Storm causes billions in damage
Many refineries have shut and almost a fifth of oil and gas production in the Gulf of Mexico has been suspended amid the largest storm to hit in the US in more than a decade.
Hurricane Harvey has produced high winds and extensive flooding forcing thousands of people from their homes.
The closures are expected to cause a temporary spike in US gas prices.
Analysts expect the economic impact of the storm to hit $40bn (£31bn; 33bn euros), with direct losses of $20bn.
The storm's path through southeast Texas and the Gulf of Mexico has hit the heart of the US energy industry, an area home to almost half of US refining capacity and a fifth of its oil production.
Houston, where water has overwhelmed the streets, is also the base of one of America's largest ports.
US gas prices rose around 10% ahead of the storm, said Joseph Brusuelas, chief economist at RSM US.
He expects prices to jump by another 20-30% over the next two weeks in the Texas region, with less significant increases elsewhere, he said.
Food prices could also be affected, as shipments of wheat and soybeans are delayed, he added.
Globally the impact is likely to be smaller, since the US is not a major source of energy exports and supplies remain historically high.
US economic growth could slow by about a tenth of a percentage point in the quarter as a result of the storm, said Mr Brusuelas. The economy should rebound in the following six months, as spending increases on reconstruction and other efforts.
So far, oil and gas companies are focused on the immediate emergency and the safety of their personnel, without reports of major damages, said Bruce Jefferis, chief executive of Aon Energy, who is based in Houston.
About 18% of oil and natural gas production in the Gulf has stopped, according to the Bureau of Safety and Environmental Enforcement.
About 11% of all US refining capacity has also shut down, with others operating at reduced rates according to the most recent update from the US Department of Energy. Goldman Sachs put the figure higher at almost 17%.
Source-BBC
Stocks recede after fiery rally by President Trump
US markets closed lower on Wednesday, sliding back after President Donald Trump gave a fiery speech suggesting more political drama lies ahead.
At a rally in Arizona on Tuesday, Mr Trump said he would be willing to shut down the government if Congress resists funding a border wall.
He also said he was still considering terminating the North American Free Trade Agreement.
The Dow Jones Industrial Average fell 0.4% to 21,812 points.
The wider S&P 500 index fell 0.35% to 2,444 points, while the Nasdaq fell 0.2% to 6,284 points.
Consumer stocks led the losses, while real estate and energy firms enjoyed a bounce.
The losses came after a broad market rise on Tuesday, when share prices regained some of the ground lost in recent weeks.
After share prices touched record highs earlier this summer, investors have been cautious, rattled by rising tension with North Korea and domestic controversy surrounding the President.
Terry Sandven, chief equity strategist for US Bancorp Wealth Management, says he expects stock gains to remain in check in coming weeks, part of a regular seasonal dip.
Investors are also concerned about the prospect of political fights next month, when Congress will be considering a budget proposal and are likely to be asked to raise the debt limit.
"Conditions seem ripe for equities to hover in 'pause mode', with risks seemingly on the rise," he wrote. "Political uncertainty remains ongoing, valuations are full and technical trendlines are showing signs of modest deterioration."
In 2013, a fight over the debt limit led to a government shutdown that disrupted the US economy, particularly in states closely tied to the federal government and its contractors.
Economists say scrapping Nafta would also hurt business in the US, which counts Canada and Mexico among its biggest trade partners.
Retailer Lowe's fell 3.7% after reporting lower than expected growth in the quarter.
United Technologies bounced 1.1% after a report suggested that it may be the target of activist investors.
Source-BBC
UK car production revs up in July
The number of cars built in the UK last month rose by almost 8% compared with July 2016, new figures show.
Just over 136,000 vehicles were made in British factories, up 7.8% on July last year, the Society of Motor Manufacturers and Traders (SMMT) said.
Many carmakers increase production in July ahead of new models going on sale in September and summer shutdowns.
However, the number of cars made in the UK in the first seven months of the year fell 1.6% to about one million.
Almost four out of five cars that roll off British production lines are exported.
