Scotiabank announces termination of sale in Guyana
Scotiabank Friday announced that the agreement for the sale of its banking operations in Guyana to the Trinidad-based First Citizens Bank Limited (First Citizens) has expired and as a result “the agreement has been terminated in accordance with its terms”.
In a brief statement, Scotiabank gave no details regarding the negotiations for the sale, noting in a brief statement that the bank “remains committed to providing the highest level of customer service and quality banking solutions to our customers in Guyana and across the Caribbean”.
In March last year, Scotiabank announced it had reached an agreement for the sale of its banking operations in Guyana to First Citizens adding that the agreement was subject to regulatory approval and customary closing conditions.
“This transaction supports Scotiabank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the highest value for customers. Scotiabank’s current operations in Guyana encompass four branches and approximately 180 employees. Following closing, all employees will continue to support the business,” the bank said then.
But the move to sell Scotiabank seemed to have caught the Guyana government off-guard with the country’s Senior Minister with the responsibility for Finance, Dr. Ashni Singh, describing the announcement as premature.
“It has just been brought to my notice that a press release was issued just a few minutes ago announcing the sale of the operations of Scotiabank Guyana to a Regional Bank, a Trinidadian Bank in particular. I wish to say that the government of Guyana considers it extremely unfortunate,” said Singh, who explained that under Section 12 of Guyana’s Financial
Institutions act such a sale would require the approval of the Bank of Guyana.
“We consider it premature to announce a transaction of this nature particularly given that the regulatory process to consider. The request for any such transaction is yet to be initiated much less to be concluded,” he said then.
First Citizens has been described as one of the leading financial services groups in the English-speaking Caribbean, offering a full range of retail, corporate and investment banking services as well as wealth management, trustee and brokerage services to clients through its operations in Barbados, Costa Rica, St. Lucia, St. Vincent and the Grenadines and Trinidad and Tobago.
The bank said then that the move towards acquiring Scotibank supporters its strategic growth across the region and leverages its strengths in innovation and excellence to the benefit of all stakeholders
Scotiabank has over the last few years been reducing its footprint in the Caribbean. In 2019, it sold its Eastern Caribbean assets to the Trinidad-based Republic Financial Holdings Ltd.
Source-CMC
US to drop test requirement for air travellers
The US will no longer require air travellers to have proof of a negative Covid-19 test before entering the country from abroad.
Officials said they were dropping the requirement due to the "tremendous progress" the country had made in the fight against the virus.
The travel industry has been pushing for an end to the policy, which they say has deterred bookings, as families fear getting stranded abroad.
The change comes into effect on Sunday.
The Centers for Disease Control and Prevention (CDC) will re-evaluate the policy in 90 days. The administration said it would "not hesitate to act" to reinstate the rule should new variants make officials believe it is necessary.
"We are able to take this step because of the tremendous progress we've made in our fight against the virus: We have made lifesaving vaccines and treatments widely available and these tools are working to prevent serious illness and death, and are effective against the prevalent variants circulating in the US and around the world," a senior official told reporters.
The US introduced rules requiring air travellers to test negative within three days of their flight - or provide proof of recent recovery from the virus - in January 2021.
US President Joe Biden tightened the policy to within one day of flying in December, as the Omicron variant pushed virus cases higher. The testing measure did not apply to land crossings.
Most non-US citizens must still be vaccinated to travel to the country.
The number of Covid cases in the US has dropped sharply since January, though the figures had started to rise again in recent weeks before plateauing. Deaths remain much lower than during the height of the pandemic because of the impact of the vaccination programme.
The travel sector, which has seen demand surge as concerns about the pandemic wane, has said the US has lagged behind other countries in re-evaluating testing policies.
US Travel Association president Roger Dow said the change in policy would "accelerate the recovery of the US travel industry".
Airline Virgin Atlantic also welcomed the move, saying it would "boost consumer confidence even further and support the rebound in transatlantic travel this summer".
Eliminating the requirement is likely to bring an additional 5.4 million visitors to the US this year, boosting travel spending by 12%, according to the group's research.
"Today marks another huge step forward for the recovery of inbound air travel and the return of international travel to the United States," he said.
Source-BBC
Marvin Sapp releases new gospel album Substance
With the release of his 15th studio album, Substance, on Friday, gospel great Marvin Sapp is showing no sign of slowing down.
The 50-minute project boasts 11 message-oriented tracks that, as Apple Music puts it, are "rooted in soulful pop-gospel R&B."
The Texas pastor and co-founder of Lighthouse Full Life Center Church in Grand Rapids, Michigan, told Rolling Out of the new album, "Substance is what I believe that we need to stand on."
