US stocks close broadly lower on Wall Street as banks stumble
The US Stocks closed broadly lower yesterday and gave back nearly all of their gains from a day earlier as technology, industrial and bank stocks fell.
The S&P 500 fell 30.07 points, or 0.8 per cent, to 3,910.52. Technology stocks were the biggest drag on the market and pushed the Nasdaq 149.85 points lower, or 1.1 per cent, to 13,227.70. The Dow Jones Industrial Average fell 308.05 points, or 0.9 per cent to 32,423.15.
Stocks of smaller companies, which have far outpaced the rest of the market this year, fell even more. The Russell 2000 index gave back 3.6 per cent.
Industrial and health care companies also accounted for a good part of the selling. Energy stocks helped drag down the market too as oil prices fell.
Bond yields declined. That weighed on banks and other financial companies which look to yields as a benchmark for the interest rates they charge on mortgages and other loans.
Investors continue to be focused on the future outlook for the US economy as millions of Americans get vaccinated every day. Investors are wavering between optimism regarding coronavirus vaccines that might allow business and travel to return to normal, and fears of higher inflation after struggling economies were flooded with credit and government spending.
“The market feels like it is in this inflection point,” said Darrell Cronk, chief investment officer of Wells Fargo Wealth and Investment Management. “It's a good day for reflection.”
The price of US crude oil dropped 6.2 per cent to US$57.76 a barrel, pulling energy companies lower. Energy prices have been steadily climbing this year until recently, as the global economy recovers and oil demand worldwide increases while production remains constrained. Marathon Oil fell 6.1 per cent.
Another drop in long-term bond yields pulled bank stocks lower. When bond yields fall they result in lower interest rates on loans such as mortgages, and weaker profits for banks and other lenders. Bank of America fell 2.0 per cent and Wells Fargo dropped 1.9 per cent. American Express slid 2.8 per cent.
The yield of the 10-year Treasury note fell to 1.63 per cent. The yield was well above 1.70 per cent last week, which had put some pressure on the stock market.
The S&P 500 hit a pandemic-era low exactly one year ago, on March 23, 2020, having dropped nearly 34 per cent in about a month. That wiped out three years' worth of gains. The index wound up roaring back in the coming months, and recovered all its losses by August. Through Monday it had surged 76% from that low point.
Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell told Congress yesterday that more must be done to limit the economic damage from the coronavirus pandemic. Powell also stressed that he does not expect programmes aimed at reviving the economy to trigger unwanted inflation.
Facebook outlines proposal for online platform liability reform
Facebook chief Mark Zuckerberg urged US lawmakers Wednesday to reform the rules for online platforms' liability to require systems in place for removing unlawful content.
The proposal outlined in testimony prepared for a congressional hearing detailed Facebook's idea for reforming a law known as Section 230 which shields internet services from liability for content posted by others.
The comments come amid growing pressure across the political spectrum to hold online platforms accountable for misinformation, incitements to violence and abusive content.
Zuckerberg said in his written remarks released by a House of Representatives panel that "people of all political persuasions want to know that companies are taking responsibility for combatting unlawful content and activity on their platforms".
He maintained that Congress "should consider making platforms' intermediary liability protection for certain types of unlawful content conditional on companies' ability to meet best practices to combat the spread of this content".
Instead of being given blanket immunity, Zuckerberg said "platforms should be required to demonstrate that they have systems in place for identifying unlawful content and removing it".
He maintained that online services should not be held liable for "if a particular piece of content evades its detection," saying it is not feasible for platforms with billions of posts per day, but "should be required to have adequate systems in place".
Zuckerberg said the requirements should be "proportionate to platform size and set by a third-party" so that the biggest services don't have an advantage over new startups.
The comments come ahead of what was expected to be another contentious hearing with the CEOs of Facebook, Google and Twitter, appearing remotely, to address the problems on online disinformation.
The largest online platforms have seen a growing backlash over what many see as a failure to clamp down on false and misleading content which can have real-world consequences.
A statement from the Energy and Commerce Committee said the big platforms "maximise their reach — and advertising dollars — by using algorithms or other technologies to promote content... (and) often elevate or amplify disinformation and extremist content".
Source-AFP
Trinidad & Tobago to receive vaccines from India, China
Trinidad and Tobago will get a total of 140,000 doses of two different types of COVID-19 vaccines donated by India and China.
The Government of India on Wednesday officially informed Port of Spain that 40,000 doses of the World Health Organization (WHO)-approved AstraZeneca vaccine have now been released for donation to the twin-island republic.
A statement issued by the Office of the Prime Minister added that China has also offered 100,000 doses of another vaccine, Sinopharm, “to support and safeguard the health of the people of Trinidad and Tobago”.
