US Economic Growth Slower Than First Thought
The U.S. economy grew more slowly than first thought in the last few months of 2013.
Friday's report from the Commerce Department says the world's largest economy expanded at an annual rate of 2.4 percent in October, November and December.
That is eight-tenths of a percent slower than a preliminary estimate published one month ago. Officials routinely revise the figures on gross domestic product expansion as more complete data becomes available.
Government experts say the latest figures show disappointing retail sales and a less favorable picture of trade and inventories than initially thought.
Federal Reserve Chair Janet Yellen said Thursday that foul winter weather had slowed some sectors of the economy recently.
Source-Voa
Russian Parliament Approves Use of Troops in Ukraine's Crimea Region
The Russian parliament has approved President Vladimir Putin's request to use the Russian military in Ukraine's Crimea region, further raising tensions between the neighbors.
Saturday's vote made official what Ukrainian authorities have described as an ongoing deployment of Russian troops in the Black Sea peninsula of Crimea.
Russia's upper house of parliament also recommended that President Putin recall Moscow's ambassador from the United States.
That move comes just one day after U.S. President Barack Obama expressed concern about reports of Russian troop movements in Crimea and warned Russia not to intervene in Ukraine, saying there would be consequences.
Earlier Saturday, the newly appointed pro-Russian prime minister of Crimea, Sergei Aksyonov, claimed control of the region's military and other security forces. He appealed to Mr. Putin for help in restoring "peace and calm."
Crimea, part of Ukraine since the Soviet Union collapsed in 1991, is now the focus of turmoil after pro-Russian President Viktor Yanukovych was ousted a week ago.
At a meeting of the interim government in Kyiv Saturday, Ukraine's newly appointed Prime Minister Arseny Yatsenyuk demanded that Russia stop what he called its "provocations" in Crimea, and said the Ukrainian military in the majority Russian area is on high alert.
Russia has said its troop movements in Crimea, where it leases a naval base in Sevastopol, conform to agreements with Ukraine. But Ukraine's acting defense minister said 6,000 additional Russian troops have been deployed on Ukrainian soil.
Ukraine also has refused to recognize the Crimean prime minister, with acting Ukrainian President Oleksandr Turchynov issuing a statement declaring Aksyonov's appointment a violation of Ukraine's constitution.
Aksyonov was appointed by the Crimean parliament earlier this week as tensions soared over Crimea's resistance to the new authorities in Kyiv, who took power last week.
Source-VOA
Egypt's New Cabinet Sworn In
Egypt has sworn in a new cabinet after the previous government surprised the country by resigning less than one week ago.
Interim President Adly Mansour picked Ibrahim Mahlab as the new prime minister on Tuesday and tasked him with forming a new government. Mahlab has decided to keep some of the former ministers in his new government, including Egypt's army chief, Abdel Fattah el-Sissi, as defense minister and Muhammad Ibrahim as interior minister.
Mahlab headed Egypt's mammoth state-owned construction company during the rule of ousted president Hosni Mubarak and served as the housing minister in the interim cabinet that resigned on Monday.
Mahlab vowed at a news conference to "crush terrorism in all corners" of Egypt and restore security.
Egypt has been hit with a wave of labor strikes protesting the government's economic failures as the country heads toward expected presidential elections in April.
Defense Minister Sissi is expected to run for president.
Former interim prime minister Hazem el-Beblawi had headed the government since July, when the army ousted Islamist President Mohamed Morsi.
Some information for this report was provided by AP and AFP
Pakistani Taliban Announces Cease-Fire to Revive Peace Talks
The Pakistani Taliban says it will observe a one-month cease-fire to allow peace talks with the government to resume.
Pakistani Taliban spokesman Shahidullah Shahid announced Saturday the senior leadership of the militant group had instructed all of its subgroups to abide by the cease-fire.
The cease-fire comes as Pakistani forces have bombarded militant hideouts in the northwest with airstrikes in recent days. Previous negotiation attempts broke down when insurgents in the northwest said they had killed 23 Pakistani troops.
The Pakistani Taliban has wanted to overthrow the government and establish its own hard-line form of Islam across the country. Militant attacks have killed tens of thousands of Pakistanis.
