World Bank warns on US rate rise
The World Bank has warned developing countries to brace themselves for possible financial turbulence when the US Federal Reserve starts to raise interest rates.
It could come as early as Thursday when the Fed concludes a policy meeting.
A new report from the World Bank says there will probably be a modest impact on developing countries.
But it also warns there is some risk that it could be worse.
The Bank says it is possible that there would be sufficient disruption to capital flows into developing countries to harm economic growth and financial stability.
US interest rates have been practically zero for more than six years and as the economy continues to recover, the Fed is sure to raise interest rates at some stage. The prospect has been a major concern for financial markets all year.
Developing countries are bound to be affected when it happens and the first step might be imminent.
The new World Bank report gives a number of reasons why developing nations should be able to cope without a great deal of fallout. Notably, the rate rise has been anticipated for a long time and it is likely to be a gradual process. Rates will not be raised rapidly.
And it will take place in the context of a robust US economy. After all, if the US weren't in reasonable health, the Fed wouldn't even be considering a rate rise, and strong US performance is generally good news for the rest of the world.
That said, there are risks of what the report calls a "perfect storm".
Some developing countries are vulnerable. The report doesn't point the the finger, but Turkey, Brazil and Venezuela are almost certainly among them.
The risks for countries include government and private sector debt, especially if it is in a foreign currency, and a large deficit in international trade, which has to be financed by borrowing from abroad. Weaker economic growth is also a factor, and Brazil has seen a marked deterioration.
Source- BBC
Canadian company to develop medicinal products from J’can marijuana
CANADA-BASED Timeless Herbal Care Limited (THC) announced Saturday it has secured a US$100-million deal to develop medical marijuana products here in Jamaica for the international market.
Courtney Betty, the Jamaican- Canadian who heads THC, did not go into great detail, but said the deal would create job opportunities for many Jamaicans. He said the deal was buttressed by the decision of the Jamaican Government to decriminalise ganja for medicinal purposes.
Betty used the opportunity in a speech at the Association of Consultants and Physicians of Jamaica (ACPJ) Reception and Banquet, held at the Jamaica Pegasus Hotel in New Kingston, to urge physicians and private sector businesses to get on board with medical marijuana treatment, saying Jamaica was destined to become a hub for investment in medical marijuana.
“This is not about smoking marijuana, but it is about developing medical products that will be able to help patients,” said the president and CEO of Timeless Herbal Care, a nutraceutical pharmaceutical company that produces medical marijuana products.
“It really is about private corporations and businesses, and our expectation is that there will be many companies that will start coming to Jamaica looking to invest because of the tremendous intellectual property and resources that sit here at the University of the West Indies.” A high point of the ACPJ banquet was the honouring of its past president and consultant neurologist Dr Amza Ali and Dr Hafeezul Mohammed, outstanding cardiologist, internist and consultant physician.
Dr Ali was trained in neurology at the National Hospital for Neurology and Neurosurgery, Queen Square, London, and is specially certified in neurology by the Federation of Royal Colleges of Physicians of the United Kingdom and the Association of British Neurologists.
He also completed a clinical fellowship in epilepsy at the Neurological Institute, Columbia University in New York and is a Fellow of the American College of Physicians and the Royal College of Physicians of London.
“Being honoured by one’s peers is an amazing thing. It gives you a sense of validation that can’t come from anything else, because it means other people that you respect, respect what you are doing,” Dr Ali said in his response.
In 2009, the American Academy of Neurology selected him for the Donald M Palatucci Advocacy Leadership Forum for his extensive work in the field of epilepsy. In June 2011, he delivered the prestigious annual Swebelius Lecture at Yale University in recognition of his work in this field.
“Moving forward, this will be an inspiration for me: It will give me even more energy to move forward and to do even more things for the people I care so much for in this country” said Dr Ali.
Dr Mohammed, who has studied at McGill University, Canada, the University of the West Indies, and the Royal Postgraduate Medical School of London, said: “I am delighted to receive this honour from the Association of Consultant Physicians of Jamaica, and this inspires me to continue to provide service to the people of Jamaica and to improve our health care.”
'Dislike' button coming to Facebook
More than 30 people were charged -- including some with criminal homicide -- in connection with the death of Chun "Michael" Deng, 19, a Baruch College student who died after a hazing incident in the Pocono Mountains in Pennsylvania. Five people and Pi Delta Psi Fraternity Inc. were charged with criminal homicide, involuntary manslaughter, aggravated assault, simple assault, hindering appreheFacebook is to add a "dislike" button to its social network, founder Mark Zuckerberg has said.