“The Government of Trinidad and Tobago has graciously accepted this generous offer of the Sinopharm vaccine as we anxiously await WHO approval,” the statement said, adding that Prime Minister Dr Keith Rowley has expressed his sincerest appreciation and gratitude to India's Prime Minister Narendra Modi and President Xi Jinping of China for their generosity.
“All relevant arrangements are being made for the shipment of the vaccines to Port of Spain.”
The announcement came two days after Foreign and Caribbean Community (Caricom) Affairs Minister Senator Dr Emery Browne and Indian High Commissioner Arun Kumar Sahu agreed to work together on the vaccine issue.
That came out of a meeting on Monday, amid tensions between Sahu and Rowley over whether India's vaccine facility was made available to Caricom member states.
Source-CMC
Tesla Customers can buy cars using Bitcoins
Tesla customers can now buy their car with Bitcoin, company chief Elon Musk has said.
Mr Musk, a well known Bitcoin enthusiast, made the unexpected announcement in a tweet.
But Bitcoin's value rapidly moves up and down - meaning the cryptocurrency price of the car could change day to day.
Tesla has invested heavily in the digital currency, buying $1.5bn (£1.1bn) worth of Bitcoin.
And that apparent vote in confidence saw Bitcoin's value shoot to a record high.
Wednesday's announcement also led to a modest bump to the price of Bitcoin.
Mr Musk tweeted Tesla would be running its own internal software to handle Bitcoin payments, which "operates Bitcoin nodes directly".
Nodes, in this sense, are the computers that process Bitcoin transactions.
And in an apparent bid to assuage fears of Bitcoin enthusiasts who want to see the ecosystem thrive, Mr Musk said: "Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat [government-controlled] currency"
For example, Tesla's terms and conditions say if a refund is needed, it can pay in either the exact amount of Bitcoin paid or in US dollars based on the dollar price of the car - whichever it wants.
So if the price of Bitcoin shoots up before a refund is issued, the customer could lose out.
The announcement comes the same day US magazine Consumer Reports warned Tesla cars were recording and transmitting video footage, to help develop its self-driving technology, in a way that raised privacy concerns.
Other carmakers did not record or send the video they captured, it said - instead using the technology to warn a driver if they were not paying enough attention.
"If Tesla has the ability to determine if the driver isn't paying attention, it needs to warn the driver in the moment, like other automakers already do," it said.
John Davisson, from the Electronic Privacy Information Center, told Consumer Reports: "In Tesla's approach, there's always the possibility that insurance companies, police, regulators, and other parties in accidents will be able to obtain that data."
PUBLIC FORECAST FOR TODAY AND TONIGHT WEDNESDAY 24TH MARCH 2021
GENERAL SITUATION: WEAK RIDGING CONTINUES TO BUILD ACROSS THE ISLANDS WITH MOSTLY PLEASANT CONDITIONS
FOR ALL AREAS
WEATHER: MOSTLY SUNNY AND WARM WITH THE CHANCE OF A FEW LIGHT SHOWERS MAINLY IN THE SOUTHEASTERN ISLANDS BECOMING FAIR AND WARM TONIGHT
WINDS: SOUTHEAST TO SOUTH AT 10 KNOTS OR LESS FALLING LIGHT AND VARIABLE AT TIMES IN THE NORTHWEST AND CENTRAL BAHAMAS AND EAST TO SOUTHEAST AT 10 TO 15 KNOTS IN THE SOUTHEAST BAHAMAS.
SEAS: 3 FEET OR LESS OVER THE OCEAN IN THE NORTHWEST AND CENTRAL BAHAMAS AND 2 TO 4 FEET OVER THE OCEAN IN THE SOUTHEAST BAHAMAS.
HIGH TEMPERATURE 84 °F 29 °C
LOW TEMPERATURE TONIGHT 64 °F 18 °C
SUNRISE 7:09 AM SUNSET: 7:21 PM
MOONRISE: 3:20 PM MOONSET 5:08 AM THU
LOW TIDE: 11:27 AM HIGH TIDE: 5:18 PM
LOW TIDE: 11:25 PM HIGH TIDE:5:49 AM THU
EXTENDED FORECAST FOR THE NEXT TWO DAYS: HIGH PRESSURE RIDGE CONTINUES TO BUILD ACROSS THE ISLANDS OVER THE NEXT FEW DAYS
FORECAST FOR THURSDAY
WEATHER: MOSTLY SUNNY AND HOT WITH JUST THE SLIGHT CHANCE OF A BRIEF PASSING SHOWER BECOMING FAIR AND MILD AT NIGHT, BREEZY IN THE SOUTHEAST BAHAMAS
WINDS: SOUTHEAST TO SOUTH AT 10 TO 15 KNOTS IN THE NORTHWEST AND CENTRAL BAHAMAS AND EAST TO SOUTHEAST AT 15 TO 20 KNOTS IN THE SOUTHEASTERN ISLANDS
SEAS: 2 TO 4 FEET IN THE NORTHWEST AND CENTRAL BAHAMAS AND 4 TO 6 FEET IN THE SOUTHEASTERN ISLANDS
THIRD SUPPLEMENTARY APPROPRIATION PASSED IN THE HOUSE OF ASSEMBLY
The Premier and Minister for Finance, Investment and Trade, Honourable Charles Washington Misick laid the Supplementary Appropriation (2020/2021) (No.3) Bill 2021 in the House of Assembly of the Turks and Caicos Islands on Monday, 22 March 2021.
