London loses position as most valuable European stock market
Britain's stock market has lost its position as Europe's most-valued, with France taking the top spot, data shows.
A weak pound, fears of a recession in the UK, and surging sales at French luxury goods makers are thought to be behind the shift, according to data from Bloomberg.
It's the first time Paris has overtaken London since records began in 2003.
It comes as the UK is expected to fall into recession this year, although the French economy is also under pressure.
The combined value of British shares is now around $2.821 trillion (£2.3 trillion), while France's are worth around $2.823 trillion, Bloomberg calculates.
It marks a huge reversal of fortunes for the London Stock Exchange, which was worth about $1.4 trillion more than its Parisian rival back in 2016.
France has been catching up for some time but shares in the UK's medium-sized companies have been doing particularly badly this year, as consumers cut back their spending and businesses struggle with higher costs.
London's FTSE 250 share index - which is made up of medium-sized companies focused on the UK - has slumped by almost 17% in the last 12 months.
One of the biggest fallers has been pub chain Mitchells and Butlers, which lost over 37% of its share value in the past year. Gambling company 888 has fallen 70% and retailer Marks & Spencer is down 40%.
UK firms have also been hit by a fall in the pound since Liz Truss's mini-Budget, which has made it more expensive to import goods and raw materials.
The euro has also fallen against the dollar but less sharply than the pound. The French stock market has also been boosted by its luxury goods makers, which have seen a bounce-back in demand from China.
Shares in LVMH, which owns the fashion brand Louis Vuitton, have surged 22% in the last six months, while Hermès is up 37%.
Chinese shoppers accounted for around 35% of global demand for luxury goods before the pandemic, according to Bloomberg data.
As in other countries, energy and food prices have soared in the UK this year in part due to the war in Ukraine.
Many British homeowners have also seen a sharp rise in mortgage rates after the mini-Budget drove up UK borrowing costs.
It has put pressure on consumer spending and added to existing problems in the economy, experts say, including weaker trade since Brexit. The UK is the only G7 nation whose economy is still smaller than it was before the pandemic.
Source-BBC
Bajan Man remanded in connection with 38 firearms
Bajan Noel Lionel Taylor has been remanded to prison in connection with a number of charges including importing 38 illegal guns and 687 rounds of ammunition.
The Lowthers, Christ Church resident who is also facing fraud and drug charges appeared before Magistrate Manila Renee in the District ‘A’ Magistrates’ Court at Cane Garden, St Thomas on Monday. He was not required to plead to the indictable charges.
The firearm and drug charges were reportedly committed on October 24.
Source-BToday
Three Virginia football players killed; ex-player in custody
A former University of Virginia football player suspected of killing three football players and wounding two other students on campus late Sunday night is in custody after a manhunt in Charlottesville, Virginia, police confirmed Monday.
During a news conference Monday, University of Virginia president Jim Ryan said three Cavaliers football players were shot and killed: junior receiver Lavel Davis Jr. of Dorchester, South Carolina; junior receiver Devin Chandler of Huntersville, North Carolina; and junior defensive end/linebacker D'Sean Perry of Miami.
Authorities said the suspect in the shooting, identified as Christopher Darnell Jones Jr., was apprehended "without incident" just before 11 a.m. in Henrico County, Virginia. University of Virginia police chief Tim Longo said Jones, 22, had been arrested and charged with three counts of second-degree murder and three counts of using a handgun in the commission of a felony.
Jones was listed as a freshman running back on the team's 2018 roster, and his roster bio noted that he previously played at Petersburg High School and Varina High School in Virginia.
Ryan said two other students were shot and were hospitalized; he said one was in good condition and one is in critical condition. Ryan did not identify the other students.
One of the injured students is junior running back Mike Hollins, his father told The Washington Post. Michael Hollins Sr. told The Post that his son is in "stable" condition after being shot in the back.
"The doctors said he's going to recover," Hollins Sr. told the newspaper. "They said because of his age and physical condition, he's doing exceptionally well."
In a statement, Virginia football coach Tony Elliott said his team is experiencing "devastation and heartache."
"I cannot find the words to express the devastation and heartache that our team is feeling today after the tragic events last night that resulted in the deaths of Lavel, D'Sean and Devin, and the others who were injured," Elliott said in the statement. "These were incredible young men with huge aspirations and extremely bright futures. Our hearts ache for their families, their classmates and their friends. These precious young men were called away too soon. We are all fortunate to have them be a part of our lives. They touched us, inspired us and worked incredibly hard as representatives of our program, university and community. Rest in peace, young men."