SMMT chief executive Mike Hawes said: "As the timing and length of these manufacturing pauses can shift each year, market performance comparisons for July and August should always be treated with caution.
"But as long as the economic conditions at home and abroad stay broadly stable, we expect new car production to remain in line with expectations for the rest of 2017."
The number of cars built for the UK market rose by 17.7% to almost 30,000 in July, reversing seven consecutive months of decline.
The vehicle production total for domestic sales is down 6.5% to 212,700 compared with the first seven months of 2016.
The slowdown comes as the number of new cars registered in the UK fell almost 10% in July - the fourth month of declines. About 162,000 vehicles were sold last month.
Samuel Tombs of Pantheon Macroeconomics said the slide in sales showed consumers were becoming more reluctant to splash out on expensive purchases.
It was the first time that the SMMT had blamed uncertainty over Brexit for the decline in consumer confidence.
"Government must act quickly to provide concrete plans regarding Brexit," Mr Hawes said earlier this month.
This week, Ford became the latest carmaker to introduce a scrappage scheme, offering drivers a £2,000 discount for cars more than seven years old.
While Ford said the move was a bid to improve air quality by taking older, more polluting vehicles off UK roads, it would also help to boost sales.
The US company remains Britain's biggest-selling carmaker, but its sales in the first seven months of the year fell by almost 8,200 to 185,250 vehicles.
Taylor Swift announces new album, 'Reputation,' out Nov. 10
Now, the snake makes sense.
Tayor Swift's new album is called Reputation, and it'll be out November 10. The first single will be out Thursday night. Swift unveiled the information on her social media feeds Wednesday morning.
Taylor's team tells ABC News that "tomorrow night" means means 12:01 a.m. ET, Friday August 25.
As for the snake videos she's been posting: Taylor's "reputation" was certainly damaged last year, due to her feud with Kanye West and some comments her ex-boyfriend Calvin Harris made about her. Haters called her a "snake" and flooded her Instagram feed with snake emojis.
Reputation is spelled out in Gothic-style letters, like the font The New York Times uses, and the artwork shows Taylor in black and white, superimposed in front of what looks like a newspaper front page. It's a safe bet she's taking aim at the endless stories about her.
Reputation will be Taylor's follow-up to her 2014 worldwide smash album, 1989.
Source-ABC
Floyd Mayweather v Conor McGregor set for Saturday
UFC lightweight champion Conor McGregor wants to continue both a mixed martial arts and boxing career after Saturday's super bout with Floyd Mayweather.
Wednesday's final news conference at the MGM Grand in Las Vegas proved far calmer than any media event in the build-up to what could be the most lucrative fight in boxing history.
McGregor, 29, will earn a reported $100m in his boxing debut at the T-Mobile Arena event, prompting speculation future UFC pay days might not keep him with the organisation.
He said: "When this one is done I will have 20 seconds where I relish in victory and then I will be thinking who is next? I will be looking to compete all over the place.
"After I get victory I will certainly be looking to compete in both sports. Since I'm the king of the boxing ring and king of the MMA maybe I will make my own hybrid. Then if anyone wants to challenge me they can do it in my octagon."
Mayweather cut a refined figure at the MGM event, which was closed to the public. He was seemingly uninterested in exchanging insults, while McGregor had no such qualms, pointing to social media posts his rival has shared of betting slips and stating he thinks Mayweather "may have a gambling problem".
The undefeated boxer's father - Floyd Sr - told reporters "a lot" had been taken away from his son's ability in his two years out of the sport but stressed he still had enough to overcome McGregor.
But Mayweather was defiant when telling BBC Sport he was "going to look good" as he bids for a 50th win from 50 fights.
"I don't miss the hype and this at all. I'd rather be at home watching TV but this is my job," said the 40-year-old.
"McGregor can say whatever he wants to say, when it comes down to it I can fight. "Mentally, no athlete in the world is stronger than me.
"To be here 21 years I had to take it extremely seriously. You guys think I am not taking it seriously? I am."
It was announced the winner of a bout many in boxing have rubbished will receive a one-off belt from the World Boxing Council called 'The Money Belt'.
