would help many people save their homes.
By April, it became apparent that the program was losing the foreclosure fight; there were reports of 10 new defaults for every HAMP modification and the projections for the number of borrowers who would actually receive a HAMP mod had nose-dived to 1 million from 4 million.
Then the next shoe to drop came in June, with a report from Fitch Ratings that showed HAMP modifications re-defaulting at a high clip. The company forecast that three-quarters of all HAMP mods would ultimately fail.
The foreclosure prevention program really started to fade by mid-summer: Fewer than 37,000 loans received HAMP modifications in July, down from more than 50,000 a month earlier. Only 435,000 loans had gotten permanent modifications through the program.
The next few years could be difficult. Some industry analysts, such as Laurie Goodman, head of Amherst Securities mortgage group, say that as many as 11 million mortgage borrowers are in potential danger of default.
However, Rick Sharga, RealtyTrac's spokesman, predicted 4 million to 5 million and scoffed at quantifying the magnitude of the potential disaster, comparing it to "taking inventory of deck chairs on the Titanic."
Roger Federer 'can win 20 Grand Slams', says Annacone
Roger Federer's coach Paul Annacone has predicted that the world number two could extend his record Grand Slam tally to 20 titles.
"If he can stay healthy and happy and eager, I don't know what the end number would be. But is 20 realistic, sure, why not?" Annacone said.
Federer, 29, will bid for his 17th Grand Slam title at the 2011 Australian Open starting on Monday.
Annacone was hired by the Swiss after a quarter-final Wimbledon exit in 2010.
Federer has credited the Californian coach for his recent resurgence, capped by victory over world number one Rafael Nadal to win the season-ending World Tour Finals in November.
"He can win every tournament he plays, he's probably not going to, but he can win every match he plays and there's not a lot of guys you can say that about," Annacone, who works with Federer's Swiss coach Severin Luthi, told the Australian Open website.
Outlining his approach to coaching the world number two, Annacone, who has previously coached American Peter Sampras and Briton Tim Henman, added: "It's about combining the head, heart and talent components of a player, and understanding how they interact, the best way to match up against other players.
"And, ultimately, the best way for them to keep having fun doing it, and the best way to try to get better."
Federer kicked off his season with victory at the Qatar Open when he thrashed Russian former top-10 player Nikolay Davydenko in the final.
The Swiss is in Melbourne preparing for next week's Australian Open and he hopes to organise a charity exhibition match on Sunday to help the victims of the flooding in Queensland, Australia.
Federer organised a similar event last year following the Haiti earthquake, with Nadal and Serena Williams among those who took part.
"The floods here in Australia are devastating!" Federer said on Facebook.
"I am on my way to practise now and am going to speak with Tennis Australia to see if we perhaps can organise something on Sunday to help raise some funds for the people of Queensland who have been affected.
"Stay tuned as it would be great if the sport of tennis can help out right before the Australian Open begins."
Queensland's flooding has caused billions of dollars worth of damage and affected 200,000 people, with the death toll at 12 so far and many others reported missing.
American Andy Roddick pledged $100 for every ace he served at the Brisbane International last week, and doubled the tally to $10,800 after losing the final to Robin Soderling.
Australian Sam Stosur offered the same and the ATP and WTA professional tours expect to donate A$40,000 with their pledge of $100 for every ace over three tournaments, including next week's Australian Open.
England's cricketers and their Australian counterparts also passed collection buckets around the crowd at the Adelaide Oval on Wednesday during their first Twenty20 match, and plan to donate part of their match fees to Queensland Premier's Flood Relief appeal.
It was announced that $24,899 had been raised from the crowd of 32,054.
England bowler Graeme Swann said: "It is important that we do something, those people need as much help as possible. It's a terrible time and each day it seems to get worse and worse."
England batsman Kevin Pietersen had already announced that he would auction off one of the shirts he wore in England's Ashes triumph, as well as a bat and two tickets to a one-day international to raise funds.