Cavaliers athletic director Carla Williams also issued a statement and offered prayers for the families of the students.
"As a mother of three children, I ache for the parents and family members," Williams said. "We lost three talented and bright young men. We will never see what their impact on the world would have been, but we will never forget their impact on us. I miss Lavel, D'Sean and Devin. I pray for peace, comfort and hope for their parents and loved ones. For their teammates, coaches and friends, I pray for strength and a peace that surpasses all understanding."
Ryan said the students had traveled to Washington, D.C., on Sunday to attend a play as part of a class field trip. Longo said the students enjoyed a meal together and then "someone amongst them chose to do an act of violence."
About 13 minutes into the 20-minute news conference Monday, Longo was interrupted by another law-enforcement official and told that Jones had been apprehended. After announcing the arrest, Longo paused briefly.
"I just need a moment to thank God and breathe a sigh of relief," Longo told reporters.
Source-ESPN
Biden on meeting with Chinese President: “I know i’m coming in stronger, but I don’t need that”
President Joe Biden and Chinese President Xi Jinping are set to meet in person for the first time Monday, on the sidelines of the annual G20 summit.
This year the gathering is being held on the Indonesian island of Bali, where each man will have the political wind at his back. Biden is coming off the Democrats’ surprising performance in the midterm elections, and Xi recently secured a third term in office with the approval of the country’s Communist Party.
Biden told reporters Sunday that “I know I’m coming in stronger, but I don’t need that.” He cited his long relationship with Xi and noted that Xi’s “circumstance has changed, to state the obvious, at home.”
But despite the president’s optimistic tone ahead of the meeting, the two will likely broach some more difficult topics, including China’s relationship with Russia as well as the US commitment to defending Taiwan should China invade.
The White House has warned reporters to expect no major announcements or a joint statement from the countries following the Biden-Xi meeting on Monday.
Source-ABC
Democrats secure Senate control, after wins in Nevada and Arizona
Democratic incumbent Catherine Cortez Masto will win Nevada’s Senate race against Republican Adam Laxalt, ABC News has projected.
Cortez Masto, the first Latina elected to the Senate, was narrowing the gap with Laxalt before the race was officially called over the weekend.
Democrats now have 50 seats in the Senate -- enough to retain control of the upper chamber. It comes after Democratic incumbent Mark Kelly bested Republican challenger Blake Masters late Friday night, according to ABC News’ projection.
The victories mark a major boost to President Biden in the second half of his term, both for his legislative agenda and his ability to appoint judges and other officials.
Source-ABC
Roberta Flack diagnosed with ALS, says it's "made it impossible to sing"
Singer Roberta Flack is no longer able to sing following a diagnosis of amyotrophic lateral sclerosis, otherwise known as ALS.
Her management team announced Monday the singer's ALS symptoms have "made it impossible to sing and not easy to speak." The statement adds, "But it will take a lot more than ALS to silence this icon."
Her team announced, "Miss Flack plans to stay active in her musical and creative pursuits. Her fortitude and joyful embrace of music that lifted her from modest circumstances to the international spotlight remain vibrant and inspired."
Flack is said to be looking forward to "a banner year in 2023," and will pursue a "number of projects and anniversaries" celebrating her career and influence.
Among them is the 50th anniversary of her Grammy-nominated album Killing Me Softly, which is RIAA-certified twice Platinum. The record featured the number-one hit "Killing Me Softly with His Song," which won the 1973 Grammy for Record of the Year.
Flack's documentary, Roberta, will air at DOCNYC on November 17 and later on PBS on January 24. It explores how she crafted her musical genius and became a powerhouse in the industry.
Flack will also release the children's book The Green Piano: How Little Me Found Music on January 10. "I have long dreamed of telling my story to children about that first green piano that my father got for me from the junkyard in the hope that they would be inspired to reach for their dreams," the artist said in a statement. "I want them to know that dreams can come true with persistence, encouragement from family and friends, and most of all belief in yourself."
She'll also help mark the 75th anniversary of Atlantic Records, which signed her in 1969.
Source-ABC
Tesla Model Y Creates Mayhem on Chinese Roads
U.S. automaker Tesla said on Sunday it will assist Chinese police in investigating a crash involving one of its Model Y cars after local media reports said two people had died and three were injured when the driver lost control of the vehicle.
The incident on Nov. 5 in the southern province of Guangdong killed a motorcyclist and a high school girl, Jimu News reported, posting a video of a car driving at high speed crashing into other vehicles and a cyclist
“Police are currently seeking a third-party appraisal agency to identify the truth behind this accident and we will actively provide any necessary assistance," Elon Musk’s electric vehicle maker told Reuters in a message on Sunday, cautioning against believing “rumors".
