HSBC boss makes capital flight claim
Uncertainty over an independent Scotland's currency could lead to "capital flight" from the country, the chairman of HSBC has claimed.
Writing in the Telegraph, Douglas Flint said supporters of independence were "advocating a giant step into economic uncertainty".
Mr Flint donated £25,000 to the Better Together campaign last year.
Yes Scotland argued that a currency union was in the interests of Scotland and the UK, and would be agreed.
Currency has been a major issue in the independence debate ahead of the 18 September referendum.
The Scottish government has proposed continuing to use sterling in a formal currency union with the rest of the UK if voters back independence.
But the UK government and the main Westminster parties have said they would rule out such a deal.
Alternatives could include "sterlingisation" - using sterling without the Bank of England as lender of last resort - joining the euro or setting up a separate Scottish currency.
Pro-Union campaigners have pressed First Minister Alex Salmond to set out a "Plan B" but he has refused to do so, insisting that the UK government would negotiate a currency union if there is a "Yes" vote.
'Financial stability'
Mr Flint, who is group chairman of HSBC Holdings and describes himself as an "exiled Scot", wrote: "It is hard to imagine Scotland without the anchor of financial stability that it derives from sterling currency union.
"That is why the pro-independence campaign would like to recreate a currency union in the event that Scotland separates from the rest of the UK.
"If there was a better alternative that improved the future prospects of Scotland it would surely have been promoted vigorously."
He added: "The alternatives to a currency union include a completely independent currency, passive acceptance of a monetary policy designed in London for the rest of the UK, or, assuming Scotland rejoins the European Union, eventual membership of the euro.
"In all these circumstances, the transition from the existing currency union would be complex and fraught with danger.
"At the extreme, uncertainty over Scotland's currency arrangements could prompt capital flight from the country, leaving its financial system in a parlous state."
HSBC is the second largest bank in the world but has a relatively small presence in Scotland, with 10 branches.
Source-BBC
IMF defends Antigua policies
A senior official of the International Monetary Fund (IMF) Tuesday defended its policies towards Antigua and Barbuda after the island’s new government launched a scathing attack on the Washington-based financial institution.
IMF Deputy Director of the Western Hemisphere Department Adrienne Cheasty was forced to abandon her prepared speech as she responded to remarks by Prime Minister Gaston Browne that the IMF was responsible for the economic situation now facing the island.
“I think that presentation would be kind of silly in light of the prime minister’s frank and direct discussion<’ she said, adding that the IMF programme had helped avert a financial crisis in Antigua and Barbuda.
‘We stand very firmly behind all the difficult measures Antigua and Barbuda has taken since the global crisis started. Antigua has an IMF programme, it met the targets under the programme, it achieved success, it averted the crisis which was so messy so deep, so costly that thank goodness these difficult decisions were taken,” she said.
The IMF official acknowledged that the island took “difficult steps to retain stability and not maybe spiral down into financial crisis”.
Browne addressing the Economic Business Forum and Book Launch hosted by the Antigua and Barbuda Chamber of Commerce and Industry Ltd. and IMF Western Hemisphere Department, also indicated that his administration would not be seeking to enter into a new agreement with the Washington-based financial institution.
The former Baldwin Spencer government had entered into a 36-month Stand By Agreement (SBA) with the IMF in 2010 for an original amount of US$121.9 million with the Washington-based financial institution indicating in June that the aims of the programme were “largely achieved despite considerable challenges”.
It said the fiscal deficit dropped from 18 per cent of gross domestic product (GDP) in 2009 to just over one per cent last year.
But Browne, whose Antigua and Barbuda Labour Party (ALP) came to power in the June 12 general election, said that programme failed to improve economic situation and is partly to blame for stagnating the economy.
He said the IMF had damaged the investment climate and slowed the inflow of foreign direct investment and that the lending agency had worsened the cash crisis that it was meant to solve.
Browne said he was not happy with the repayment terms of the IMF loan and that under no circumstance would Antigua and Barbuda enter into a second agreement with the IMF.
He told delegates that his new administration was already in talks with Venezuela for a loan to pay off the IMF “in short order” and that he was seeking a US$150 million from China, a move he said he was certain the IMF would not approve.