"I wanted to make sure that this particular record was something that people could stand on, something that they can listen to, and apply the principles of the song to their lives so that the rest of [their] days can be the best of their days," he said.
Sapp says the lead single, "All in Your Hands," which released in March, was born out of the pandemic.
"When we looked at where we were, all of us said the only way we’re going to be able to get through any of this is if we put it in God’s hands, because we’re supposed to cast our cares upon him," he told Rolling Out.
Also on the album is a special 25th anniversary remix version of his 1997 hit, "Grace and Mercy."
Check out Sapp's new album, Substance, available on major streaming platforms today.
Source-ABC
1st Jan. 6 hearing makes case Trump at 'center of this conspiracy' to overturn election
The House select committee investigating the Jan. 6 attack on the U.S. Capitol held its first prime-time hearing on Thursday.
During the nearly two-hour hearing, the House select committee placed former president Donald Trump at the center of an "attempted coup" and "multistep conspiracy aimed at overturning the presidential election," with the panel's chairs emphasizing how Trump and his allies repeatedly tried to stop the peaceful transfer of power.
Never-before-seen footage and graphic testimony from a Capitol Police officer, who described the crowd as an "absolute war zone," brought some in the hearing room to tears, as the committee laid out how it will explain in subsequent hearings a "sophisticated seven-part plan" by Trump to steal the election.
Rep. Liz Cheney, R-Wyo., said the 11-month-long investigation with more than 1,000 interviews revealed that Trump was "well aware" of the violence at the Capitol and security risk to Vice President Mike Pence and lawmakers but chose to do nothing.
"Not only did President Trump refuse to tell the mob to leave the Capitol, he placed no call to any element to the United States government to instruct at the Capitol be defended," she said. "The vice president -- Pence -- did each of those things."
Capitol Police officer Caroline Edwards, who suffered a traumatic brain injury after rioters knocked her to the ground, described in detail what she called a "an absolute war zone" as officers struggled to hold the line.
"I couldn’t believe my eyes. There were officers on the ground. You know, they were bleeding. They were throwing...I saw friends with blood all over their faces. I was slipping in people's blood," she said.
"I was catching people as they fell...It was carnage. It was chaos. I can't even describe what I saw," she added. "Never in my wildest dreams did I think as as a police officer, as a law enforcement officer, I would find myself in the middle of a battle."
Source-ABC
Tiger Woods joins Michael Jordan, LeBron James as athlete billionaires, per Forbes
Tiger Woods is already in rare air for his accomplishments on the golf course, and he has reached another impressive feat. Forbes is now estimating that Woods' net worth is at least $1 billion, which would make him one of only three athlete billionaires in the world.
Woods joins Michael Jordan and LeBron James as the other two athletes; James was estimated to be worth over $1 billion just last week.
Forbes noted that James earned $121.1 million gross over the past 12 months while still an active NBA player and that Jordan didn't make the list until 2014, years after he had retired
Forbes reported that less than 10% of Woods' net worth comes from earnings on the golf course. His sponsorship and endorsement deals through Nike, TaylorMade, Gatorade and Monster Energy, which is featured prominently on his golf bag, have all largely contributed.
Woods, similar to James, doesn't consider himself as just an athlete and has gotten into ownership as well as course design. TGR Design, TGR Live (an event company) and TGR Ventures are all part of Woods' portfolio.
He recently invested in a new category of golf with a stake in PopStroke, a luxury minigolf organization that has multiple locations in Florida.
Woods has seen his net worth continue to grow despite a series of events in 2009 -- including a Thanksgiving car crash -- that resulted in multiple sponsors dropping him, including Buick. Even while recovering from another car crash over the past 12 months, Woods has made $68 million in off-course income, Forbes said.
Although he has played in only The Masters and PGA Championship over the past few months and did not participate in any tournaments during the 2021 calendar year, that figure alone would make him the 14th-highest-paid athlete in the world.
Source-ESPN
WEATHER FOR FRIDAY 10TH JUNE 2022
THE PUBLIC FORECAST FOR 12:00 PM THIS AFTERNOON AND TONIGHT FRIDAY 10TH JUNE 2022, ISSUED BY THE DEPARTMENT OF METEOROLOGY.
GENERAL SITUATION:POCKETS OF SHOWERS AND THUNDERSTORMS WILL CONTINUE ACROSS PORTIONS OF THE BAHAMAS TODAY, AS HIGH PRESSURE PROGRESSIVELY BUILDS OVER THE BAHAMAS INTO THE WEEKEND.