China is Tesla’s second-largest market, and the crash was among the top trending topics on the Weibo social media platform on Sunday.
Source-News18
TCI WEATHER FORECAST
GENERAL SITUATION: A PRE-FRONTAL TROUGH ACROSS THE WEST OF THE TURKS AND CAICOS ISLANDS CONTINUES TO ENHANCE SHOWER ACTIVITY IN THE VICINITY. WHILE HIGH PRESSURE BUILDS TO THE EAST OF THE ISLAND CHAIN.
ALL AREAS
WEATHER: MOSTLY SUNNY AND WARM WITH A FEW ISOLATED SHOWERS BECOMING FAIR AND MILD TONIGHT WITH THE CHANCE OF A PASSING ISOLATED SHOWER
WINDS: EASTERLY AT 10 TO 15 KNOTS
SEAS: 2 TO 4 FEET OVER THE OCEAN
DAYTIME HIGH TEMPERATURE 88°F 31°C
OVERNIGHT LOW TEMPERATURE 72°F 22°C
TIDES (Heights above chart datum)
NEXT HIGH TIDE: 12:37 PM (2.6 FT)
NEXT LOW TIDE: 7:04 PM (1.3 FT)
SUNSET: 5:07 PM
SUNRISE: 6:01 AM TUE
Jay Leno reportedly seriously burned in car mishap
Jay Leno is reportedly receiving care at a Los Angeles burn center after suffering injuries to his face from a car fire.
TMZ reports the well-known car collector was in his massive Los Angeles garage when one of the autos burst into flames. The 72-year-old former Tonight Show and Jay Leno's Garage host was reportedly burned on the left side of his face. The gossip site says Jay's ear and eye were spared from injury.
In a statement to Variety, Leno clarified he suffered "some serious burns from a gasoline fire."
The comedian added, "I am ok. Just need a week or two to get back on my feet."
The trade reports that Leno was forced to cancel a Sunday night corporate gig for The Financial Brand in Las Vegas due to a "serious medical emergency," but the organizers didn't specify at that time what had happened.
Late this evening, RTC's affiliate ABC News added that the Grossman Burn Center in California has passed along a message regarding Jay Leno, who is being cared for there following being burned in a garage accident.
"Jay wants everyone to know that he is in stable condition and receiving treatment at the Grossman Burn Center for burns that he received to his face and hands from a gasoline accident in his garage over the weekend," began the statement obtained by ABC News affiliate KABC-TV.
"He is in good humor and is touched by all the inquiries into his condition and well wishes. He wants to let everyone know he is doing well and is in 'the best burn center in the United States.'"
The 72-year-old former Tonight Show host apparently suffered burns to the left side of his face in the mishap in his Los Angeles garage where he stores his massive car collection.
He also issued a statement to Variety: "I am ok. Just need a week or two to get back on my feet."
Source-ABC
Australian police to Medibank hackers: 'We know who you are'
Australian police say they have identified the Russian cyber-criminals holding the medical data of millions for ransom.
Hackers are demanding a dollar for each of the 9.7m sensitive records stolen from the medical insurer Medibank.
The hackers have published sensitive documents online including abortion records in an episode described in parliament as "morally reprehensible".
In a news conference, police warned hackers: "We know who you are".
Australian Federal Police Commissioner Reece Kershaw told reporters that police believe the hackers are in Russia but did not provide any evidence.
"We believe we know which individuals are responsible but I will not be naming them," he said.
The Commissioner said his team was holding talks with Russian law enforcement officials and asked Moscow to help.
"Russia benefits from the intelligence-sharing and data shared through Interpol, and with that come responsibilities and accountability," he said.
Cyber-security researchers and western agencies have long accused Russia of harboring cyber-crime gangs.
The website being used by the Medibank hackers to leak the sensitive material is being linked to a notorious gang called REvil which is thought to be based in Russia.
REvil carried out dozens of high-profile ransomware attacks - making hundreds of millions of dollars - until the gang was disrupted last year.
Multiple arrests of alleged members were made around the world including, in a highly unusual sign of international cooperation, in Russia.
However, experts think some of the gang have resurfaced under a new guise and are responsible for the Medibank hack.
The hack has rocked Australia, with emotional scenes in parliament discussing the distress it's causing Australians.
Cyber Security Minister Clare O'Neil told politicians: "As the Minister for cyber-security, but more importantly as a woman, what has occurred here is morally reprehensible."
Medibank's refusal to pay a ransom for the data is being supported by the Australian government.
Source-BBC