CRICKET WORLD CUP: Ireland shock West Indies at World Cup
Ireland pulled off the biggest shock of the World Cup so far when they downed two-time champions West Indies by four wickets in Nelson on Monday.
The victory, the first by a team batting second in five games so far, followed on from Ireland's famous wins over England at the 2011 World Cup and Pakistan four years earlier.
Chasing 305 to win at Saxton Oval, they coasted home with Paul Stirling making 92, Ed Joyce 84 and Niall O'Brien not out on 79.
The West Indies made 304 for seven after being sent into bat in the Pool B fixture.
Lendl Simmons made 102 and Darren Sammy posted his highest ODI score of 89.
For Ireland, George Dockrell took three for 50.
Libyan, Egyptian Airstrikes Target IS in Libya
Egyptian and Libyan warplanes carried out airstrikes Monday against the Islamic State group in eastern Libya, the militaries said, in retaliation for militants beheading 21 Egyptian Coptic Christians who were kidnapped in Libya.
The bombings targeting militant camps and weapons storage sites in the town of Darna came hours after the Islamic State group released a video purporting to show the killings.
Egyptian President Abdel-Fattah el-Sissi had pledged in a televised speech to respond to the beheadings, calling them an "abhorrent act of terrorism."
"Egypt reserves the right of retaliation, and with the methods and timing it sees fit for retribution from those murderers and criminals who are without the slightest humanity," Sissi said.
Sissi also spoke by phone Monday with French President Francois Hollande, whose office said the men discussed the importance of the U.N. Security Council taking new actions to face the danger posed by the Islamic State group.
US Celebrates Presidents' Day Holiday
Today Monday is Presidents' Day in the U.S.
Millions of workers and school children are getting a day off for the annual holiday. Many patriotic and historical groups use the day for staging celebrations and reenactments of historical events.
It first became a federal holiday in 1879 to celebrate the February 22 birthday of George Washington, the first U.S. president.
Nearly a century later, in 1968, Congress passed a law shifting the celebration of several federal holidays from specific dates to predetermined Mondays in order to give workers three consecutive days off.
Initially, Presidents' Day only applied to the nation's capital, but in 1885 it was expanded to the rest of the country.
Retailers take advantage of the holiday - held on the third Monday in February - to have special sales.
By a quirk in the calendar, honoring George Washington on the third Monday of the month means the holiday can never fall on his actual birthday.
Although the day is still officially known as Washington's Birthday, it has evolved into Presidents' Day to celebrate both Washington's birthday and Abraham Lincoln's birthday, the 16th president whose birthday falls on February 12. Lincoln's birthday was never an official federal holiday, although many states celebrated the day.
Washington's birthday holiday originally joined only four other nationally recognized federal bank holidays - Christmas, New Year's Day, Independence Day and Thanksgiving. It was the first holiday to celebrate the life of an individual American. Martin Luther King, Jr. Day, signed into law in 1983, was the second.
Source-VOA
Turks and Caicos Islands Minister of Finance announces result of the Consultation Report on maintenance of Legal and Beneficial Ownership Information.
The Turks and Caicos Islands Government Ministry of Finance, Trade and Investment sought public feedback on the Turks and Caicos Islands’ Action Plan to Prevent the Misuse of Companies and Legal Arrangements with respect to the maintenance of Legal and Beneficial ownership information.
In recognition of the Turks and Caicos Islands’ contribution to the global economy, the consultation was open to the public, both locally and internationally, in order to provide an opportunity for broad representation. This release summarises the consultation responses; and outlines the Government’s current position, and proposed action points, on the following matters:
- Legal and beneficial ownership; and
- A central register of beneficial ownership information.
Legal and beneficial ownership
Of the 6 respondents, (three of whom were international NGOs, two local financial service providers and one local representative body for a set of financial service providers), the 3 international NGO respondents indicated that the legal and beneficial ownership arrangements were not sufficiently transparent, the 3 local respondents, including the representative body indicated that the Turks and Caicos Islands’ collection and maintenance of beneficial owner information was effective and satisfied international standards at the time of the Turks and Caicos Island’s most recent AML assessment and in accordance with existing international standards. The Government notes that, although the Turks and Caicos Islands has not experienced disproportionate occurrences of financial crime, we will continue to evaluate our legal and beneficial ownership regime and implement improvements in order to mitigate and, if it were possible given the inventiveness of criminals, to eliminate abuses of our system. Continuing to improve our system, in ways that support sound business growth locally and globally, therefore remains our position as the correct course of action at this time.