SPECIAL WARNINGS: BOATERS SHOULD CONTINUE TO REMAIN VIGILANT FOR POSSIBLE WATERSPOUT AND TORNADIC ACTIVITY. BEACHGOERS SHOULD CONTINUE TO EXERCISE CAUTION IN THE SOUTHEAST BAHAMAS ALONG EAST COAST BEACHES DUE THE RISK OF RIP CURRENTS. THERE IS A RISK OF FLOODING AND STRONG TO SEVERE THUNDERSTORMS.
FOR THE NORTHWEST BAHAMAS
WEATHER: VARIABLY CLOUDY AND HOT WITH WIDELY SCATTERED SHOWERS AND ISOLATED THUNDERSTORMS.
WINDS: SOUTHERLY AT 10 TO 15 KNOTS OVER THE EXTREME NORTHWEST BAHAMAS THIS AFTERNOON BRIEFLY BECOMING WESTERLY AT 15 TO 20 KNOTS THIS EVENING. VARIABLE AT 10 KNOTS OR LESS ELSEWHERE.
SEAS: 3 FEET OR LESS OVER THE OCEAN BUT BRIEFLY BUILDING 4 TO 6 FEET THIS EVENING.
FOR THE TURKS & CAICOS AND CENTRAL- SOUTHEAST BAHAMAS
WEATHER: PARTLY CLOUDY AND A BIT BREEZY WITH ISOLATED SHOWERS AND THE CHANCE OF ISOLATED THUNDERSTORM.
ADVISORY: A SMALL CRAFT CAUTION IS IN EFFECT IN THE SOUTHEAST BAHAMAS.
WINDS: SOUTHEAST TO SOUTH AT 10 TO 15 KNOTS IN THE CENTRAL BAHAMAS. EAST TO SOUTHEAST AT 15 TO 20 KNOTS IN THE SOUTHEAST BAHAMAS.
SEAS: 2 TO 4 FEET IN THE CENTRAL BAHAMAS AND 4 TO 6 FEET IN THE SOUTHEAST BAHAMAS.
FRIDAY’S HIGH TEMPERATURE 90F 32C
HEAT INDEX 01F 38C
OVERNIGHT LOW TEMPERATURE 75F 24C
SUN
SUNSET: 7:58 PM SUNRISE: 6:18 AM SAT
MOON
MOONRISE: 4:04 PM MOONSET: 3:45 AM SAT
TIDES
HIGH TIDE: 5:12 PM 5:25 AM SAT
LOW TIDE: 11:35 PM 11:38 AM SAT
WEATHER OUTLOOK FOR SATURDAY: VARIABLY CLOUDY WITH ISOLATED TO WIDELY SHOWERS POSSIBLE AND THE CHANCE OF AN ISOLATED AFTERNOON THUNDERSTORM.
TROPICAL WEATHER OUTLOOK: TROPICAL CYCLONE FORMATION IS NOT EXPECTED THROUGH THE NEXT FIVE DAYS.
SOURCE-BAHAMAS DEPARTMENT OF METEOROLOGY
High-Level Delegation arrives in Turks and Caicos for CDB Annual Meeting
It is anticipated that over 200 delegates, including country Leaders, Government Ministers from the Caribbean Development Bank's borrowing and non-borrowing member countries and a delegation from the African Development Bank, are arriving in the Turks and Caicos Islands for the 52nd Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB) which is scheduled to take place on June 13-16, 2022.
The Meeting, held under the chairmanship of the Honourable Charles Washington Misick, Premier of Turks and Caicos Islands and CDB Governor for the British Overseas Territories, will see discussions on key development challenges facing the region and innovative solutions.
Premier of Turks and Caicos Islands, the Honourable Charles Washington Misick said," We are happy to host this 52nd Annual Meeting of the Board of Governors of the Caribbean Development Bank under the theme Measure Better to Target Better: Adaptation and Resilience. Working with the staff of the CDB, we have shaped an exciting series of activities to make this Annual Meeting memorable and impactful. The meetings, seminars, and other events promise to enrich and enlighten. In conclusion, our region will be better equipped with resources and strategies to more readily adapt and build increasingly resilient societies. Moreover, as each Borrowing Member Country implements their national vision to create their best future, this Meeting will provide some of the tools necessary for us to make more deliberate steps and close gaps to achieve the Sustainable Development Goals".
Following the theme "Measure Better to Target Better: Adaptation and Resilience," this year's Meeting will promote greater use of knowledge-based decision-making and address the region's economic and environmental challenges.
The schedule of events has been designed to span the gamut of sustainable development and will see invited private sector representatives, members of civil society and academia. The media will be engaged during the four-day Meeting.
A substantive agenda will cover a variety of topics with a specific focus on sustainable development:
- The William G. Demas Memorial Lecture, a signature event where distinguished speaker Dr. Akinwumi Adesina, President of The African Development Bank, will provide the Keynote address.