ALERT #7 ON TROPICAL STORM CRISTOBAL
ALERT #7 ON TROPICAL STORM CRISTOBAL ISSUED BY THE BAHAMAS DEPARTMENT OF METEOROLOGY, SUNDAY, 24TH AUGUST 2014, AT 12PM EDT.
…CRISTOBAL IS MOVING SLOWLY NORTH-NORTHWESTWARD NEAR THE SOUTHERN BAHAMAS WITH HEAVY RAINFALL LIKELY FOR THE TURKS AND CAICOS AND POSTIONS OF THE BAHAMAS…
A TROPICAL STORM WARNING REMAINS IN EFFECT FOR THE ISLANDS OF THE CENTRAL AND SOUTHEAST BAHAMAS WHICH INCLUDES CAT ISLAND, RUM CAY, SAN SALVADOR, LONG ISLAND, EXUMA AND ITS CAYS, ACKLINS, CROOKED ISLAND, LONG CAY, RAGGED ISLAND, MAYAGUANA AND INAGUA.
A TROPICAL STORM WARNING ALSO REMAINS IN EFFECT FOR THE TURKS AND CAICOS ISLANDS.
RESIDENTS AND INTERESTS IN THE NW BAHAMAS SHOULD MONITOR THE PROGRESS OF CRISTOBAL AS A TROPICAL STORM WATCH COULD BE REQUIRED LATER TODAY.
A TROPICAL STORM WARNING MEANS THAT TROPICAL STORM CONDITIONS ARE EXPECTED SOMEWHERE WITHIN THE WARNING AREA…..IN THIS CASE WITHIN THE NEXT 12 HOURS.
AT 11AM EDT THE CENTER OF TROPICAL STORM CRISTOBAL WAS LOCATED NEAR LATITUDE 23.6° DEGREES NORTH AND LONGITUDE 73.1° DEGREES WEST OR ABOUT 82 MILES NORTH OF MAYAGUANA, 130 MILES EAST OF LONG ISLAND AND 285 MILES SOUTHEAST OF NASSAU.
TROPICAL STORM CRISTOBAL IS MOVING TOWARD THE NORTH-NORTHWEST NEAR 7 MILES PER HOUR AND THIS GENERAL MOTION WITH A DECREASE IN FORWARD SPEED IS EXPECTED FOR THE NEXT COUPLE OF DAYS. ON THE FORECAST TRACK…THE CENTER OF CRISTOBAL WILL MOVE NEAR OR OVER PORTIONS OF THE CENTRAL BAHAMAS THROUGH MONDAY.
MAXIMUM SUSTAINED WINDS ARE NEAR 45 MILES PER HOUR WITH HIGHER GUSTS. SOME STRENGTHENING IS FORECAST DURING THE NEXT 48 HOURS.
TROPICAL STORM CRISTOBAL IS EXPECTED TO PRODUCE RAINFALL TOTALS OF 4 TO 8 INCHES OVER THE SOUTHEASTERN AND CENTRAL BAHAMAS, AND THE TURKS AND CAICOS ISLANDS THROUGH TUESDAY WITH ISOLATED AMOUNTS AROUND 12 INCHES POSSIBLE.
RESIDENTS IN THE MENTIONED ISLANDS SHOULD HAVE COMPLETED ALL THE NECESSARY PREPARATION TO PROTECT LIFE AND PROPERTY PRIMARILY FROM FLOODING IN FLOOD PRONE AREAS AND WINDS OF UP TO TROPICAL STORM FORCE. SMALL BOATERS IN THE WARNING AREAS SHOULD REMAIN IN PORT.
THE NEXT ALERT ON TROPICAL STORM CRISTOBAL WILL BE ISSUED AT 3PM EDT.
Shakira song ‘broke copyright laws’
A hit song performed by Colombian pop star Shakira was indirectly copied from another songwriter’s work, a federal judge in New York has found.
Judge Alvin Hellerstein said Shakira’s Spanish-language version of Loca in 2010 had infringed on a song by Dominican singer Ramon Arias Vazquez.
Her English language version of Loca – which featured Dizzee Rascal – was “not offered into evidence” at the trial.
Neither version of Loca was released as a single in the UK.
However, the Spanish language version – a collaboration with Dominican rapper Eduard Edwin Bello Pou, better known as El Cata – was widely released as a single around the world. It went on to sell more than five million copies and topped Billboard Magazine’s Latin charts.
