Army Chief Takes Power in Burkina Faso
Burkina Faso's army chief has taken power in the country following the resignation of longtime President Blaise Compaore.
General Honore Traore told reporters Friday in Ouagadougou that he was taking on "the responsibilities as head of state."
Traore said his administration would begin talks with political stakeholders immediately with a view to restoring "normal constitutional order."
The general first exerted power Thursday when he announced plans for a transitional government and ordered a dusk-to-dawn curfew after violent protests in the capital against Compaore.
Compaore announced his resignation Friday and called for a 90-day transition leading to elections.
Stéphane Dujarric, a spokesman for U.N. Secretary-General Ban Ki-moon, said the secretary-general was following Burkina Faso developments with "great concern" and was urging "calm, restraint and dialogue."
Dujarric said the U.N. special envoy for West Africa, Mohammed Ibn Chambas, had arrived in Ouagadougou as part of a joint mission that includes the president of ECOWAS (the Economic Community of West African States) and the African Union commissioner for political affairs.
Chambas is expected to meet with all political stakeholders as well as religious and traditional leaders.
Former colonial power France quickly said it welcomed Compaore's resignation. It called for calm in the West African nation and said it supported the "rapid holding of democratic elections."
Burkina 24 television reported that the former president left his palace in a heavily armed convoy.
Compaore ruled Burkina Faso for 27 years after seizing power in a 1987 coup.
Unrest broke out Thursday as lawmakers prepared to vote on a constitutional amendment that would have allowed Compaore to run for another term. The government withdrew the amendment after hundreds of protesters stormed and set fire to the parliament building.
More protesters gathered in the streets of Ouagadougou on Friday, but there was no repeat of Thursday's violence.
Some material for this report came from Reuters.
TCIG COMMENTS ON FSC’S CALL FOR DISSOLUTION OF BAFL SERVICES
The Government, through the local media, recently learned that the Managing Director of the Financial Services Commission (FSC), Mr. Kevin Higgins has filed a petition with the courts to liquidate the insurance company, British Atlantic Financial Services Ltd (BAFSL), formerly known as British American Insurance. The Government regrets this course of action taken by the FSC, an action that, if effected, can have a devastating impact on the investments and life savings of the 2600 BAFSL policy holders.
The Premier, upon receiving details of the actions of the FSC, met with the Management of BAFSL to ascertain the circumstances which led to and surrounding the FSC's actions. The Premier also wrote to the Governor who, under section 37 (1) c of the TCI constitution, has responsibility for the regulation of the financial services, to seek clarity and his intervention in the matter that is before the courts, in order to prevent liquidation of the company and to explore other positive avenues that will minimize financial loss to the many policy holders.
“It is indeed unfortunate that Mr. Higgins stated in his interview with the TC weekly News that this failure of BAFSL or his actions could have been avoided if the necessary regulations were in place and if the Insurance Legislation was passed. It must be clearly stated, that since the start of this administration the Government, in the House of Assembly, has supported the presentation of all proposals recommended by the FSC to strengthen the regulatory framework within the financial services industry.
These efforts have been recognized locally and internationally. Furthermore, in this regard, the Government presented to the House of Assembly a Domestic Insurance Bill drafted by external drafters who were instructed by the FSC, but later withdrew it in order to address several substantive issues. That Bill is currently in the late stage of extensive but necessary redrafting by the Attorney General's Chambers on instructions from the FSC, and will be reintroduced to the House of Assembly as soon as completed.
“The Government will continue do all in its powers to ensure proper management of this situation by the FSC, to avoid the liquidation of BAFSL and to minimize loss to its many policy holders,” Premier Ewing commented.
Jazz & Blues signs Mariah Carey
Global superstar Mariah Carey has been confirmed as the headline act for the 19th annual Jamaica Jazz & Blues Festival next January.
Carey, regarded as the best-selling female artiste of all time, will be making her first-ever appearance in the Caribbean, and her signing is being seen as a major triumph for the world-renowned festival, scheduled for January 29 - 31 at the Trelawny Multi-purpose Stadium on Jamaica's north coast.