It contains 3,360 diamonds, 600 sapphires, 300 emeralds and 1.5kg of solid gold, mounted on alligator leather.
It is the latest opulent addition to a fight which could earn $600m (£469m) and which will challenge the record of 4.6 million pay-per-view buys set when Mayweather defeated Manny Pacquiao in 2015.
Donald Trump softens tone to urge 'a new unity'
US President Donald Trump has called for a "new unity", a day after a campaign-style rally in which he attacked political foes and media.
Speaking in Reno, Nevada, Mr Trump said "we are one people with one home and one great flag".
"In America, we never lose faith, we never forget who we are, and we never stop striving for a better future," he told the American Legion.
Hundreds of protesters gathered outside the convention centre as he spoke.
In a 22-minute address to the veterans' group, Mr Trump read from a teleprompter as he said: "It is time to heal the wounds that have divided us, and to seek a new unity based on the common values that unite us."
He told his audience of more than 5,000 that in the US, "we are not defined by the colour of our skin, the figure on our pay cheque, or the party of our politics.
"We are defined by our shared humanity - by our citizenship in this magnificent nation, and by the love that fills our hearts."
At a raucous rally in Arizona the night before he railed against that state's two senators, both fellow members of his Republican party, and Democrats.
In his 80-minute speech, Mr Trump threatened to shut down the government unless funding was approved for his proposed wall on the US-Mexico border.
He also excoriated media coverage of his statements about violence at a white supremacist march in Charlottesville, Virginia, earlier this month.
Mr Trump selectively quoted his initial response, omitting his much-criticised remark that "many sides" were to blame for clashes that ended with a counter-demonstrator killed.
He also accused the "damn dishonest media" of "trying to take away our culture".
"They're trying to take away our history," he added. As he spoke, protesters clashed with police outside the venue in central Phoenix.
After Mr Trump's speech on Wednesday in Nevada, Republican Senate leader Mitch McConnell denied a New York Times report that he was angry with the president and doubtful of his ability to lead the party.
Source-BBC
CARICOM countries urged to treat fleeing Venezuelan nationals with compassion
Caribbean Community (CARICOM) countries are being urged to re-consider treating Venezuelan nationals fleeing the political situation in their country as illegal immigrants and instead recognise the scale of the humanitarian crisis in that South American country.
In a statement released by the Guyana Human Rights Association (GHRA) on behalf of several religious and civil society groups, have urged CARICOM countries to provide for those fleeing Venezuela, where opposition forces are seeking to topple the government of President Nicolas Maduro, with legal protection and register them on arrival.
“A collaborative approach to governance encompassing relevant civic, business and Government agencies might begin by ensuring registration of Venezuelan refugees arriving at our borders, thereby both providing them with legal protection and discouraging illegal entry through porous borders and beaches,” said the group.
They said that the registration of Venezuelan refugees, “would also strengthen the possibility of more orderly reintegration of the refugees into their own country when circumstances permit a safe and minimally decent life”.
CARICOM leaders, at their last summit, held in Grenada last month, issued a statement reaffirming their guiding principles of adherence to the rule of law, respect for human rights and democracy, as well as for the fundamental principles of non-intervention and non-interference in the internal affairs of states.
But they noted that they were concerned about the “difficult political, economic and social situation in Venezuela, in particular, the increase in violence and polarisation between the Government and the Opposition, and its effect on the people of Venezuela”.
As a result, the regional leaders “called for all parties to commit to engage in renewed dialogue and negotiation, leading to a comprehensive political agreement, with established time tables, concrete actions and guarantees to ensure its implementation for the well-being of the nation”.
“In this regard, CARICOM Heads of Government offered their good offices to facilitate this dialogue,” the communiqué said, noting that they had also mandated Mitchell “to communicate with the parties concerned in Venezuela about this offer”.
On July 30, Venezuela staged an election to choose a 545-member constituent assembly, with the power to rewrite the constitution and dissolve state institutions.
The polls were boycotted by the opposition and criticised by many western countries, but Maduro said the assembly would help bring peace to the country, where more than 100 people have been killed and more than 2,000 wounded since the street protest began in April.
