China, US Discuss Economy, Cyber Security
The United States and China vowed to make progress on disagreements over cyber hacking and economic disputes as they wrapped up two days of high-level talks in Beijing.
The sixth round of the U.S-China Strategic and Economic Dialogue addressed issues ranging from climate change and cybersecurity to economic reforms and diplomatic tensions with China’s neighbors.
U.S. Secretary of State John Kerry said Thursday he had a "frank" discussion with his Chinese counterparts about cyber attacks, which he said are hurting American companies.
China rejects U.S. charges that it is stealing intellectual property from U.S. companies, instead accusing the U.S. of conducting its own espionage against Beijing.
Thursday’s talks began with a breakfast that included entrepreneurs from the United States and China.
At a time when there are continuing tensions between the two nations, many see economic cooperation as a key opportunity.
TCI residents urged to ensure homes meet building code
Turks and Caicos Islands (TCI) property owners are being urged to check that their designer, architect and contractor have followed the new 2014 TCI Building Code and, if they are concerned about the strength of an existing property, to have it checked by a structural engineer.
This advice from the TCI Department of Disaster Management and Emergencies (DDME) follows the discovery of significant levels of substandard workmanship on the properties on the TCI capital Grand Turk that were damaged by Hurricane Ike.
Engineers overseeing the repairs to homes on Grand Turk are concerned by what they are finding when they open up the cracks left by Hurricanes Hanna and Ike.
Dr Virginia Clerveaux, Director of Disaster Management, expressed her concern at this news: “We know that the buildings worst hit by Hurricanes Hanna and Ike were residential – almost 90% of all the homes on Grand Turk, South Caicos and Salt Cay suffered damage, with many of those completely destroyed.
“What we have seen through the process of repairing homes for the EU Project is that it was the more recent block built homes that suffered the most structural damage. We now know that this was because of previous poor building practices. It is vitally important that the public realise that following the TCI Building Code and using the correct materials will help them stay safe and protect their families and belongings in the event of any future hurricane.”
“It is easy to see why these homes suffered the damage that they did,” said Joe Jardine of engineering firm CSE Limited.
“When the homes were built, the builders used beach sand and limestone aggregate in the concrete mix, and sometimes they have used too little cement which makes the concrete light coloured and crumbly. Two things happen in this situation, first the salt in the beach sand and limestone makes the steel in the wall rust away completely and this weakens the whole structure, second, when too little cement is used, the concrete isn’t actually holding the wall together and the concrete crumbles away when it is exposed by time or weather.
“What is particularly worrying is that we have seen these practices continuing today in new homes too. Many new built homes have been built with the contractors trying to cut corners by using beach sand, limestone aggregate and too little cement. Sometimes people think that they can avoid the problems of using beach sand by adding more cement but this produces a whole lot of other issues and doesn’t stop the rebar from rusting. Sometimes the house has been so badly built that it can’t be repaired cost effectively.”
PDM 39th Convention on South Caicos
TCIFA LAUNCHES CONCACAF GRASSROOTS FESTIVAL FOR GIRLS
The Turks & Caicos Islands Football Association (TCIFA) is pleased to announce the launch of The Confederation of North Central American and Caribbean Association Football (CONCACAF) Grassroots Festival for Girls. This festival will be focused on the U-12 girls, and the TCIFA is anticipating them to turn out in large numbers. The festival consists of two sections: a course and the event. The course will take place from 19th – 20th July, with the festival being held on July 21st.
All activities will be hosted at the Academy on Venetian Road in Providenciales. Both parents and coaches are encouraged to participate in the course, which is promised to be both educational and enlightening.
Heather Dyche, a CONCACAF Instructor, will be the lead trainer for both the course and festival. Dyche has an extensive background in football, which includes Olympic Development Director for New Mexico and various positions within the coaching field. Dyche is currently the National Instructional Staff for the United States Soccer Federation (USSF) and currently holds a National Youth License and a USSF C license.
Vatican bank clean-up wipes out profit for 2013
The Vatican bank has seen its 2013 profit almost wiped out largely due to a clean-up process which has seen it end relationships with 3,000 customers.
The bank, known officially as the Institute for Religious Works, reported a 2.9m euro (£2.3m) profit for the year, down from 86.6m euros in 2012.
Most of its losses came from the winding up of investments made before its reform programme began.
Without these, it said profit would have been 70m euros.
Pope Francis has sought to stamp out corruption and other abuses at the Vatican bank, which handles funds for the Catholic Church.
He pledged to clean up the bank following accusations of money laundering and a lack of due diligence which allowed non-religious, and even crony, businessmen to hold accounts.
Between May 2013 until June this year, outside experts combed through all the bank's accounts in what the Vatican said was a "systematic screening of all existing customer records".
As a result, it said it had terminated 2,600 "dormant" accounts which had seen no activity for a long time, as well as 396 customers who didn't meet the criteria for doing business with the bank.
It said a further 359 customer accounts which didn't meet its criteria were in the process of being terminated.