The Bill which is the third (3 rd ) Supplementary Appropriation Estimates for the financial year 2020-21 progressed to passage on Monday to provide additional funding for the Turks and Caicos Islands Government in the summation of $14.5million USD.
Funds were relocated under this Bill, in the amount of $6.7m from Government savings to the recurrent expenditure to facilitate the payment of the citizens’ economic stimulus. $3.0million USD in funding was also shifted from the Contingency Fund for the purpose of the Citizens’ Relief economic stimulus.
The cash grants for citizens and MSMEs affected by the COVID-19 pandemic, has increased by 37.5 per cent to the amount of $27.9million USD. The retirement benefits allocation have increased by $1.8m, primarily to settle outstanding payments of gratuity and pension to former legislators. Therefore, the recurrent expenditure
has increased to $273.6m and the capital expenditure reduced to $27.5m. The revised expenditure is $307.4m, an overall reduction in expenditure of $1.0m.
“My Government has made the calculated decision to cancel a number of capital projects which were stagnated for the purpose of an in-depth review of project costs and environmental impact and the funds reallocated.
Additional funding has been allocated to complete ongoing projects that experienced delays due to further deterioration of the structures and additional costs resulting from TCIG having to enact the Force Majeure Clause in the civil works contracts because of the COVID-19 pandemic lockdown. Also, additional resources
have been assigned to advance projects currently in the evaluation stage,” explained the Premier and Minister for Finance on the approved Supplementary Appropriation.
Premier Misick further added, “A major focus of my Government is to take care of our people during these difficult times by keeping the population healthy and safe while strategically rebuilding a sustainable economy.
The $11million USD allocated solely to the Citizen Relief economic stimulus will provide the much-needed financial assistance for Turks and Caicos Islanders who through the COVID-19 pandemic have been forced into debt due to temporary unemployment or termination of employment.
The Ministry of Finance has sensibly reallocated funds to progress critical projects and to provide additional funding in the areas that will greatly improve and impact the lives of the people of these islands”.
The Goldbergs star George Segal dead at 87
Oscar-nominated actor George Segal has died, his rep confirms to ABC News. He was 87.
Segal, currently known for playing Albert “Pops” Solomon on the ABC sitcom The Goldbergs, died Tuesday.
His wife of 25-years Sonia Segal said in a statement, "The family is devastated to announce that this morning George Segal passed away due to complications from bypass surgery."
Segal's manager and friend, Abe Hoch, also mourned the beloved actor and said, "I am saddened by the fact that my close friend and client of many years has passed away. I will miss his warmth, humor, camaraderie and friendship. He was a wonderful human."
Goldbergs creator Adam Goldberg honored the late actor by sharing a series of fun throwback photos of Segal, writing on Twitter after news broke of his passing, "Today we lost a legend. It was a true honor being a small part of George Segal’s amazing legacy. By pure fate, I ended up casting the perfect person to play Pops."
Segal, who was nominated for an Academy Award in 1967 for his role in Who’s Afraid of Virginia Woolf? -- of which he was the final surviving cast member -- was a prominent movie actor in the 1960s and 1970. Some of his most notable films during that time period are The Hot Rock and A Touch of Class.
He also starred in several 90s hits, such as Look Who's Talking Now and The Cable Guy.
The two-time Golden Globe winner also appeared in recurring roles in shows Murphy's Law, Retired at 35, Just Shoot Me! and Take Five.
He is survived by his spouse Sonia and daughters Polly Segal and Elizabeth Segal, of whom he shared with ex-wife and late film producer Marion Sorbel.
Source- ABC
Test on edge
Kyle Mayers earned his first Test wickets when he produced two critical strikes in as many overs to break a dangerous, record century stand, as he hauled West Indies back into the opening Test after half-centuries from Oshada Fernando and Lahiru Thirimanne threatened to put Sri Lanka in the ascendancy here yesterday.
With Sri Lanka cruising on 170 for one, half-hour after tea to wipe out their 102-run first innings deficit, newly installed captain Kraigg Brathwaite summoned Mayers, who removed Fernando for 91 with his first delivery of brisk medium pace before accounting for veteran Dinesh Chandimal for four in his very next over.