Source-VOA
Fitch moves Jamaica’s credit rating up a few notches
International credit rating agency, Fitch, has upgraded Jamaica's credit rating after the country completed its debt exchange Thursday.
The agency lifted Jamaica's long-term foreign currency issuer default ratings to triple-C, seven notches into junk territory, from restricted default .
According to the Wall Street Journal, the upgrade concludes Fitch's assessment of the country's domestic debt exchange offer launched on February 12.
“The ratings firm considered the operation a distressed debt exchange as the swap hurts the original contractual terms of domestic bondholders,” the paper said.
On Tuesday, a Jamaica government statement issued said Fitch Ratings upgraded the island’s long term foreign currency and local currency Issuer Default Ratings (IDR) to “B-“ from “CCC.”
The rating agency also raised the short-term foreign currency rating from “C” to “B” and the Country Ceiling from “B-“ to “B”, the statement said. The outlook was also upgraded to “Stable”.
The statement said the ratings were supported by reduced financing risks due to fiscal consolidation and the lengthening of domestic debt repayments; the successful completion of two reviews under the International Monetary Fund (IMF) program and the satisfaction of all the quantitative targets and structural benchmarks for the third review; and the preservation of broad macroeconomic and financial stability.
In addition, Fitch said the declining path of Jamaica’s public debt/Gross Domestic Product (GDP) due to the National Debt Exchange executed in February 2013 coupled with an increase in primary surpluses and modest economic recovery contributed to the rating upgrade.
Fitch also said access to multilateral funding, which has eased external financing constraints, is another factor in the rating lift.
“The Government welcomes the positive rating action of Fitch Ratings and is committed to continuous improvement in Jamaica’s fiscal and debt operations, thereby facilitating further economic recovery and positive growth,” said the Jamaica government statement.
Moody's Investors Service is also currently reviewing Jamaica's rating for a “possible downgrade after news of the debt exchange broke,” according to the Wall Street Journal. The firm rates the country at B3, one notch above that assigned by Fitch.
Another rating agency, Standard & Poor's Ratings Service, rates Jamaica at “selective default,” the Journal said.
Source-CMC
Caribbean countries with fixed currencies should not entertain devaluation
Governor of the Central Bank of Barbados, Dr. Delisle Worrell is urging Caribbean countries with fixed currencies, not to entertain the thought of any devaluation as a means of restoring stability to their economies.
Worrell told the Caribbean Media Corporation (CMC) that his recommendation does not only apply to Barbados, where the local dollar is fixed at US$0.50 cents, but also to those of the Eastern Caribbean, the Bahamas, Belize, and other stable currencies in the region.
"There is no point in changing the exchange rate, for the only value of the Barbados dollar for instance, is the fact that it is a US dollar by another name," Worrell said.
"So in a sense I feel that all independent currencies of countries that are as small as our, need to be run by Central Banks, which will provide bank supervision, and other responsibilities that fall under the Central Bank."
Worrell said that these countries should not be entertaining monetary policy which funds government operations resulting in a decline in reserves and threaten the value of the dollar.
He suggested that currencies should be operated by currency boards, whose policies would promote confidence which is a direct link to a reserve currency.
"Apart from Barbados this should also apply to the OECS, the Bahamas, and Belize which are among currencies that worthwhile maintaining because they retain their value," he said.
The Central Bank Governor said that in his view there should be one currency for the entire world, as all currency values were artificial.
He said it makes as much sense to have changes in the value of the dollar in relation to the Euro, as it makes to have changes in the value of a mile, in terms of a kilometre.
"It is a comparative measure so a currency does not have any value in itself, it is a measure of exchange and the notion that you should have hundreds of them in the world is silly," he told CMC.
Worrell also poured scorn on the concept of a floating dollar, noting "the Jamaica dollar does not float, the Guyana dollar does not float, it sinks.
“"If I offered you the choice of a US dollar and a Jamaica dollar, would you ever choose the JA dollar? Of course not. But the only reason you might chose a Barbados dollar over a US dollar is because, it isn't going to change.
“If you ever thought it would, then you would not think twice about accepting the US dollar," he said, noting that anytime a currency is allowed to float, it disappears.
"I don't know why people prolong the agony, I think they should just disappear with them altogether," he told CMC.