It was also included on her 2010 album Sale el Sol. For English language markets, the album was titled The Sun Comes Out and both versions of the song were included.
In a ruling on Tuesday, Judge Hellerstein said that while the hit single had been based on an earlier version of a song recorded by Bello [El Cata], that itself had been copied from Arias Vasquez’s original song.
“There is no dispute that Shakira’s version of the song was based on Bello’s version,” wrote the judge in his ruling.
“Accordingly, I find that, since Bello had copied Arias, whoever wrote Shakira’s version of the song also indirectly copied Arias,” he concluded.
Ramon Arias Vazquez penned his song Loca con su Tiguere in the 1990s, but Bello has denied copying it.
The case has yet to determine damages for the plaintiff, Mayimba Music, which holds the rights to Arias’ work.
Shakira’s song was distributed by Sony in both Spanish and English, but the copyright lawsuit mainly focused on the Spanish version.
On 13 July, the Colombian singer performed at the World Cup closing ceremony in Rio de Janeiro.
Source-BBC News
Bolt sets new Poland indoors 100m best 9.98 secs
Jamaican sprint superstar Usain Bolt set a new best time of 9.98sec for the rarely run 100m indoors at Warsaw’s national football stadium yesterday.
The Olympic champion and world record holder (9.58s) eclipsed the previous best mark for the distance of 10.05 set by Namibian Frankie Fredericks in 1996.
The Warsaw stadium had its roof closed for the event.
Bolt, in action as preparation for Zurich’s Diamond League meeting next week, said: “Above all, I wanted to get through this season without any injury as I’ve suffered enough over the past few years.
“Over the next meetings, starting with Zurich, I’m hoping to run even quicker.”
Bolt received various gifts after his win over his compatriot Sheldon Mitchell and American Trell Kimmons, among them pictures of his 28th birthday celebrations in Warsaw on Thursday.
Bolt had only run his first 100m of the year in an exhibition race on Rio de Janeiro’s Copacabana beach on August 17 in a time of 10.6sec.
His last competitive individual appearance at the 100m came in Brussels last year while at last month’s Commonwealth Games in Glasgow he was part of the victorious Jamaican 4x100m relay team.
Bolt will compete in his final Olympics in Rio in 2016 before calling time on his career in 2017 after the World Championships.
Source-AFP
Bolt calls it quits for 2014 season
Reports out of Europe are that triple World Record holder Usain Bolt has pulled the plug on his short 2014 season and has withdrawn from Thursday’s Diamond League meeting in Zurich.
Athletics Weekly posted on its twitter account Sunday morning that Bolt who just celebrated his 28th birthday last week had “decided to end his season following outing in Warsaw.”
The article said the organisers of the “Weltklasse meeting confirmed that following his outing at the Kamila Skolimowska Memorial in Warsaw on Saturday the Jamaican sprinter has decided to end his season and will therefore miss the Zurich event.”
After anchoring the Jamaican men’s 4x100m team to gold at the Commonwealth Games last month, Bolt won a 100m race in Rio last Sunday before setting World Record for an indoor 100m after running 9.98 seconds at the meeting in Poland on Saturday.
Source-Jamaica Observer
F1: Ricciardo wins Belgium GP
Red Bull's Daniel Ricciardo followed up on his superb win in Hungary by clinching victory in the Belgium Grand Prix Sunday, but it was again tensions within the Mercedes camp that made the headlines.
It was Red Bull's 50th victory, but the race will perhaps best be remembered for a crash between World Championship leader Nico Rosberg and his teammate Lewis Hamilton.
The crash, which Mercedes immediately blamed on Rosberg, eventually led to Hamilton retiring from the race whilst Rosberg finished second.
Rosberg was later booed by the crowd whilst standing on the podium.
"Completely unacceptable," Mercedes team boss Toto Wolff told AFP after the race.
"That was just an unacceptable race. It is unbelievable. You should not crash into your teammate. Lap number two of a long race and a crash between two teammates, we have often discussed the situation and it happened today.
"You don't try to overtake with the knife between your teeth in lap number two and damage both cars. This is a decisive moment in the battle between the two of them and for the team.
"Lewis is very upset, we kept him out there for a long time with a damaged car. He will recover quickly. It is going to be handled."
Mercedes's Niki Lauda also apologized to Hamilton over the incident, which has placed Rosberg in pole position to win his first World Championship.
