Prime Minister Liz Truss resigns
Prime Minister of England, Liz Truss has resigned from her duties on October 20th 2022.
She will remain in office until her successor is chosen. From outside the steps of Number 10 Downing Street, Truss said a leadership election would take place over the next seven days.
Her resignation follows weeks of political and economic crisis, after the government introduced a new "mini-budget" which was roundly criticized. Truss' economic plan, which called for £45 billion in tax cuts, was immediately criticized and led to a financial market crisis that resulted in Truss firing her own finance minister just days after the plan, now abandoned, was announced.
In her resignation speech outside Downing Street, she said: "I recognise that I cannot deliver the mandate on which I was elected by the Conservative Party."
Liz Truss's favourability as prime minister plummeted to -70%, according to a YouGov poll.
The favourability rating measures the difference between the proportion of people saying they have a favourable opinion of her and those who have an unfavourable opinion.
The study spoke to 1,724 British adults between October 14 and 16 - that is, before the tumultuous events of this week.
Liz Truss replaced Boris Johnson as leader and became PM on 6 September then resigned 45 days later. The previous record was set at 119 days by George Canning who died in office in 1827.
Meanwhile, Sir Ed Davey reiterates it is time for the Conservative Party to go and for an election to be called.
"I think there's a big movement in the country for a general election," the Liberal Democrat leader says.
He adds: "I can't believe Boris Johnson is considering putting himself forward. There's an inquiry into whether he misled parliament and the whole of the British people.
"It's quite outrageous if Tory MPs allow him back.
"Moving the deck chairs on the Titanic is not what this country needs."
Russia's foreign ministry spokeswoman Maria Zakharova has welcomed the departure of Liz Truss as prime minister, saying that "Britain has never known such a disgrace of a prime minister," and that Truss "would be remembered for her catastrophic illiteracy".
Zakharova was likely referring to a comment Truss made when she was the foreign secretary, in which she appeared to confuse two regions of Russia with Ukraine.
Ireland's finance minister Paschal Donohoe hopes the engagement between the EU and the British government on the Northern Ireland Protocol can continue in the wake of Liz Truss's resignation.
The Northern Ireland Protocol part of the Brexit deal, and it means goods lorries don't face checkpoints when they go from Northern Ireland - in the UK - to the Republic of Ireland in the EU.
It has been a source of tension since it came into force at the start of 2021.
Reacting to Truss's resignation, Donohoe told reporters in Dublin "resolution of this longstanding challenge will be a really positive signal amidst the many different difficulties that we're all dealing with".
The Queen appointed Liz Truss days before she died and her leadership began with a 10-day mourning period.
Source-BBC
Jeff Bezos of Amazon warns of economic challenges: 'Batten down hatches'
Amazon founder Jeff Bezos has added his voice to the chorus of voices warning of hardship ahead for the US economy.
On social media, the billionaire wrote that the economy was sending a signal to "batten down the hatches".
Growth in the US has already contracted for two quarters in a row, a milestone that in many countries - though not the US - is considered a recession.
As the US central bank raises interest rates to fight rising prices, many economists expect further slowdown.
The drumbeat of concern recently forced US President Joe Biden to address the issue.
In an interview last week, he said "I don't think there will be a recession. If it is, it'll be a very slight recession".
In the US, a panel of economists is charged with declaring the formal start and end of recessions. They use a number of indicators, in addition to gross domestic product in making the determination.
With midterm elections looming in November, Mr Biden has tried to make the case that the slowdown in economic activity is a healthy shift from the growth surge that followed the pandemic lockdowns.
Job creation remains robust, unemployment rates low, and households finances relatively healthy.
But as inflation has remained much higher than the 2% goal - hitting 8.2% last month - hopes that authorities will be able to get the issue under control without triggering a potentially severe slowdown have waned.
"We have got to get inflation behind us. I wish there were a painless way to do that. There isn't," Federal Reserve Chairman Jerome Powell said last month.
The US housing sector - which accounts for about 15% of the economy by some estimates - has already slowed sharply, as borrowing costs approach 7% - the highest rate since 2002, prompting job cuts at banks and other property firms.
In updates to investors in recent days, bosses at the biggest US banks warned of darker days ahead.
"In my conversations with CEOs, they tell me they are rethinking business opportunities and would like to see more certainty before committing to longer term plans," Goldman Sachs boss David Solomon said.
"We're tightening economic conditions very, very quickly. And when you tighten economic conditions it has an impact on these things"
Jamie Dimon at JP Morgan, who has previously warned of a "hurricane" ahead, said consumers would likely run through the cushion in their bank accounts by the middle of next year.