"Welcoming Mariah Carey to Jamaica's shores is truly exciting and we are extremely pleased to announce this iconic star as our headline act for 2015," festival producer Walter Elmore said yesterday. "Her agreeing to perform on our stage is a testament to the quality of our production. We are the only festival in the Western Hemisphere to present Mariah Carey since her last tour in 2006."
Yesterday, Carey was quoted as saying that she was anxious to perform in Jamaica.
"I'm thrilled to be performing in Jamaica for the first time ever," she said. "I can't wait to connect with my Jamaican fans and I am really looking forward to spending some time pon de island as well."
Carey has sold more than 200 million records and has logged 18 Billboard Hot 100 Number 1 singles, more than any solo artiste in history.
With her distinctive five-octave vocal range and prolific songwriting and producing talent, Carey has defined the modern multi-format performer.
She has received multiple Grammy Awards, 21 American Music Awards, Billboard's Artiste of the Decade Award, the World Music Award 2014 Pop Icon and Artiste with Most Number 1 Singles in America Awards.
She has also won BMI's Icon Award for her outstanding achievements in songwriting, among other notable accomplishments.
The multi-platinum artiste, who was born in Long Island, New York, made her debut with the self-titled set Mariah Carey in June 1990. On August 4 that year the set peaked at Number 1 on the Billboard charts.
Yesterday Jamaica Jazz and Blues Festival promoters said her set list for Jamaica is expected to be an exciting mix of her biggest fan-favourite pop and dance hits, R&B ballads, and hip-hop jams, along with popular selections from her critically acclaimed CD, Me. I am Mariah...The Elusive Chanteuse.
"Jamaica Jazz & Blues Festival is all about creating memorable musical experiences," Elmore said, "and patrons can expect a fantastic show for 2015. We have more acts to announce in the coming weeks that will certainly delight our audiences."
Source-Jamaica Observer
San Francisco Giants beat Kansas City Royals
San Francisco Giants sealed their third World Series title in five years with a 3-2 victory over Kansas City Royals in the deciding match of the series.
The Royals, who won their only title in 1985, had taken the best of seven series into a finale with a 10-0 win.
But Madison Bumgarner pitched five scoreless relief innings, striking out four while allowing only two hits.
The left-hander was named the World Series Most Valuable Player as the Giants won their eighth overall title.
Bumgarner, 25, originally credited with the game-seven win before an official scorer's change gave him only a save and handed Jeremy Affeldt the win, allowed only one run in 21 World Series innings with 17 strikeouts and only one walk.
He lowered his career record World Series earned run average to 0.25, having allowed one run in 36 innings on 14 hits, with five walks and 31 strikeouts - the best earned run average among pitchers with at least 25 innings.
"It's truly incredible what he did," Giants manager Bruce Bochy said. "I just can't believe what he accomplished."
Bumgarner, who also won the World Series with the Giants in 2010 and 2012, said: "I was concentrating on making pitches. I wasn't thinking about how many innings I was going to go, or how many pitches or anything like that. I was just thinking about getting outs."
Source-BBC
Roman Polanski freed after US extradition bid
Film director Roman Polanski has been released after being questioned by prosecutors in Poland over sex offences in the US.
He has been wanted by US police since 1977 after fleeing the country before he could be sentenced for having sex with a 13-year-old girl.
US authorities contacted Polish officials as Polanski attended the opening of a Jewish museum in Warsaw.
The director of The Pianist and Chinatown was questioned in Krakow.
"Roman Polanski said he would comply with all requests made by prosecutors in this case and provided his address," Police justice ministry spokesman Mateusz Martyniuk told AFP.
"Prosecutors therefore decided not to arrest him in connection with a possible US extradition request."
The Polish government confirmed that the US had contacted authorities asking them to arrest Polanski after he travelled to Warsaw for the opening of the Museum of the History of Polish Jews.
Mr Martyniuk said Polanski's extradition was still possible, but as the US had not yet forwarded an extradition request, Polanski "is a free citizen and is free to travel".
Source-BBC
Barclays sets aside £500m in currency probe
Barclays has set aside £500m to cover potential costs from investigations into currency trading.
Barclays is among several banks being probed relating to alleged rigging of currency markets.