In a Q+A session held at Facebook's headquarters in Menlo Park, California, the 31-year-old said the button would be a way for people to express empathy.
He said Facebook was "very close" to having it ready for user testing.
A "dislike" button has been constantly requested by some users since the introduction of the now-iconic "like" button in 2009.
"People have asked about the 'dislike' button for many years," Mr Zuckerberg told the audience on Tuesday.
"Probably hundreds of people have asked about this, and today is a special day because today is the day that I actually get to say we are working on it, and are very close to shipping a test of it."
However he went on to say he did not want it to be a mechanism with which people could "down vote" others' posts.
Instead, it will be for times when clicking "like" on "sad" posts felt insensitive.
Prof Andrea Forte, an expert in social and participatory media at Drexel University in Philadelphia, said users will not suddenly turn on each other's posts.
In an email, she wrote: "They may use a dislike button to express some negative emotions (like frustration with ads popping up in their feeds) but I doubt it will cause them to start wantonly disliking pictures of their friends' babies, dogs, cats and cooking experiments.
"I suspect it will mainly be used to express mild disapproval, or to express solidarity when someone posts about a negative event like a death or a loss."
Five Charged with Criminal Homicide in Hazing Death of Baruch College Student
More than 30 people were charged -- including some with criminal homicide -- in connection with the death of Chun "Michael" Deng, 19, a Baruch College student who died after a hazing incident in the Pocono Mountains in Pennsylvania.
Five people and Pi Delta Psi Fraternity Inc. were charged with criminal homicide, involuntary manslaughter, aggravated assault, simple assault, hindering apprehension, hazing and criminal conspiracy, the Pocono Mountain Regional Police Department said Monday. Twenty-seven people were charged with hindering apprehension, hazing and criminal conspiracy, police said.
Three people were charged with aggravated assault, simple assault, hindering apprehension, hazing and criminal conspiracy, and two people were charged with simple assault, hindering apprehension, hazing and criminal conspiracy, police said.Authorities say members of the Pi Delta Psi fraternity at the New York City-based college pushed Deng during a December 2013 hazing ritual while on a retreat in the Poconos, where he was blindfolded and wearing a backpack filled with 20 pounds of sand.
At one point he fell over and hit his head, police said. After Deng lost consciousness, other fraternity members brought him into the house, but they never called 911 for help, police said. Instead they put him near the fire, changed his clothes and searched the Internet for information about his symptoms, police added.
After two hours, Deng was taken to a local hospital by three of the fraternity members, where he later died.
Source-ABC
Dallas Cowboys Ranks as Most Valuable Team in NFL
What's the most valuable team in the NFL? The Dallas Cowboys.
Forbes recently released its annual valuation of NFL teams and the Dallas Cowboys, owned by Jerry Jones, came in at a worth of $4 billion, according to ESPN's Darren Rovell.
ESPN's Darren Rovell reports that Jones bought the Cowboys in 1989 for $140 million dollars and the value of the team has since risen 1,382 percent.
Other NFL teams ranked in the top five are the New England Patriots at $3.2 billion, the Washington Redskins at $2.85 billion, the New York Giants at $2.8 billion and the San Francisco 49ers at $2.7 billion.
Source-ABC
Justin Timberlake to Star in Animated Movie, Trolls
Justin Timberlake has appeared in a number of movies, but he's about to take on his first lead role in an animated film.
JT will star opposite Anna Kendrick in Trolls, a musical comedy from DreamWorks Animation inspired by those popular Scandinavian troll dolls with the brightly-colored hair that sticks straight up. Justin will play Branch, a troll who's a "hardcore survivalist." Kendrick will play Princess Poppy, and the two will team up for what's described as a "hair-raising adventure" -- get it? The movie hits theaters November 4 of next year.
Troll dolls became a craze in the sixties after being created by a Danish fisherman and woodcutter who couldn't afford to buy a Christmas present for his daughter.
Justin's movie credits include The Social Network, Runner Runner and Inside Llewyn Davi
POLICE WARN AGAINST IRRESPONSIBLE USE OF SOCIAL MEDIA
The Royal Turks & Caicos Islands Police Force (RTCIPF) is again appealing to members of the Turks & Caicos Islands to be more responsible while online.
Public Relation’s Officer, Audley Astwood, noted that Social Media is a great way to keep the TCI public informed of incidents in our country and thus is a powerful tool, not to be abused.
Astwood reminds the public that posting of erroneous and incorrect reports on social media sites have impacted victims in a very negative way. Posting libelous information can also lead to persons being sued for defamation of character.