Amazon, which will update investors later this month, has also been grappling with a slowdown in its e-commerce business. It has slowed hiring and said it is working to cut expenses.
Mr Bezos stepped down as Amazon chief executive last year but remains chairman of its board. He has been critical of the president's economic policies in the past, faulting Mr Biden for being disingenuous about the forces driving prices higher.
He shared a video of Mr Solomon discussing the need to be cautious, given the economic uncertainties.
Source-BBC
Amazon could pay UK shoppers £900m compensation
Amazon shoppers in the UK could receive a share of £900m in compensation, once a legal claim is submitted against the technology giant.
The proposed claim alleges the company breached competition law and caused customers to pay higher prices.
It is being led by consumer-rights champion Julie Hunter, who says products sold on Amazon.co.uk and the Amazon app obscured better-value deals.
The collective action is due to be filed before the end of the month.
Started as an online bookseller, Amazon is now the biggest e-commerce company in the world.
More than 80% of purchases on the site are made via featured offers in the "buy box".
But Ms Hunter alleges independent sellers are excluded from the buy box, even when they offer the same product cheaper or on better terms - thus breaching UK and EU competition law.
"Nine out of 10 shoppers in the UK have used Amazon, according to surveys, and two-thirds use it at least once a month," she said.
Ms Hunter alleges Amazon uses "tricks of design to manipulate consumer choice and direct customers towards the features offers in its buy box".
This featured offer is the only one considered and selected by the vast majority of users, many of whom trust Amazon and wrongly assume it is the best deal, according to Ms Hunter.
The legal action, to be filed in the Competition Appeal Tribunal, in London, will seek damages from Amazon estimated in the region of £900m.
David Greene, from the London Solicitors Litigation Association, told BBC News the likelihood of success was difficult to assess.
"Clearly Amazon will fight the case at all stages, including class certification, but the tribunal has made a number of orders recently for similar actions, certifying the optout process," he said.
Anyone living in the UK who has made purchases on Amazon.co.uk or the Amazon mobile app since October 2016 is an eligible member of the claimant class.
The proposed lawsuit is an optout collective-action claim, which means affected shoppers, on whose behalf the class action is brought, will not pay costs or fees to participate.
Lesley Hannah, one of the partners at Hausfeld and Co LLP, who are leading the litigation, said: "Competition laws are there to protect everyone. They ensure that individuals can make genuine and informed choices and are not simply led into making selections which benefit the companies they interact with.
"Fairness is at the heart of competition law - and consumers are not being treated fairly by Amazon."
Ms Hunter added: "Amazon shouldn't be allowed to set the rules in its favour and treat consumers unfairly. That is why I am bringing this action."
An Amazon official said: "This claim is without merit and we're confident that will become clear through the legal process.
Source-BBC
Minister of PPID clears up Accusations against staff within PPID
The Ministry of Physical Planning and Infrastructure Development (PPID), is aware of the various allegations and social media posts circulating as it relates to our Team Members and we would like to advise that this matter is being addressed, as we do not take these allegations lightly.
Particular attention has been drawn to threats made in the social media post against Team Members and the matter has been reported to the Police for investigation.
Hon. Akierra Missick, Minister of PPID states “The Ministry of PPID and its Team Members will continue to serve the people of the Turks and Caicos Islands with the highest standards of integrity, fair play and transparency while ensuring value for money at all times. We take allegations of bias, favoritism, and nepotism by our Team Members seriously. We invite persons who have a complaint about operational aspects of any of our Departments to write to us at ppidcomplaints@gov.tc , where we will advance them to the relevant authorities for investigation and review by the Ministry of PPID. We strongly discourage persons from making threats against our Team Members.”
As it relates to the awarding of Works/Contracts, the Ministry of PPID’s Departments take all steps to ensure that they are all evaluated and awarded with fairness and transparency as set out in the Public Procurement Ordinance 2021.
We take this opportunity to once again outline for the benefit of all potential Bidders/Contractors of the steps taken as it relates to Works/Contracts awarded by the Ministry of PPID under the sum of US$75,000.00:
- All jobs estimated over $1,500.00 and less than $75,000.00 are sent out for tender as Request for Quotation (RFQ). This process follows the issuing of the RFQs via email to ALL REGISTERED CONTRACTORSwith the Ministry of PPID’s Public Works Department.