It also set aside an extra £170m to compensate customers wrongly sold PPI.
The bank reported a rise in pre-tax profits for the first nine months of the year to £3.72bn from £2.85bn a year earlier as costs and bad loans fell.
The Serious Fraud Office and Financial Conduct Authority are among more than dozen regulators across the world probing alleged fixing of currency markets.
It is alleged that traders used online chatrooms to plan the fixing of benchmark prices.
Several investment banks, including Barclays and HSBC have already suspended currency traders due to the investigation by the FCA.
Financial Conduct Authority chief Martin Wheatley has said that currency manipulation was "every bit as bad" as the Libor scandal, where banks including Barclays, Royal Bank of Scotland and UBS paid fines totalling about $6bn relating to Libor fixing.
Barclays shares rose 2% in London to 224.90 pence.
Barclays reduced its provision for customers mis-sold interest rate hedging products by £160m, with the bank saying its review of customers sold the products was nearly completed.
The deals were mainly sold to businesses and aimed to control interest rates. As rates fell to historic lows in the wake of the financial crisis, business customers were often stuck on much higher interest rates.
The lender booked a £461m gain on assets it acquired when it bought the North American business of Lehman Brothers.
Investment bank pressure
For the three months to the end of September, most of Barclays' businesses saw profits rise except its investment bank and Africa business. Third-quarter pre-tax profit in investment banking shrank to £284m from £465m, a performance chief executive Antony Jenkins described as "disappointing."
"We see [third quarter] results as a clear indication of a deleveraging investment bank under significant pressure," said Chirantan Barua, an analyst at Bernstein Research. The £500m currency trading reserve means it "looks like" the lender is "close to settling", he said in a note to clients.
Operating costs, which includes staff wages, dropped faster than expected, said Mr Barua.
Mr Jenkins is trying to rein in pay and plans to cut 19,000 jobs by 2016, with more than 9,000 to go in the UK.
Source-BBC
'Alarming Gaps' Remain in Fighting Ebola
The international community must do more to fill "alarming gaps" in the fight against the Ebola epidemic, U.S. ambassador to the United Nations Samantha Power said to an audience in Brussels as she headed home from a visit to the three hardest-hit countries in West Africa.
Power said the initial international response is making a difference, and has created what she called “the first tangible signs that the virus can and will be beaten.”
But, she said, many countries have not done enough, and urged them to not assume the job is done.
“The international community is not yet doing enough to stem the tide of the epidemic, causing devastating heartbreak to countless families and allowing a global threat to metastasize,” Power said.
Praised volunteers
She praised the many nongovernmental organizations and their volunteers, who have moved in to fight Ebola, as well as local political and religious leaders who are promoting the needed actions by individuals to fight and prevent the disease.
Those steps include seeking treatment quickly, isolating infected individuals, expediting the burial of victims, and not stigmatizing survivors and the families of the dead.
“This is a crisis that is so vast, with needs so great, with potential consequences so dire, that no country can afford to stand on the sidelines. A few are doing a lot, but a lot are doing very little or nothing at all,” Power said.
She declined to say which countries she believes are not doing enough to fight Ebola, but she said contribution data is readily available on a United Nations website.
Power, who stopped in Brussels after visiting Guinea, Sierra Leone and Liberia this week, said more resources are needed to track the disease and spread public awareness in affected areas.
She called for more flexible planning, faster decision-making, and for support for the affected countries as they try to rebuild and expand their health care systems. Those systems were inadequate before the epidemic and have now been devastated by the deaths of hundreds of doctors and nurses.
But Power said she also came away from West Africa with unexpected hope.
“Today, the affected countries are, in fact, in a very different place than they were six weeks ago. I came away more convinced than ever that if we rally the right response, together we can stop Ebola,” she said.
Power said governments need to stop spreading fear, in part by unnecessarily putting restrictions on returning volunteers who have been to the infected countries.
She called for leaders to send clear and consistent messages about Ebola, based on science and facts.
Source-VOA
World Travel Awards headed to Anguilla
World Travel Awards has revealed it will head to the paradise island of Anguilla in the Caribbean for its annual Grand Final. After touring the globe in search of the world’s best hospitality organisations over the past year, World Travel Awards will host the crème de la crème of the industry at CuisinArt Golf Resort & Spa on Sunday, December 7th.