In May 2011, Caribbean Community (CARICOM) at the end of a retreat in Guyana, said they had they have put a brake on introducing a common currency for the 15-member grouping.
“As regards the Single Economy, they recognised that the process towards full implementation would take longer than anticipated and agreed it may be best to pause and consolidate the gains of the Single Market before taking any further action on certain specific elements of the Single Economy, such as the creation of a single currency,” the leaders said in a statement.
Source-CMC
No T&T 400m relay team for World Indoors
National runner Jereem Richards has opted out of his place on the 4x400 metres relay team for the upcoming International Association of Athletics Federations (IAAF) World Indoor Championships, leaving management with little choice but to deduce the national contingent to four athletes. Due to Richards’ withdrawal, Lalonde Gordon, who will compete in the 400m event, has asked to be excused from the 4x400 relay because of groin muscle problems.
“Running three rounds of the individual event then two rounds of the relay may be too much for the athlete,” said the National Association of Athletics Administrations (NAAA) in a press release.
Along with Gordon, Jarrin Solomon will also challenge the 400m event. Michelle-Lee Ahye and Geronne Black will both feature in the 60m event. The last member of the entourage is coach and manager Paul Voisin.
The IAAF World Indoor Championship will take place in Soport, Poland, from March 7-9.
West Indies bowl over England
Talk about a good start to a series.
West Indies beat England by 15 runs in the opening day match of the One-Day International series 28 February, in Antigua.
The Windies recovered from a start of 45-4to make 269-6 in their 50 overs.
Michael Lumb’s century led the tourists’ chase but the middle of the order faltered as the Windies take the first of three ODIs.
The second ODI begins Sunday.
Richie Richardson, Curtly Ambrose & Andy Roberts knighted
Three West Indies legends were knighted at a special ceremony during the interval of the first one-day international against England.
Former skipper Richie Richardson, 52, and pace bowlers Curtly Ambrose, 50, and Andy Roberts, 63, were all honoured by their native Antigua.
It takes the total number of West Indian cricketing knights to 11.
The only previous Antiguan cricketer to be knighted was Sir Viv Richards, after whom Antigua's new stadium is named.
Between them, Richardson, Ambrose and Roberts played in 231 Tests and 456 one-day internationals, while all had spells in English county cricket.
Free-scoring right-hander Richardson, famous for his large maroon sunhats, was one of Yorkshire's earliest overseas players in 1993 and 1994.
Ambrose represented Northants between 1989 and 1996, while also forging a fearsome new-ball partnership with Jamaica's Courtney Walsh at international level.
Roberts, the first Antiguan to play Test cricket, burst onto the English scene with Hampshire in 1974, won the World Cup with West Indies in 1975 and 1979, and also played for Leicestershire.
He was one of the 55 initial inductees into the International Cricket Council's Hall of Fame in 2009, with Ambrose inducted in 2011.
As well as Richards, the other Caribbean cricketing knights include legendary all-rounder Sir Garfield Sobers and the "three "W's" - Sir Frank Worrell, Sir Clyde Walcott and Sir Everton Weekes, who were all from Barbados, as were Sir Conrad Hunte and the Reverend Sir Wes Hall.
The list is completed by Trinidad-born Learie Constantine, who was knighted in 1962 and became the UK's first black peer in 1969.
Source-BBC
Philip Seymour Hoffman 'killed by toxic mix of drugs'
Actor Philip Seymour Hoffman died of an accidental overdose of a mixture of drugs including heroin, cocaine, amphetamine, and benzodiazepine, officials have said.
The Oscar winner, 46, was found dead at his home in New York City on 2 February with a syringe in his arm.
He had struggled with drug addiction and had recently acknowledged he had relapsed after being clean for years.
The New York medical examiner revealed the post-mortem results on Friday.
He was survived by his partner of 15 years, Mimi O'Donnell, and their three children.
After 23 years of sobriety, he reportedly checked himself into a drug treatment programme for 10 days last year after relapsing in 2012.
After a playwright and friend found his body in his flat in Manhattan's Greenwich Village neighbourhood, police arrived and discovered dozens of bags of heroin.
One of the most admired actors of his generation, Hoffman won an Academy Award in 2006 for his role as Truman Capote in Capote.He was also nominated for Charlie Wilson's War, Doubt and The Master.
Source-BBC