In their statement, the groups here said that a “principled and rights-oriented humanitarian response” would be in keeping with the CARICOM desire to “avoid becoming embroiled in Venezuelan domestic politics.”
They said that if their recommendation is not accepted, Venezuelan refugees would continue to be “vulnerable to the kind of treatment experienced by the isolated cases of Angolan, Haitian, Cuban and other refugees who have found their way to our shores.
“The default response has been to treat them as illegal immigrants often detained for months on end,” they said noting that “CARICOM countries are already beginning to feel the effects of the tens of thousands of refugees seeking asylum in neighbouring Latin American countries as a result of the severe economic disintegration and political instability fuelling that crisis”.
Earlier this month, former St Kitts-Nevis prime minister Dr Denzil Douglas urged CARICOM not to support a statement by United States President Donald Trump of a possible military solution to the crisis in Venezuela.
Despite the security issues and the fact that CARICOM's capacity for delivering health and welfare services are limited, the organisations said those factors do not absolve regional countries from the responsibility of developing just and fraternal reception policies and of respecting the fundamental rights of individual refugees.
“As civil and faith-based organisations our responsibility to engage with the humanitarian dimensions of the Venezuelan crisis is no less real than that of Governments. For this reason in a spirit of solidarity and social justice and in collaboration with relevant international agencies, we commit to engaging with the challenge of promoting the protection of the fundamental rights of Venezuelan refugees,” they said.
Source-CMC
Samsung eyes reset with new Galaxy Note
Samsung on Wednesday August 23rd unveiled a new model of its Galaxy Note as it seeks to leave behind the debacle over exploding batteries in the previous generation of the device, and mount a renewed challenge to Apple and its soon-to-come iPhone 8.
Introducing the Note 8 "phablet" at an event in New York City, executives repeatedly thanked fans who had remained loyal to the device.
"None of us will ever forget what happened last year," said Samsung president of mobile communications business DJ Koh.
"But, I will never forget how millions of dedicated Note loyalists stayed with us; so let me express my deepest gratitude."
The South Korean giant laid claim to being the first smartphone maker to field a "phablet" device -- combining features of smartphones and tablets -- when it introduced the first Note five years ago.
Samsung did not disclose the price of the Note 8, which will hit shops on September 15 but will be available for pre-orders starting Thursday.
The website for major US retail chain Best Buy offered the Note 8 for $930 without any carrier subsidies.
Apple is expected to put a similarly high price a hotly-anticipated 10th anniversary iPhone believed to be on the horizon.
Note 8 features include dual cameras on the back, with improved image capabilities, and asignature "S Pen" for drawing or writing on touch screens.
"All in all, it was a good day for Samsung," Moore Insights and Strategy analyst Patrick Moorhead said at the event.
"The Note 7 is clearly behind them and now it's onto the future with the Note 8."
The analyst depicted the Note 8 as Samsung's best opportunity in years to gain market share in the fiercely competitive premium smartphone market.
Source-AFP
MINISTRY OF EDUCATION PROVIDES CSEC/CVQ RESULTS
The anxiously awaited results for the May/June 2017 Caribbean Secondary Education Certificate Examinations (CSEC) and the Caribbean Vocational Qualification (CVQ) were released on August 18; when students from schools throughout the country joined counterparts around the Caribbean in viewing their grades by logging into CXC's Online Registration System.
This year, four hundred and eighty-four (484) students registered two thousand, three hundred and seventy-one (2,371) entries in twenty-nine (29) subject areas; an increase of 3.62%. The country's pass rate increased by 1%, from 72.59% to 73.59% this year. Government Secondary Schools recorded pass rates between 70-94%. There was improvement in the number of Grade I's and II's achieved; with the number of passes at Grade I increasing from 237, representing 11.43%, to 303, representing 13.85% and the number of passes at Grade II increasing from 589 or 28.41% to 636 or 29.07%; a difference of 2.42% and 0.66% respectively.
Of the candidates who sat, two hundred and twenty-one (221) received passes in 1-4 subjects, one hundred and seventy (170) received passes in 5-9 subjects while five (5) received passes in ten or more subjects.