Central register of beneficial ownership information
Of the 6 respondents, the 3 international NGOs said they were in favour of a central public registry and the 3 local respondents, including the representative body, said they were not in favour of a central registry of beneficial ownership information, or of access to such a registry by the public. If the implementation of a central registry system becomes the required method of meeting the global standard, the local respondents also indicated that such a register, although central, should not be accessible to the public; rather, it should only be accessible by law enforcement, regulatory, and tax authorities. The 3 local respondents to this question pointed out that beneficial ownership information is adequately available through existing appropriate mechanisms. To determine if a central register is the most appropriate and effective way to improve transparency in the Turks and Caicos Islands, it is first necessary to test our current regime against the Financial Action Task Force (FATF) standards for availability and accessibility. Here it is worth underscoring that, although they are global in nature, the FATF Recommendations do allow jurisdictional flexibility – not in the intended outcome of the recommendations, but in how that outcome is achieved. In particular, FATF Recommendation 24 on legal and beneficial ownership outlines three avenues by which a country can comply with the availability of information standard. Of these avenues, a central register is one path; using data collected from licensed and regulated service providers is another. In accordance with the latter method, for many years, the Turks and Caicos Islands has a required licensed and regulated person within the financial services sector to collect, maintain and update beneficial ownership information. Principle No. 4 of the G20 Communiqué titled High-Level Principles on Beneficial Ownership Transparency, issued on 16 November 2014, reinforces FATF Recommendation 24 by stating, with respect to access to adequate, accurate and current information regarding the beneficial ownership of legal persons, that: “Countries could implement this, for example, through central registries of beneficial ownership of legal persons or other appropriate mechanisms.” There are valid reasons for asserting, in the case of jurisdictions that choose to comply with FATF standards via the central registry option, that the central registry should be available to law enforcement, regulatory and tax authorities. However, to allow public access to a central register raises real and genuine concerns for law-abiding individuals that may infringe upon the right to privacy, which is a fundamental principle at common law and is enshrined in the Turks and Caicos Islands’ Constitution. Considerable doubts have been expressed as to how accurate information collected via a central public register will be, given that those who engage in illicit activities are not likely to self-report true and correct information. By contrast, law-abiding individuals who do self-report true and correct information may fall victim to any number of cybercrimes, including identify theft. This could erode confidence in the Turks and Caicos Islands’ services and systems. Until such time as there is global agreement on appropriate exemptions and safeguards, and this becomes the internationally practiced standard, the Turks and Caicos Islands will continue to follow its current regime.
Conclusions
The Government acknowledges the usefulness of this consultation, as part of the Turks and Caicos Islands Action Plan to Prevent the Misuse of Companies and Legal Arrangements, in informing our continuing programme of enhancements that ensure our regime meets local needs, and also fully complies with practiced global standards.
Our broad approach to the consultation was in line with our firm belief that solutions to illicit activity, including corruption and exploitation of the natural resources of developing countries, will be found only through constructive engagement. We recognise and, more importantly, understand the rationale behind the increasingly convergent nature of global regulatory initiatives.
The long standing commitment of the Turks and Caicos Islands to the value of these initiatives is evident through our engagement and responsiveness to the following tax initiatives:
- US FATCA and UK FATCA;
- being an early adopter to the Common Reporting Standard (including the Turks and Caicos Islands signing of the multilateral agreement on automatic exchange of information in Berlin on 29 October 2014);
- our high-level participation in the Global Forum for Transparency and Exchange of
Information for Tax Purposes;
- the extension to the Turks and Caicos Islands of the Convention on Mutual Administrative Assistance in Tax Matters;
- the abolition of bearer shares and the requirement to convert all bearer shares to registered shares;
- the establishment of Prevention of Terrorism legislation;
- the creation of the Financial Intelligence Agency to analyze trends and typologies to prevent financial crimes; and
- launched a National Risk Assessment of the financial services sector.
As indicated above, recent international initiatives and our public consultation process have given Government an opportunity to evaluate the current Anti-Money Laundering (AML) and Customer Due Diligence regime, as it relates to the issue of transparency of beneficial ownership of the Turks and Caicos Islands companies and arrangements. Upon such evaluation, Government acknowledges that, like any sound system or model in operation for many years, there are aspects that can be strengthened in order to tackle the misuse of legal persons and arrangements for illicit purposes such as corruption, tax evasion and money laundering. In this regard, changes are being made to reform the Gaming Industry.