"I repeatedly said that I would proceed with zero tolerance for any suspicious activity. We have carried out our reforms in this spirit," said the bank's President, Ernst von Freyberg.
His statement came ahead of an announcement on Wednesday which is expected to detail further expected re-structuring at the bank.
Dubai to build world's biggest shopping centre
The shopping-loving city that is home to one of the world's largest shopping malls wants to build one even bigger.
Dubai ruler Sheik Mohammed bin Rashid Al Maktoum has laid out plans for a sprawling real-estate project known as Mall of the World that will include an eight-million square foot (743,224 square metre) mall, a climate-controlled street network, a theme park covered during the scorching summer months and 100 hotels and serviced apartments.
Other attractions planned for the site include a cultural and theatre district drawing inspiration from New York's Broadway, shopping thoroughfares based on London's Oxford Street and a "wellness district" meant to attract medical tourists.
"The growth in family and retail tourism underpins the need to enhance Dubai's tourism infrastructure as soon as possible," Sheik Mohammed said in a statement announcing the project last Saturday.
"This project complements our plans to transform Dubai into a cultural, tourist and economic hub for the two billion people living in the region around us — and we are determined to achieve our vision."
Dubai Holding, a conglomerate controlled by the emirate's ruler, is developing the complex. It gave no details on the cost or the completion date.
The complex will be built near the Mall of the Emirates, which boasts an indoor ski slope, and a short drive from the Burj Khalifa, the world's tallest tower, and the adjacent Dubai Mall. That shopping centre is currently the emirate's largest and has attractions including a dinosaur skeleton, an indoor ice skating rink and a multi-story aquarium.
Dubai has long used high-profile, big-ticket real estate projects to drive economic growth and establish itself as an international tourist destination.
Dubai is racing to develop additional infrastructure needed to accommodate a surge in visitors expected when it becomes the first Middle Eastern city to host the World Expo in 2020. Authorities expect the expo to generate US$23 billion between 2015 and 2021, and estimate it will cost US$8.4 billion to organise.
The new mall project alone is expected to create an additional 20,000 hotel rooms.
Source-AP
Samsung forecasts 25% drop in profit
Samsung Electronics has forecast a 25% drop in profit for the second quarter due to a slowdown in the smartphone market and a strong Korean currency.
It expects to make an operating profit of 7.2 trillion won ($7.1bn; £4.2bn) in the April-to-June period, down from 9.5 trillion won a year ago.
Its operating profit has now fallen for three straight quarters.
Samsung is the world's biggest maker of mobile phones and the handset division accounts for the bulk of its profits.
The South Korean firm said it "witnessed a slowdown in the overall smartphone market growth and saw increased competition in the Chinese and some European markets" during the period.
Meanwhile, a stronger Korean currency also hurt Samsung's earnings during the period.
The Korean won rose more than 11% against the US dollar and nearly 7% against the euro between July 2013 and end of June this year.
A strengthening currency hurts profits of firms such as Samsung - which rely heavily on exports - when they repatriate their foreign earnings.
Source-BBC
Israel 'ready for escalation' of Gaza conflict
At least 12 people have been killed in the Gaza Strip, Palestinian officials say, as the Israeli military prepares "all options" to stop rocket fire.
Six people died in an air strike on a house in Khan Younis, while four were killed when a car was hit in Gaza City.
The Israeli military said 131 rockets had been fired from Gaza since Monday night, and that it had targeted some 150 "terror sites" in response.
Israel has provisionally authorised the call-up of 40,000 military reservists.
The Palestinian militant group Hamas said all Israelis were now targets.
Palestinian Authority President Mahmoud Abbas demanded that Israel immediately stop the raids on Gaza and appealed for calm.
Source-BBC
Obama requests $3.7bn to fix border crisis
President Barack Obama has asked Congress for $3.7bn (£2.2bn) in extra funding to tackle an immigration crisis at the southern border.
More than 50,000 unaccompanied children - most from Central America - have been caught trying to cross illegally between October and 15 June.
The move comes amid Congressional gridlock over a wide-reaching bill to overhaul the immigration system.
Mr Obama is set to meet local leaders in Texas over the issue on Wednesday.
But he has been criticised by members of both parties about not visiting the border personally during a primarily political fundraising trip to the southern state, which shares a lengthy border with Mexico.
The emergency funding would include money for immigration judges, detention facilities and legal aid.
Source-BBC
Japan's Okinawa lashed by Typhoon Neoguri
A powerful typhoon has lashed Japan's Okinawa island chain, forcing hundreds of thousands to seek shelter.
Typhoon Neoguri passed over the islands on Tuesday, bringing torrential rain and winds carrying gusts of up to 252km/h (151 mph).
Flights and some ferry services were suspended, while schools were shut. The winds uprooted trees and tore wooden buildings from their foundations.
Local officials said at least four people were injured.
About 590,000 local residents across Okinawa were advised to stay at home or move to community centres for shelter.
The typhoon is now headed over the East China Sea and is weakening.
Source-BBC