October 25th should have seen the highly-anticipated World Travel Awards Caribbean & North America Gala Ceremony 2014 take place in Anguilla, however, following Hurricane Gonzalo, and the major damage caused to the island's infrastructure, World Travel Awards was left with no choice but to postpone that event.
Now, in a move to support the island of Anguilla in its recovery and in a show of solidarity, World Travel Awards will host its Grand Final on the island. The event will be the first time the Anguilla Tourist Board and the luxurious resort will host a World Travel Awards Gala Ceremony.
Joining those receiving the highest honour in travel will be hundreds of dignitaries, luminaries, international media, government, industry leaders, and legends in the industry that have continued to set the standard for excellence in travel.
World Travel Awards President Graham Cooke said: “We have a moral commitment to support our partner destinations in their hour of need and by staging the World Travel Awards Grand Final in Anguilla this year we will give the island, its businesses and its economy a major boost at a time when it is most in need of international support. World Travel Awards will also devote the first part of the Grand Final to showcasing Anguilla and will present the island's awards during the Gala Ceremony.”
Mr Cooke added: “It will be an honour for the World Travel Awards to visit Anguilla for the first time and I can think of no better place for us to celebrate the best of global tourism than CuisinArt Golf Resort & Spa.
“Our 2014 Grand Tour has been an exhaustive search of the very best of the tourism industry around the world. This is the final stage of our annual programme and I look forward to welcoming our regional winners to Anguilla as they compete for the global titles. Best of luck to you all.”
This year has been one of our most successful to date for World Travel Awards, with the annual Grand Tour beginning with the Middle East Gala Ceremony, which took place at the JW Marriott Marquis in Dubai in May.
This was followed by the Europe Gala Ceremony at Divani Apollon Palace & Thalasso, in Athens, Greece, before the organisation was welcome to Quito, capital of Ecuador, for the South & Central America Gala Ceremony in August.
Most recently World Travel Awards visited The Oberoi, New Delhi, in India, for the Asia & Australasia Gala Ceremony, completing the regional events for the year.
In Anguilla guests will be entertained by a star-studded line up of local and globally renowned hosts, presenters and performers along with a culinary exposition from the island.
“This is a very exciting milestone for Anguilla,” said Hon. Haydn Hughes, Minister of Tourism and Sports. “Tourism is a vital part of our economy, and we have been working closely with local and international businesses to implement a number of groundbreaking initiatives over the last two years to generate tourism growth.
“I am pleased to say that our hard work is bearing fruit with a solid increase in the number of tourists visiting Anguilla over this period. To welcome the World Travel Awards cements our commitment and further provides us with reason to celebrate.”
CuisinArt general manager Stephane Zaharia said the resort will be working around the clock to showcase the prestigious event.
“Recognition by the World Travel Awards is rightly seen as the highest accolade in the tourism sector, and it is an honour for CuisinArt Golf Resort & Spa to provide our luxury accommodations and world-class service as host of this esteemed industry event. We look forward to extending our rich tradition of hospitality to the attending North American and Caribbean travel specialists and invite each of them to experience our renown culinary, wine and golf offerings in this unparalleled setting,” explained Zaharia.
World Travel Awards Gala Ceremonies are widely regarded as the best networking opportunities in the travel industry, attended by government and industry leaders, luminaries, and international print and broadcast media.
PDM ON BRITISH ATLANTIC FINANCIAL SERVICES COMPANY
The PDM in a release states that they are outraged over the recent announcement made by the FSC concerning its application to have British Atlantic Financial Services placed into liquidation.
The PDM added that they have met with the Managing Director of BAFSL and have heard statements made by him and are deeply concerned about the circumstances leading up to this Announcement. We have since made representation to the Governor and have also written to the Premier and Minister of Finance as to the possibility of whether the Opposition PDM can meet with them to discuss this, given the impact such a liquidation could have on a significant number of citizens and residents of the TCI.