In addition, Government is committed to adhering to the core set of principles as set forth in the G20’s High-Level Principles on Beneficial Ownership Transparency, and we will continue to monitor other international developments, including the European Union Fourth AML Directive.
Accordingly, in 2015, Government proposes to enhance the current framework to uphold such principles, and to take actions that will assist with the elimination of wrongful uses of legal persons and arrangements, while enhancing accuracy, access, availability and monitoring/enforcement of ownership information.
By mid-2015, Government also proposes to complete its National Risk Assessment, which should identify any further areas for improvement that can be addressed. Government’s proposed initial actions are as follows.
Government stands committed to vigilance in this area and to the continuation of its programme of active engagement with local and international stakeholders; develop subsequent improvements to our business model; and ensure that our authorities effectively cooperate, both domestically and internationally, so that our jurisdiction continues to provide an efficient platform for legitimate business in the Turks and Caicos Islands.
Obama Seeks Authorization From Congress to Fight IS
President Barack Obama sent Congress a request Wednesday for authorization to use military force in the campaign against the Islamic State group, urging lawmakers to "show the world we are united in our resolve to counter the threat."
In a letter to Congress, the president said he is committed to working with Congress on bipartisan authorization for the use of military force.
The proposed authorization for the use of military force (AUMF) would limit operations against the militants to three years and bar U.S. troops from what it terms "enduring offensive ground combat."
Obama's draft proposal said large-scale ground combat operations, similar to those in Iraq and Afghanistan, should be left to local forces instead of the U.S. military.
The proposal also would repeal the 2002 measure that authorized the Iraq war but keep a 2001 authorization, passed shortly after the September 11 attacks, for a campaign against al-Qaida and its affiliates.
"This is a difficult mission, and it will remain difficult for some time," the president said in nationally televised remarks. "But our coalition is on the offensive. ISIL is on the defensive, and ISIL is going to lose."
The president says the authorization would give him the flexibility he needs to go after the militants.
“For example, if we had actionable intelligence about a gathering of ISIL leaders, and our partners didn’t have the capacity to get them, I would be prepared to order our Special Forces to take action, because I will not allow these terrorists to have a safe haven,” he said.
Source-
4 Dead In Southwest Miami-Dade Plane Crash
A small plane has crashed in a field in Southwest Miami-Dade, killing all four people on board.
According to Miami-Dade Fire Rescue, a small prop plane crashed in the area of SW 144th Street and Krome Avenue.
The Beechcraft 1900 took off from Reliance Aviation at Tamiami Airport, now known as Miami Executive Airport, shortly before 2:20 with four people on board. All four people, who have not been identified, are confirmed dead.
The plane, which can hold up to 20 people, was headed to Providenciales in the Turks and Caicos Islands.
According to Miami International Spokesman Gregory Chin, the pilot had called in an engine problem and was trying to turn around when he crashed.
Nearly a dozen fire units have responded to the scene.
Source-CBSMiami
Cadillac will start pricing ATS-V at $61,460
Cadillac’s high-performance variant of its ATS sport sedan, the ATS-V, will start at $61,460. The coupe will start at $63,660.
Both prices include shipping.
“The V-Series is the ultimate expression of Cadillac’s re-ignited product substance and the passion at the core of our brand,” Cadillac President Johan de Nysschen said in a statement today.
“The ATS-V expands the V-Series lineup, bringing a new kind of performance character to Cadillac. Lightweight, agile and potent, the ATS-V will make an ideal pairing with the larger and even more powerful all-new 2016 CTS-V midsize sedan, which arrives later this summer,” he said.
The models are now available through dealers and will be available to order online in April, a statement said.
The V series has helped Cadillac burnish its performance credentials, a key part of its strategy to directly compete with more-established luxury rivals such as Mercedes-Benz, BMW and Audi. The ATS-V will be the first V-series launch since the debut of the CTS-V coupe in mid-2010.
Cadillac dealers are discounting existing inventories of ATS sedan by thousands of dollars, Reuters reported today. Cadillac and its dealers had about six months’ worth of unsold ATS sedans at the end of January, Reuters said.
In January, GM sales rose 18 percent, but Cadillac sales only increased 2.6 percent, with ATS sales down 8 percent from a year ago and CTS sales plunging 24 percent. The brand is trying to establish new momentum with its 2016 V-series models. Engineers modified the base of ATS models, now featuring 25 percent stiffer structures to handle cornering and torque loads that go "significantly beyond" those of non-V models, Automotive News reported in November.
The 2016 ATS-V models are powered by twin-turbocharged V-6 engines rated at 455 hp and 445 pounds-feet of torque.