Source-CNN
US Coast Guard seize cocaine worth US$19m in Caribbean
The United States Coast Guard says it has seized more than 570 kilograms of cocaine with an estimated value of US$19 million.
The Coast Guard said Friday the drugs were seized during a patrol, dubbed “Operation Unified Resolve” and that a go-fast vessel with five people had been detained.
It said the five suspected smugglers aboard the go-fast vessel were turned over to US federal law enforcement officials in St Petersburg, Florida.
The Coast Guard said its efforts under Operation Unified Resolve “contribute to the interagency results being achieved each and every day locally under Operation Caribbean Guard” and that together with other stakeholders, they are “working diligently to deter, detect and disrupt illicit maritime trafficking to Puerto Rico and the US Virgin Islands”.
Source-Caribbean Media Corporation
St Lucia implements ‘indefinite stay stamp’ for all OECS visitors
St. Lucia has implemented all administration arrangements to give effect to the movement of people across the nine-member Organisation of Eastern Caribbean States (OECS), according to a statement issued by the OECS Commission’s Regional Integration Unit.
It said that citizens of Antigua and Barbuda, Dominica Grenada, St. Vincent and the Grenadine, St. Kitts-Nevis, Montserrat, Anguilla and the British Virgin Islands will now be able to stay in St.Lucia for an indefinite period.
The St. Lucia-based Regional Integration Unit said that upon arrival here, the nationals of these countries that are part of the OECS Economic Union will be offered an indefinite stay stamp by immigration.
“The new arrangements for citizens of the OECS Economic Union travelling to St Lucia relate to Article 12 entitled the Movement of Persons as guided by the Protocol of the OECS Economic Union,” the Unit said, adding that citizens of member states of the OECS Economic Union who travel to St Lucia will also be able to drive without a driver’s permit once they are in possession of a valid driver’s license with photo identification and the nationality of their respective OECS member state highlighted.
Regarding this new arrangement, the Commission said that these citizens seeking employment here will no longer require a work permit once they receive the stamp for indefinite stay.
“St Lucia’s implementation of the administration arrangements to give effect to the Movement of people Regime was further facilitated through an intensive training programme organised by St Lucia OECS Commissioner Ambassador June Soomer, and facilitated the OECS Regional Integration Unit,” the Commission noted.
It said that training was held for over 100 officers attached to the traffic, immigration, customs, transport, external affairs, National Insurance Corporation, and other relevant departments.
Under the new arrangement, OECS citizens can travel to St Lucia using a valid photo identification which displays their nationality and is issued by their respective government agency.
The OECS Commission said that “plans are ongoing in Antigua and Barbuda to fully implement the OECS Free Movement Regime”.
Source-CMC
Colombian military officers meet Farc rebels in Havana
The Colombian military has held its first meeting with Farc rebel leaders at peace talks in Havana.
Their talks will focus on ways of implementing a ceasefire and, if a peace deal is agreed, on the laying down of weapons by the rebels.
President Juan Manuel Santos said the government and rebels were getting closer to an agreement.
Earlier this week the rebels met, also for the first time, a group of victims of the five-decade war.
At least three million people have been displaced by the conflict. Most of the victims were civilians.
"It is undoubtedly important that active-duty members of the armed forces and the Farc have sat at the table under equal conditions," said the head of the rebel delegation, Ivan Marquez,
Leading the military is General Javier Flores, the head of Colombia's joint chiefs of staff.
Gen Florez has taken part in some of the army's most successful operations against the Farc, including the operation that ended the life of the Farc's former military chief Jorge Briceno, in September 2010.
The head of the government negotiating team, Humberto de la Calle, said the military had formed a subcommittee that would prepare future mechanisms for a ceasefire that would only enter into force once a final agreement was reached.
"I repeat, so it is absolutely clear, at the moment no-one is negotiating a ceasefire," he said.
Negotiations between the government and the Farc were launched in the Cuban capital, Havana, in 2012.
The talks are aimed at getting the Farc to sign an agreement renouncing its armed struggle in order to join the legal political process.
There has been agreement in three of the six points on the peace agenda - land reform, political participation and illicit drugs.
Once both sides reach an agreement on the rights of the victims, they will negotiate the two remaining issues: disarmament and the implementation of the peace deal.
The current round of talks ended on Friday and will resume in September.