- Registered Contractors are those who have completed and submitted the application for indicating the name of the company, contact person and contact details legibly, type of business license held, place of business, and other information to confirm the owner of the Bidding Company is a Turks & Caicos Islander. These documents are to be submitted to the Contracts Coordinator with the completed registration form. The Contracts Coordinator’s contact is dammorriss@gov.tc
- The bids are returned to the PWD office drop box that is locked and can only be opened by a representative of the Ministry of PPID.
- The bids are evaluated by a panel and not by any one individual. The panel is appointed by the Ministry and comprises of staff from PWD and a representative from the Ministry of PPID.
- Bids are evaluated according to the evaluation criteria that is issued with the RFQ and points are awarded based on the information submitted by the bidders as required/requested in the RFQ.
- Bidders have to achieve or exceed the minimum amount of points as set out in the criteria before their bid price can be considered.
- Points are also awarded for price and the bidder’s price is also compared with the engineer’s estimate and against the other bidders.
- The bidder with the highest combined (points for quality and points for price) points will be awarded the job. For jobs that are estimated to be less than $1,500.00 only requires one quote and does not have to be tendered. For jobs that are of an urgent nature and is estimated below $75,000.00, three quotes are requested from the list of registered contractors and a Procurement Decision Form is prepared after the bids have been submitted and evaluated and prices reviewed against the engineer’s estimate and the other bidders.
Hon. Missick also states “I also confirm that as Minister of PPID, I have no involvement in the review and decision making as it relates to any Works/Contracts being offered for bidding. I trust the technical officers in the various Departments to continue to conduct their duties in a fair and transparent manner. I also advise that Contractors/Bidders, you may be disadvantaging your bid if all the forms required are not completed and submitted with your bid. The Ministry of PPID will host another Contractors Forum in the Islands, so that persons are aware of what the steps are required in order to bid on Works/Contracts through our Departments.”
DRIER AIR WILL SLOWLY FILTER IN THE WAKE OF THE FRONTAL PASSAGE
GENERAL SITUATION: SHOWERS AND THUNDERSTORMS WILL CONTINUE ACROSS THE NORTHWEST AND CENTRAL BAHAMAS, AS A STRONG COLD FRONT GRADUALLY MAKES ITS PROGRESSION ACROSS THE AREA THIS AFTERNOON. MEANWHILE, DRIER AIR WILL SLOWLY FILTER IN THE WAKE OF THE FRONTAL PASSAGE, CONFINING SEASONABLY COOLER TEMPERATURES IN THE NORTHERNMOST ISLANDS BY TONIGHT.
SPECIAL WARNINGS: BOATERS IN THE NORTHWEST AND CENTRAL BAHAMAS SHOULD REMAIN VIGILANT DUE TO THE THREAT OF POSSIBLE WATERSPOUT ACTIVITY. RESIDENTS AND MOTORISTS LIVING AND TRAVERSING IN LOW-LYING AND FLOOD-PRONE AREAS IN THE NORTHWEST AND CENTRAL BAHAMAS SHOULD TAKE SPECIAL PRECAUTIONS DURING HEAVY AND PROLONGED RAINFALL EVENTS.
ADVISORY: EXPECT GUSTY WINDS AND HIGHER SEAS IN OR NEAR HEAVY SHOWERS AND THUNDERSTORMS.
FOR THE TURKS & CAICOS:
WEATHER: MOSTLY SUNNY, VERY WARM AND HUMID WITH A FEW SPOTTY SHOWERS AND THE CHANCE OF AN ISOLATED THUNDERSTORM THIS AFTERNOON, BECOMING FAIR AND A BIT WARM TONIGHT.
WINDS: SOUTHEAST TO SOUTH AT 10 KNOTS OR LESS, FALLING LIGHT AND VARIABLE AT TIMES.
SEAS: 1 TO 3 FEET OVER THE OCEAN.
DAYTIME HIGH TEMPERATURE 86 °F 30 °C
OVERNIGHT LOW TEMPERATURE 72 °F 22 °C
SUNSET: 6:38 PM SUNRISE: 7:10 AM
MOONSET: 3:29 PM MOONRISE: 2:36 AM
HIGH TIDE: 4:07 PM LOW TIDE: 10:40 PM
HIGH TIDE: 4:38 A THU LOW TIDE: 10:43 AM
TROPICAL WEATHER OUTLOOK: THE TROPICS ARE QUIET AT THIS TIME. NO NEW TROPICAL CYCLONES ARE EXPECTED DURING THE NEXT FIVE (5) DAYS.