They speed from 0 to 60 mph in 3.9 seconds and reach a top speed of 189 mph. The engine comes with a six-speed manual or a paddle-shift, eight-speed automatic transmission.
The models also feature a variety of performance elements equipment including magnetic ride control, Brembo brakes and a carbon-fiber hood.
Mike Colias contributed to this report.
Lime to pay millions to Digicel for wrongly withholding money
Telecommunication company LIME is to pay more than J$1.5 billion (One Jamaica dollar =US$0.0087 cents) to Digicel (Jamaica) Limited for wrongly withholding money due for calls from LIME’s fixed-line customers to Digicel mobile phones,” the Jamaica Gleaner newspaper reported Tuesday.
It said the payment is as a result of two lawsuits filed by Digicel in 2007 and 2009, against Lime, whose parent company is the British telecommunication giant, Cable & Wireless over its refusal to hand over the funds.
LIME had denied that it was liable to refund Digicel and filed a counterclaim for more than J$600 million.
Justice Bryan Sykes, who heard the matters and in July last year ruled largely in favour of Digicel., said that LIME had wrongly deducted hundreds of millions of dollars from money collected from its fixed-line customers.
He had ordered the registrar of the Supreme Court to carry out a “taking of accounts” to assess the sum that should be refunded to Digicel. He also dismissed LIME’s counterclaim.
On November 24, last year, the registrar determined that J$1.3 billion was owing in one of the actions and J$179.7 million in the other. The amount carried an interest of almost J$$250,000 daily from the date of the judgment in July last year.
The newspaper said that the two companies had appealed Justice Sykes’ ruling but the appeals were recently withdrawn.
The judge ordered that Digicel was entitled to interest at the Bank of Nova Scotia’s base lending rate plus interest of two per cent. LIME was ordered to pay 70 per cent of Digicel’s legal costs, the Jamaica Gleaner reported.
Source-CMC
SEC sues Cayman Islands bank and four other companies
The United States regulatory agency, the Securities and Exchange Commission (SEC) has sued the Cayman Islands-based Caledonian Bank and four other companies, claiming that they took more than US$75 million from unregistered sales of “virtually worthless” penny stocks.
The SEC sued Caledonian Bank, Caledonian Securities, Clear Water Securities, Legacy Global Markets, and Verdmont Capital, in US federal district court in Manhattan.
The Caledonian defendants are based in the Cayman Islands. Clearwater and Legacy are based in Belize, and Verdmont in Panama.
All of the allegations were the same, the SEC said in its 39-page complaint.
First, they filed “bogus registration statements” with the SEC, purporting to register securities to public shareholders, though there were no such sales and the securities stayed in the control of the issuers and their affiliates.
“In the sham offerings, the issuers pretended to sell securities to shareholders in such places as Serbia, Mexico, Ireland, Norway, Panama and Jamaica,” said the SEC in the court filing.
It alleged that the restricted securities were then “passed off” as free-trading stocks in the United States and sold to the public.
The agency claims the defendants operated as affiliates, dealers, sales outlets and underwriters, in connection with four shell companies: Swingplane Ventures, Goff Corp., Nostra Energy and Xuamnii Inc.
“These violations occurred simultaneously with aggressive and extensive promotion campaigns for the penny stocks of those shell companies,” the SEC said.
The defendants’ unregistered sales of securities generated more than $75 million in proceeds on penny stocks that were virtually worthless and whose prices fell to their former token levels within months of the defendants’ sales.”.
The SEC is seeking disgorgement, restitution, penalties and an injunction, according to the court papers filed.
Source-CMC
Several Dominicans figure in Swiss bank scandal
23 people linked to Dominican Republic, including some Dominicans figure with US$34.3 million in accounts in Switzerland’s HSBC bank subsidiary, according to a filtered list of people which the entity allegedly helped dodge taxes or launder money.
The International Consortium of Investigative Journalists (ICIJ), made the revelation, whose publication ranks the country 127th among nations with the highest dollar amounts in the filtered Swiss files.
The maximum amount of money associated with a customer "linked" to Dominican Republic was US$8.0 million.
The Consortium didn’t disclose the identities of those linked to the country.
It emerged that in the filtered list of personalities figure Formula One driver Fernando Alonso, president of Banco Santander Emilio Botin, and king Abdullah II of Jordan, among others.
According to investigators, the Swiss entity collaborated so that many customers could evade taxes and hide millions of dollars in assets. It also opened accounts for arms and drug traffickers.
Most of the accounts investigated by the CIJ are from 1988 to 2007.