- Youth Outreach Programme: Turks and Caicos Islands youth on sustainable development issues.
- Seminar: Measuring Vulnerability and Resilience for Small States: The Recovery Duration Adjuster
The CDB's Annual Meeting of the Board of Governors is held annually in one of the Bank's 29-member countries. This official gathering is the organisation's flagship forum for discussion among the institution's governors and sector leaders.
Kremlin says meeting between Putin and Zelenskyy not possible
A meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy is not currently possible, the Kremlin said.
When asked about a recent comment from Zelenskyy that he's willing to meet with Putin, Kremlin spokesman Dmitry Peskov said, "Our position is well-known here: good preparations need to be made for a top-level meeting.
We know that the Ukrainian side has withdrawn from the negotiation track, and therefore it is currently not possible to prepare for this sort of top-level meeting."
Source-ABC
Fuel prices in Suriname rise to record high
The Suriname Government has announced an increase in the price of fuel products, even as the Dutch-speaking Caribbean Community (CARICOM) country battle with rising prices for basic goods and services.
The authorities said that the new prices go into effect on Thursday and will result in a litre of gasoline, though subsidies by government, increasing from SRD$22.51 to SRD$24.76 (One SRD$=US$0.04 cents).
The price for a litre of super unleaded moves from SRD$26.31 to SRD$30.41, while the price of a litre of diesel remains the same at SRD$19.87 with the government indicating that the subsidy for fuel is SRD$6.58 per litre. If the subsidy is removed the price of a litre of diesel is SRD$26.45.
The Ministry of Finance and Planning said that the international oil price has risen sharply in the past month, partly because of the ongoing war in Ukraine.
“If this price increase were to be fully passed on, prices …should be SRD$26.45 per litre for diesel and SRD$26.81 per litre for unleaded petrol, respectively,” the ministry said.
The government said that the subsidies are intended to protect citizens and businesses against the turbulence on the international oil market.
But it warned that the subsidies are likely to be phased out and replaced by a system of subject subsidies.
Suriname has been suffering from a serious financial and economic crisis for several months now. In 2020, immediately after taking office, the new government turned to the International Monetary Fund (IMF) for financial assistance.
In December 2021, a financial aid programme to support the economic recovery programme implemented by the Santokhi administration was approved and the IMF is making US$675 million available to Suriname for a period of three years.
UK will not copy EU demand for common charging cable
The UK government says it is not "currently considering" copying European Union plans for a common charging cable.
The EU has provisionally agreed all new portable electronic devices must, by autumn 2024, use a USB Type-C charger, a move it says will benefit consumers.
Critics say it will stifle innovation.
Under the current post-Brexit arrangements, the regulation would apply to Northern Ireland, according to EU and UK officials.
According to the a December 2021 parliamentary report, the "new requirements may also apply to devices sold in Northern Ireland under the terms of the Northern Ireland protocol in the Brexit agreement, potentially triggering divergence of product standards with the rest of the UK".
The treaty works by keeping Northern Ireland inside the EU's single market for goods, while the rest of the UK is outside it.
A row between the UK and EU about how to reform the Northern Ireland protocol remains unresolved.
A UK government spokesperson said "we are not currently considering replicating this requirement".
Apple products such as iPhones and iPads will have to conform to the new regulation, as will, eventually laptop computers. Existing devices will be exempt.
The agreement will be brought before the European Parliament and the Council of Ministers after their summer recesses, where it can be formally approved and then published.
It argued against the proposal, when it was first introduced, in September 2021, with a representative telling BBC News: "Strict regulation mandating just one type of connector stifles innovation rather than encouraging it, which in turn will harm consumers in Europe and around the world".
Apple is the biggest manufacturer to use a custom charging port that is exclusive to some of its products - its iPhone series uses an Apple-made Lightning connector.
The new rule will cover a range of "small and medium-sized portable electronics", according the EU, including:
mobile phones
tablets
headphones and headsets
handheld videogame consoles
portable speakers
Any of these charged using a wired cable will have to have a USB Type-C port, regardless of who makes the devices.
Laptops will also have to abide by the ruling but manufacturers will have 40 months after it comes into effect to make changes.
The agreement also includes a plan to let customers choose whether or not they want a charging cable with their new electronics.
"This law is a part of a broader EU effort to make products in the EU more sustainable, to reduce electronic waste, and make consumers' lives easier," the EU said in its announcement.
It would save consumers "up to €250m [£213m] a year on unnecessary charger purchases" and cut 11,000 tonnes of waste per year, the EU added.
Source-BBC