Zion Williamson returns to the Pelicans
Despite praise from his teammates and coach, Zion Williamson called his regular-season return to the New Orleans Pelicans on Wednesday night just a "decent starter performance."
"It's a lot of room for improvement," he said. "I'm still learning my teammates. Now we get real in-game reps. I'm just excited to grow."
The numbers suggested far more than just decent. He collected 25 points, nine rebounds and four steals in the 130-108 wire-to-wire Pelicans win over the Brooklyn Nets at Barclays Center.
It was an effort hailed by his own team -- and even the opposition.
Pelicans coach Willie Green said it was like Williamson "didn't miss a beat." Brandon Ingram said he simply "picked up where he left off."
And Nets forward Kevin Durant was among those not surprised.
"He looked healthy to me, he looked good," Durant said. "Got up 22 shots, nine rebounds, 25 points. At this point it's just typical for him."
Williamson said it was a "breath of fresh air" to get back on the floor after missing the 2021-22 regular season because of a broken foot. He said that during warm-ups he could tell he missed the allure of being in an away arena and noted that when the starting lineups were announced it was another moment when he finally felt like things were returning to normal.
Williamson was 11-of-22 from the field, with all 11 of his baskets coming from inside the paint. In 86 career games, Williamson has had at least 20 points in the paint in 45 of those appearances, according to ESPN Stats & Information research. Despite the time missed, the only player with more games with 20 or more points in the paint since the beginning of the 2019-20 season is Giannis Antetokounmpo (74).
It was the first time Williamson played with many of his new Pelicans teammates after not playing in a regular-season game since May 4, 2021.
Source-ESPN
Tesla sales climb but miss expectations
Supply shortages, logistics bottlenecks and rising costs are hitting Tesla as it rapidly ramps up production of its electric cars.
While the problems have improved in recent months, they remain immediate challenges, Tesla said in a financial update for investors.
Revenue was lower than expected in the three months ending in September, as car sales fell short of expectations.
But at $21.45bn (£19.12bn), it remained more than 50% higher than a year ago.
Tesla, led by billionaire Elon Musk, has been growing aggressively in recent years, opening new factories in the US, China and Germany and boosting output.
The company delivered 343,000 cars in the quarter - a record that was up more than 40% from the same period last year.
The firm produced more cars than were sold, raising fears that demand may be slowing, as rising prices, higher borrowing costs and a major economic slowdown in the key China market discourage buyers.
Mr Musk conceded there was weakness in China but beat back suggestions that demand was cooling.
When Tesla shared the delivery figures earlier this month, the company said the gap was due to difficulty finding vehicles to transport cars to customers.
"There weren't enough boats, there weren't enough trains there weren't enough car carriers," he said on a conference call to discuss the results, adding that the firm expects to sell every car it makes.
Deliveries of its own much anticipated electric truck are due to start in December, the firm said. The company reported $3.3bn in profit, up significantly from a year ago.
"The auto industry in general right now is having a very hard time because supply chain problems persist and the batteries - particularly for electric vehicles - are hard to come by," she said.
"And the reality is that Tesla used to be the only place to go to buy a higher-end electric car and that's increasingly not the case."
Tesla dominates the electric vehicle market in the US, but it faces far more competition in Europe and China, where such cars are more popular.
In the US, rivals have also been ramping up their efforts. German carmaker BMW said on Wednesday that it would spend $1.7bn to expand its electric vehicle production in the US.
Source-BBC
The Royal Family is in crisis": Netflix drops trailer to The Crown season five
On Thursday, Netflix dropped the eagerly anticipated trailer to the fifth season of The Crown.
Debuting on the streaming service November 9, the latest chapter shows "The Royal Family is in genuine crisis," according to a TV personality.
Set to Oasis' "Bittersweet Symphony," the trailer shows the marriage of Elizabeth Debicki's Princess Diana to Dominic West's Prince Charles unraveling before relentless paparazzi coverage.
While Charles and Di head for a divorce, Imelda Staunton's Queen Elizabeth II and others protest.
Jonny Lee Miller's PM John Major advises the Queen and her husband, Jonathan Pryce's Prince Phillip, "The House of Windsor should be binding the nation together, building an example of idealized family life..."
Major says the fracturing marriage, "can't help but affect the stability of the country."
Meanwhile, Diana is cracking under the pressure. "People will never understand how it's been for me," she laments. "I never stood a chance."
Another character notes of Di, "They see her as a threat."
Prince Phillip advises Diana, "Remember the one...rule: You remain loyal to this family," to which Diana protests, "You mean silent?"