We are informed that there are some 2600 Policy Holders (with the largest of its clientele based in Grand Turk) who stand to lose greatly and in varied ways. We are livid that persons who have been medical, life and annuity policy holders stand to lose in many cases decades of investment. We wish to stress that this closure will have consequences of catastrophic effect. These are the circumstances as we understand them to be:
- many of the life insurance policies are old accounts held for several decades (issued by the now defunct British American Insurance Company) and are in many respects tied to mortgages, educational plans and many have drawn down for varied reasons each year;
- many medical (and life) insurance policies holders are at risk of having to remain uncovered or if possible reinsured at unaffordable rates due the increase in age and the fact that many have suffered a decline in health, both factors making them unattractive to new policy providers;
These are serious concerns and policy holders must be satisfied that all efforts have been made to allow BAFSL to trade into solvency. The FSC has a serious duty of care to the policy holders and ought to have sought ways to protect them who also ought to have a voice.
The Opposition PDM made representation on Tuesday in reference to the times of the meetings for policy holders and venue identified for Providenciales. We are pleased that BAFSL has announced changes to their times and venue so that the Meetings scheduled for Monday and Tuesday respectively in Providenciales and Grand Turk are accessible to more policy holders. We are therefore calling on policy holders to attend and air their concerns in this setting and to be prepared to participate in possible measures that will be launched to fight this process to liquidation. The Policy holders must be satisfied that all efforts to save their investment were made and that there is absolutely no chance of the company trading into solvency.
With the information released yesterday by the Managing Director of BASL, it appeared that the FSC did not allow the business to grow and create new sources of revenue which would have improved its financial footing and create a path to solvency.
Implicit to the role of regulator is the obligation to protect investors and the public at large. If it is that a company was allowed to be formed with an insolvent book of business and not allowed to trade its way to solvency one would have to question whether the duty of care was exercised by regulators in this circumstance.
With the information released by Mr Wilbur Caley of BASL concerning the company’s relationship with Mr Kevin Higgins of the FSC, we have today written to the Governor and called for an investigation into the handling of this Institution bearing in mind that under his directorship, this country is seeing another potential catatrophy for not only hardworking citizens of this country but also again serious reputational damage to these Islands.
Chiquita okays US$681m Brazilian bid
Chiquita has sealed a deal to be acquired by two Brazilian companies for about US$681 million, with the US-based banana producer expected to go private by the end of this year or early next.
The deal comes just days after the fresh produce company's shareholders rejected plans to merge with Fyffes, another major banana producer, based in Ireland.
Chiquita Brands International, based in Charlotte, North Carolina, said Monday it will be acquired by the investment firm Safra Group and the juice company Cutrale Group for US$14.50 per share, a two per cent premium to its Friday closing price of US$14.16.
The companies put the transaction's value at about US$1.3 billion, including the assumption of Chiquita's debt.
Chiquita, founded in 1870, is among the world's top banana producers, along with Fresh del Monte, Dole and Fyffes, according to BananaLink, a nonprofit in the United Kingdom that raises awareness about working conditions in the industry.
The company, which employs about 20,000 people in about 70 countries, also produces pineapples and packaged products like salad blends and sliced apples.
It said its board unanimously approved the deal.
Once the transaction is complete, Chiquita will become a subsidiary of the Cutrale-Safra Group. The Cutrale Group says it already has more than a third of the US$5 billion orange juice market, and also sells oranges, apples, and lemons.
On Friday, Chiquita and Fyffes PLC gave notice to terminate their proposed merger agreement after Chiquita's stockholders didn't approve a revised transaction agreement between the two companies during a special shareholders meeting.
The proposed agreement with Fyffes was an all-stock deal, with the companies planning to incorporate in Dublin to take advantage of lower tax rates. Chiquita is based in Charlotte, North Carolina.
Once Chiquita's shareholders rejected the proposed deal with Fyffes, Chiquita said that it planned to enter talks with Safra and Cutrale on their competing offer of US$681 million.
Chiquita had received the bid from the pair last week after previously rejecting offers from the duo. The prior offer from Safra and Cutrale was US$14 per share. They had bid US$13 per share in August.
Shares of Chiquita added 21 cents, or 1.4 per cent, to US$14.37 in morning trading. Its shares have risen more than 40 per cent in the last three months.
- AP