Although the pass rate for English A remained at 69%, the quality of passes improved with 14.96% receiving Grade I versus 14.10% last year and 27.27% receiving Grade II when compared with 20.66% in 2016. There was also a decline in the number of Grade III passes.
While Mathematics again recorded a pass rate of 42%, there was a slight increase in the number of passes at Grade III.
Please note that the results for English A and Mathematics are not a true reflection of performance in these areas, as a number of students would have passed these subjects at earlier sittings.
It is worth noting that eleven (11) students sat Additional Mathematics this year with nine (9) or 81.82% achieving a passing grade; one (1) student received a Grade I and two (2) received Grade II.
The 2017 results also revealed that there was improvement in the pass rate for fifteen (15) of the twenty-nine (29) subjects sat, namely: Chemistry, Physics, Integrated Science, Information Technology, Office Administration, Principles of Business, Electronic Document Preparation and Management, English B, Geography, French, Spanish, Visual Arts, Textiles Clothing and Fashion, Food Nutrition and Health and Technical Drawing.
For the first year of registering for CVQ, fifteen (15) students pursued certification in four areas; Carpentry - Level 2, Commercial Food Preparation - Level 1, Data Operations - Level 1 and General Office Administration - Level 1. Two students received unit certification for Carpentry, two for Commercial Food Preparation, three for Data Operations and two for General Office Administration.
Commenting on this year's performance, Minister of Education the Honourable Karen Malcolm said, "It is with a sense of pride, that I congratulate the students who successfully obtained passes in the CSEC examinations. I am delighted with the overall improved academic results in 15 of the subject areas and awards for the first ever CVQ entrants. I also wish to congratulate the dedicated teachers who gave of themselves diligently to ensure that our students have a solid foundation to begin their adult lives. I must commend and congratulate the parents and guardians who provided strong support to their children and encouraged them to do their best. I wish all students much success in their future endeavors. May God bless you. Congratulations once again."
The Ministry of Education will continue to facilitate professional development opportunities for high school teachers. Early in the 2017/18 academic year training will be facilitated for teachers in the Caribbean Vocational Qualifications (CVQ) programme. Our teachers will participate in the regional subject specific workshops and seminars facilitated by the Caribbean Examinations Council during the year. In addition to professional development the Ministry will continue the upgrading of laboratories, expansion and refurbishment of classrooms and outfitting of schools with the technological and other learning resources that are required to improve the quality of teaching and learning.
NEWS ITEM ON TROPICAL DEPRESSION HARVEY 6PM WED 23 AUG 2017
THIS IS A NEWS ITEM ON TROPICAL DEPRESSION HARVEY ISSUED BY THE BAHAMAS DEPARTMENT OF METEOROLOGY FORECAST OFFICE SECTION, AT 6PM WEDNESDAY, 23RD AUGUST, 2017.
… HARVEY EXPECTED TO STRENGTHEN AS IT HEADS FOR TEXAS...
AT 5PM EDT, THE CENTER OF TROPICAL DEPRESSION HARVEY WAS LOCATED NEAR LATITUDE 21.6° NORTH AND LONGITUDE 92.6° WEST OR ABOUT 460 MILES SOUTHEAST OF PORT MANSFIELD, TEXAS.
THE DEPRESSION IS MOVING TOWARD THE NORTHWEST NEAR 2 MILES PER HOUR (MPH). A TRACK TOWARD THE NORTHWEST OR NORTH-NORTHWEST AT A FASTER FORWARD SPEED IS EXPECTED FOR THE NEXT 48 HOURS. ON THE FORECAST TRACK, HARVEY SHOULD BE APPROACHING THE TEXAS COAST LATE FRIDAY.
MAXIMUM SUSTAINED WINDS ARE NEAR 35 MILES PER HOUR (MPH) WITH HIGHER GUSTS. SOME STRENGTHENING IS FORECAST DURING THE NEXT 48 HOURS, AND HARVEY COULD BECOME A HURRICANE ON FRIDAY.
THE NEXT NEWS ITEM WILL BE ISSUED ON THURSDAY.