Phillip replies, "Yes. It's a system, for better or for worse. We're all stuck in it."
While the establishment warns Diana is going to "tear down the temple," she readies to sit before cameras in her famous 1995 tell-all interview. "I won't go quietly," she insists. "I'll battle to the end."
The trailer closes with Queen Elizabeth wondering aloud, "How did it come to this?"
Meanwhile, Dame Judi Dench adds to the chorus of critics speaking out about how Netflix's The Crown portrays the British royal family.
In a piece for The Times published Wednesday, the English actress -- who's portrayed two past British queens in three different films -- criticized the hit drama, writing, "The closer the drama comes to our present times, the more freely it seems willing to blur the lines between historical accuracy and crude sensationalism."
Noting some of the suggested storylines for the show's upcoming fifth season -- "that King Charles plotted for his mother to abdicate, for example, or once suggested his mother's parenting was so deficient that she might have deserved a jail sentence" -- Dench continued, "This is both cruelly unjust to the individuals and damaging to the institution they represent."
"No one is a greater believer in artistic freedom than I, but this cannot go unchallenged," Dench added. "Despite this week stating publicly that The Crown has always been a 'fictionalized drama', the program makers have resisted all calls for them to carry a disclaimer at the start of each episode."
"The time has come for Netflix to reconsider -- for the sake of a family and a nation so recently bereaved, as a mark of respect to a sovereign who served her people so dutifully for 70 years, and to preserve their own reputation in the eyes of their British subscribers," Dench concluded.
The Crown is based on the reign of Queen Elizabeth II, who died September 8 at age 96 after a U.K.-record 70-year reign. Netflix has received broader criticism for its decision to debut the drama's fifth season on November 9, coming as it does just two months after the late monarch's death.
Source-ABC
Privy Council rejects Central Bank appeal
The Privy Council this morning ruled against the Central Bank of T&T in its appeal against the rulings of local courts in a matter involving the sale of the CLICO and British American (Trinidad) traditional portfolios.
Maritime Life (Caribbean) Ltd started judicial review proceedings in April 2020 against the Central Bank for its 2019 decision to allow Sagicor Life to acquire the portfolios.
Maritime Life submitted a competing bid.
The five law lords determined that the Central Bank, in effect, allowed Sagicor to submit a conditional bid, which was contrary to the Central Bank’s stated process.
The Privy Councilors said: “In relation to that example the Board agrees with the judge and the majority in the Court of Appeal that there is evidential material which gives rise to an arguable case with a realistic prospect of success that the appellant had acted unlawfully in terms of the public law standard…”
Source-Trinidad Express
Collaborative Police Exercises takes place on land & sea
Joint exercises between the Turks and Caicos Islands Customs , Immigration and the Royal Turks and Caicos Islands Police Force started on Sunday afternoon and remains on-going.
According to the Royal Turks & Caicos Islands Police Communications Officer Denyse Renee, 'this is an effort to bolster border security. The exercise is geared towards maritime enforcement activities including small cargo vessels and commercial vessels.
Whilst there remains a legal influx of vessel traffic within the TCI waters, the monitoring of regional and international vessels from high-risk countries remains a priority for all law enforcemet agencies within the TCI.
The initial exercise began at 5pm on Sunday (October 16th ) in South Dock, during which the Customs’ (Anti-Smuggling Unit), Immigration Task Force and the Royal Turks and Caicos Islands Police Force (Marine Branch) boarded a small cargo Haitian vessel “Lady Sayou” where a search of the interior was conducted. The search took place at sea.
During the ensuing days, the rummaging of the vessel continued with the assistance and support of the RTCIPF (Tactical Unit) and Royal Bahamas Police Force K9 Unit .
Additionally on Tuesday (October 18) , a separate rummage was conducted on another small cargo Haitian vessel called “The Marassa Express”. This was concluded on the same day, according to Renne.
Commissioner of Police Trevor Botting said: “These joint exercises show the magnitude of collaboration and the RTCIPF’s commitment at addressing maritime challenges alongside our Customs colleagues, with the common denominator being a safe and secure TCI”.
Assistant Collector (Operations) at Customs, Oehlers Higgs said: “The Customs Department is committed to combatting all illicit activity that would perpetrate our shores. The events of the last 36 hours shows what can be achieved working together as a team”.
The public is being advised to notify the closest police station or to contact Crime Stoppers at 1-800-8477 and give any information of illegal activity anonymously, as we work to rid the street of crime in the Turks & Caicos Islands.