Astwood said the Police are not identifying any particular case, but said that social media sites such as Facebook and the popular “What’s App” messenger platform were bombarded recently with various stories which were unfounded. Police are also reminding the public that inaccurate and unsubstantiated information increases the pain and suffering of victims.
“Police are pleading for more responsible behavior and noted that members of the public should always seek information from trusted news agencies only, to avoid causing unnecessary stress to those affected or who may be affected by a crime. Please post online responsibly,” said Astwood.
Rolls-Royce mulls electric car as new regulations dawn
Rolls-Royce Motor Cars may develop an electric vehicle as tighter regulation on auto emissions pushes even the most elite auto manufacturers to look into battery- powered cars.
"Suppose we find a battery technology that can offer ranges that are acceptable to our customers," Torsten Muller-Otvos, head of the BMW AG unit, said in an interview at the Frankfurt International Auto Show. In that case, "I can definitely imagine a fully electric Rolls-Royce."
After previously doubting the viability of electric technology for its cars, Rolls-Royce's new stance reflects increasing pressure on automakers to offer emission-free driving, as cities move to rein in pollution.
So far consumers' response to EVs has been tepid because of limited driving ranges and patchy availability of recharging stations.
Porsche is also moving in that direction. The Volkswagen AG unit unveiled a four-seat sports car at the Frankfurt car show that accelerates faster than its 911 model and charges in just 15 minutes.
With the car, which may go on sale in five years, Porsche is joining sister unit Audi in showcasing a shift into battery-powered vehicles by traditional horsepower-driven brands.
Rolls-Royce hasn't made a final decision on producing an electric car or a plug-in hybrid vehicle, and there's no firm time frame for the move, Muller-Otvos said.
Source-Auto news
Political, religious groups condemn racist attacks against Rowley, PNM
Political and religious leaders yesterday condemned what they termed racial comments posted on the social media after the People’s National Movement (PNM) came to power following the September 7 general election.
Prime Minister Dr Keith Rowley has already told reporters that he had not seen the comments, but added that he had more important things to discuss, including the delivery of a national budget before monthend.
Former prime minister Kamla Persad-Bissessar said the comments posted on the Facebook page of the United National Congress (UNC) were not authorised, would never be authorised nor condoned by her party.
“I haven’t seen these posts but I can say that they would never be authorised by the party,” Persad Bissessar said. The comments range from congratulations to the PNM to threats to harm Rowley whom they described as a monkey.
Leader of the Congress of the People (COP) and former legal affairs minister Prakash Ramadhar noted that some people on both sides of the political divide have been issuing messages which were not in the best interest of the country.
“This is not acceptable in a truly democratic and united society that is multi-ethnic and multi-cultural. We cannot allow any space, whether by individuals or groups, for such divisive and hateful messages to be spread in our national conversation and thinking, whether it is fuelled by sentiments based on winning or losing in our elections,” he said.
“While we should seek to understand why things turned out as they have, we cannot let it stand in the way of our common future,” Ramadhar said, adding that regardless of who is in power, the country must not allow the bitterness that is evident among a few to infect the youth and future generations.
“Let us all work together to put an end to this,” he said. Imam Mirza Ali-Mohammed of the Islamic Da’wah Movement, speaking on television, said it was “frightening” that after so many years of education and awareness, racism seems to have got worse.
“It is frightening, especially for our young people. The examples being set by these adults who are involved in these things, it really is scary,” he added.
Seventh-Day Adventist Pastor Clive Dottin said he agreed with chairman of the Elections and Boundaries Commission (EBC) Norbert Masson, who described the campaigning as the most vile and vitriolic he has ever seen.
“We are as polarised as we have ever been. We are mis-mentoring the young people. We are misguiding them and setting a horrible example,” he said, urging religious leaders to set “the right example and who are also fuelling a certain kind of hatred in the society”.
Source-CMC
DIGICEL & NBA COACHES GETS KIDS TRAINED IN PROVO
The National Basketball Association the NBA have joined in partnership with Digicel to launch the Jumpstart Basketball Clinics in the Caribbean.
The Turks & Caicos are one of six countries selected to host the clinic, which started on Sunday Sept. 13th and will conclude on the 15th at the Graceway Sports Centre in Providenciales.
The Digicel NBA Clinics is offering 42 aspiring young basketball players an opportunity to train under the tutelage of official NBA coaches as well as developing coaching for 15 local coaches.
Head of the (PABA league) and head of the Rising Stars Basketball Club, Sydwell Glasgow and Mervin Forbes said that they applauded Digicel and the NBA for such a “much needed” initiative where local coaches and players can benefit from NBA style training.
Digicel expressed that “this is a tremendous opportunity for young TCIslanders to jumpstart their NBA dreams and one day careers.