Experienced seamer Kemar Roach added the wicket of Thirimanne for 76 a few overs later as Sri Lanka lost three wickets for 19 runs in the space of 45 deliveries, before Dhananjaya de Silva stroked 46 not out and Pathum Nissanka, an unbeaten 21, to see Sri Lanka to the close on 255 for four.
Mayers finished with two for 10 from four overs while Roach has taken two for 28, leaving West Indies trailing by only 153 runs heading into Wednesday's critical fourth day at the Vivian Richards Cricket Stadium.
“I'm happy to get my first Test wicket,” Mayers said afterwards.
Sri Lanka needed only two overs to wrap up the West Indies innings for 271 after the home side resumed the morning on 268 for eight, left-arm pacer Vishwa Fernando (2-52) bowling Rahkeem Cornwall for 60 and then hitting Shannon Gabriel in front without scoring, four balls apart in his first over.
Armed with a healthy lead, West Indies pressed home their advantage when Roach induced a false stroke from captain Dimuth Karunaratne and had the left-hander caught at third slip by John Campbell for three in the fifth over of the innings.
Victims identified in Boulder shooting, suspect charged
Colorado is in mourning following a senseless attack on a grocery store on Monday. Boulder Police Chief Maris Herold on Tuesday, identified the lives lost in the mass shooting.
10 people, including a police officer, were killed at the King Soopers store. The officer was identified as 51-year-old Eric Talley and his cruiser has since become a memorial that stands outside the police department where the public can pay their respects. The car has since been covered in flowers, balloons, notes and candles.
Talley, who was among the first to respond, joined the Boulder police in 2010 and was working on becoming a drone operator to take himself out of the front line. He was a father of seven.
The other victims were identified as: Denny Stong, 20; Neven Stanisic, 23; Rikki Olds, 25; Tralona Bartkowiak, 49; Suzanne Fountain, 59; Teri Leiker, 51; Kevin Mahoney, 61; Lynn Murray, 62; and Jody Waters, 65.
Families and friends of the victims are working to preserve their memory.
Rikki Olds, a 25-year-old who worked at the grocery store, was remembered by her uncle Robert Olds in an interview with ABC News. He called her a "strong, independent" young woman who was "so loved" by many.
"She was bubbly. She was the light of the room," he added. "Her giggle, her laugh would just bring you up to her level."
Olds says his niece's boyfriend rushed to the supermarket after news broke of the tragedy and waited behind the yellow tape in hopes of good news.
Erika Mahoney, daughter of victim Kevin Mahoney, revealed her father was about to become a grandfather -- but he will never be able to hold his grandchild. "I know he wants me to be strong for his granddaughter," she wrote on Twitter.
President Joe Biden ordered flags to be flown at half staff at the White House in honor of the victims.
Congress is now considering several gun control laws, including the ban on assault weapons, high capacity magazines and closing "loopholes in the background check system," said President Biden.
The suspect, identified as 21-year-old Ahmad Al Aliwi Alissa, purchased a Ruger AR-556 pistol on March 16, according to the arrest warrant affidavit. He was apprehended alive and has been charged with 10 counts of murder. No motive is known at this time.
Source-ABC
£5,000 fine for people going on holiday abroad
A £5,000 fine for anyone in England trying to travel abroad without good reason is due to come into force next week as part of new coronavirus laws.
The penalty is included in legislation that will be voted on by MPs on Thursday.
Foreign holidays are currently not allowed under the "stay at home" rule which ends on Monday.
From next week the ban on leaving the UK will become a specific law, backed up by the threat of the fine.
Under the current plan for easing restrictions, the earliest date people in England could go abroad for a holiday would be 17 May.
However, another surge in Covid cases in continental Europe, as well as the slow rollout of vaccines across Europe, has cast doubt on the resumption of foreign travel.
Government adviser Prof Neil Ferguson, of Imperial College London, told BBC Radio 4's World at One border measures should be relaxed more slowly than domestic restrictions.
He said: "I think conservatively, and being risk averse at the moment, I think we should be planning on summer holidays in the UK not overseas."
Prof Ferguson also criticised the exemptions that currently permit foreign travel and suggested everybody should be subject to mandatory testing when arriving into the UK.
Legally-permitted reasons for foreign travel currently include work, volunteering, education, medical needs, and to attend weddings or funerals.
Health Secretary Matt Hancock said restrictions on travelling abroad for leisure were necessary to guard against the importation of large numbers of cases and new variants which might put the vaccine rollout at risk.
Chief executive Tim Alderslade said: "A tiered system, based on risk and adaptable to changing circumstances with the virus, means travel can resume this summer, and all our focus will remain on agreeing the structure that can make this a reality."
Source-BBC