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
Grenada Governor General to be knighted on Friday
Governor-General, Dr Cecile La Grenade, is to be knighted during a private ceremony at Buckingham Palace in England on Friday.
A brief government statement said Dame La Grenade will have a private audience with Her Majesty The Queen on the July 9, and be knighted by Her Majesty, two days later.
The statement said that La Grenade, who has already left Grenada, will also travel to the United States on private business before returning home on July 22.
Source-CMC
Jamaicans to benefit from US$37-m public sector project – World Bank
The World Bank says Jamaicans will benefit from improved service delivery and enhanced business climate as a result of a US$37 million project for public sector transformation.
The Washington-based financial institution said that the project will improve customs administration and standardization, and modernise the public sector by strengthening government capacity and effectiveness in service delivery.
“Together with the Jamaican government and development partners, we are working to help drive necessary reforms that will increase efficiency and maximize the use of available resources to create a more vibrant business environment and boost the economy,” said Sophie Sirtaine, World Bank Country Director for the Caribbean.
Sirtaine said the Strategic Public Sector Transformation project will specifically strengthen the Public Investment Management System and improve monitoring through citizens’ participation.
It will also implement results-based budgeting to make more efficient and strategic allocation of resources for public investments, roll out new standard operating procedures for customs to reduce the time and lower transaction costs for trading internationally.
Additionally, Sirtaine said the project will strengthen the Bureau of Standards to provide improved services to the trading community.
“Without public sector reform, we cannot effectively create the vibrant business environment needed to expand our economy and provide real opportunities for jobs and investment to secure our future,” said Jamaica’s Minister of Finance, Dr. Peter Phillips.
As Jamaica recovers from the effects of the 2008 global crisis, the World Bank said the government has also reaffirmed its commitment to tackle some of the key public sector challenges.
The bank said the project builds on ongoing efforts in public financial management and customs administration supported by other grants from Canada and the United Kingdom Department for International Development (DFID).
Source-CMC
Teacher admits sexually assaulting students in Cayman
A thirty-two year old school teacher pleaded guilty to indecent assault on Friday as well as possessing an indecent image of a child in connection with allegations, that he sexually molested at least three students in his care.
Delroy James who has been suspended from his job at a government high school was remanded in custody to return to court on 1 August to answer seven more related charges.
James defence attorney told the court that he needed time to discuss the other charges with his client before pleas were considered which also include child cruelty.
Source-CNS
TNT state picks up US$1.3m tab for footballers
Former national football player Brent Sancho was brought to tears as Prime Minister Kamla Persad-Bissessar agreed to pay the Soca Warriors the outstanding US$1.3 million for their role in the 2006 Fifa World Cup campaign in Germany. That figure represented the sum owed to the players by the T&T Football Association. Some of the players accepted lower sums while Sancho and the others demanded the full payment. Yesterday, Persad-Bissessar, during a hastily arranged news conference at the Diplomatic Centre, St Ann’s, promised the footballers the remaining money. She said the matter was discussed and approved by Cabinet.
Apart from Sancho, Stern John and others attended the event. She said the government was under no legal obligation to make any payment to the players. “We are not unmindful of the long and protracted legal battles waged by these football heroes of ours,” she added. She said the team had brought the nation together when it qualified for the finals. They were “still owed and entitled to a payment from an entity, in the TTFF, that is unlikely to be in a position to pay,” she said but added that the payment would in no way prejudice any other course of action being pursued by the players.
Sancho, who spoke on behalf of the players, said they were committed to the legal challenge against the TTFF and when they succeeded and were paid they would repay the Government.
He said the players were overwhelmed by the decision by the Government to pay them. “This moment means more than we can describe,” he added. He recalled the humiliation, torment and even blacklisting of the players since they made the demands and said the careers of some of the Soca Warriors had ended prematurely. John spoke with reporters afterwards, saying administrators must take the footballers more seriously and treat them with more respect.
In many instances, he said, administrators travel comfortably while the players were cramped for space but the footballer must be treated with more respect if the sport is to be rebuilt in T&T.
Meanwhile, Persad-Bissessar also announced she was leaving for Brazil yesterday to attend the World Cup semifinals and finals on Sunday on a private trip with her grandson. She said the trip was privately funded.
Source-Guardian Media