Wal-Mart reports fall in quarterly profits
The world's largest retailer, Wal-Mart, has reported a 22% drop in quarterly profit and given a weaker-than-expected earnings forecast for the coming year.
Net income for the three months to 31 January fell to $4.4bn (£2.6bn) from $5.6bn a year earlier.
Wal-Mart said tough winter weather, cuts to government benefits and higher taxes contributed to the fall.
Wal-Mart's UK supermarket business, Asda, said like-for-like sales fell 0.1% in the final quarter of 2013.
Wal-Mart said reduced food-stamp benefits had been partly behind its lower profits, along with competition from heavy discounting during the holiday season.
Comparable sales at its US stores fell by 0.4% in the three-month period. Wal-Mart's total revenue for the quarter rose by 1.4% to $129.7bn.
Wal-Mart said it expected net sales this year would grow at the lower end of its earlier forecast of 3%-5%.
Its earnings forecasts for this year also fell short of analysts' forecasts. Wal-Mart expects profits to be between $5.10 and $5.45 per share, against expectations of about $5.54.
Chief executive Doug McMillon said he would "innovate to improve productivity" to keep prices low.
He added: "We will invest aggressively in e-commerce and increase our small store rollout in the US, as we have done in several other countries, to deliver value and convenience."
The retailer would keep focusing on providing "supercentres" and smaller stores closer to customers' homes, he said.
In the UK, while Asda's underlying sales fell 0.1% in the final quarter of the year, the supermarket said they were up 0.5% over 2013 as a whole.
The UK's major supermarket chains struggled to boost sales over the Christmas period, coming under fierce competition from discount retailers such as Aldi and Lidl, and from more upmarket offerings from Waitrose and Marks & Spencer.
Asda's chief executive, Andy Clarke, said that 2013 had been a "tough year".
"There's little doubt that the UK retail market is undergoing significant and permanent structural change," he added.
"Though the economy is showing signs of recovery, it is still susceptible to shocks and the benefit is not yet being felt right across the country."
Source-BBC
BAE Systems shares down 10% on lower earnings forecast
Shares in BAE Systems have dropped 10% after the defence group announced a big fall in profits in 2013 and said earnings would decline this year.
Pre-tax profits for the year fell by two-thirds to £442m, down from £1.2bn in the previous year, reflecting one-off impairment costs of £865m.
The group blamed "challenging market conditions" and cuts in the US defence budget for the slump in profits.
It forecast earnings per share would be 5% to 10% lower this year than in 2013.
The impairment charge reflected not only reduced defence spending by the US government, but also increased financing costs.
Sales in 2013 were up 2% at £18.2bn.
"Overall, the group delivered a solid performance in 2013, against the background of reduced government spending," said chief executive Ian King.
BAE said the US government was targeting savings of £450bn from defence budgets over a 10-year period.
"As certain areas of spending were protected from these reductions, such as military personnel accounts, the budgets funding much of the US defence industrial base are likely to be disproportionately impacted," it said.
In the UK, the company said its business was "in good shape and the outlook remains stable", and was benefitting from a number of large long-term contracts.
But investors focused on the US cuts and, in particular, the projected earnings fall this year.
"Awful headline figures from BAE Systems," said Jordan Hiscott at Gekko Global Markets.
"As western governments withdraw their military assets and needs from deployments in Iraq and Afghanistan, defence cuts could become more prevalent in the sector."
On Wednesday, BAE announced an agreement with Saudi Arabia over the rising cost of a long-running Eurofighter Typhoon jet deal.
Saudi ordered 72 Eurofighters in 2007 for £4.5bn, but the contract faced obstacles over escalating costs. BAE did not disclose the details of the deal.
Source-BBC
Clashes Break Out in Kyiv Despite Truce
Witnesses in the Ukrainian capital say at least 33 people were killed in clashes that erupted between anti-government protesters and police Thursday, hours after President Viktor Yanukovych announced a truce with opposition leaders. The European Union announced sanctions against Ukrainian officials.
The coordinator of the protesters' medical service, Oleh Musiy, was quoted as saying that 70 to 100 people were killed in Kyiv on Thursday.
Some of those killed were reportedly shot by government snipers.
Ukraine's Interior Ministry, meanwhile, reported that three police officers were killed Thursday. It said more than 50 police personnel had been hospitalized during the day, 30 of them with gunshot wounds. The ministry also said that protesters had captured 67 policemen.
Earlier this week, clashes that erupted after riot police swarmed a makeshift protest camp in Kyiv left 28 people dead.
The White House said in a statement Thursday that it was "outraged by the images of Ukrainian security forces firing automatic weapons on their own people." It called on President Yanukovych "to immediately withdraw his security forces from downtown Kyiv and to respect the right of peaceful protest," while urging protesters to "express themselves peacefully.
The White House also urged the Ukrainian military "not to get involved in a conflict that can and should be resolved by political means."
Ukraine's Interior Minister Vitaliy Zakharchenko said in a televised statement Thursday that police had been issued "combat weapons" to protect citizens and property from attacks, as well as for self-defense and to "free hostages."
He called on "extremists" among the protesters to hand over their weapons and called on opposition leaders to "disassociate themselves" from "the radicals."
European Union foreign ministers agreed Thursday to impose sanctions on Ukrainian officials deemed responsible for orchestrating the violence in Kyiv. After holding an emergency meeting in Brussels, the EU officials said the measures would include visa bans, asset freezes and restrictions on the export of anti-riot gear to the Ukrainian government.
Three EU foreign ministers (France's Laurent Fabius, Germany's Frank-Walter Steinmeier and Poland's Rodoslaw Sikorski) are in Kyiv, where they met with President Yanukovych to discuss the crisis.
Mr. Yanukovych and the leaders of anti-government protests had agreed on a truce Wednesday. A statement on President Viktor Yanukovych's website said it is aimed at "ending the bloodshed and stabilizing the situation...in the interests of social peace." It did not provide details.
Hours before the truce was announced, the president fired his army chief and Ukraine's military declared a nationwide crackdown on what it called "extremist groups." Mr. Yanukovych -- the target of the protests -- offered no explanation for the dismissal.
In announcing the "anti-terrorist" operation, the Interior Ministry said protesters elsewhere in the country had overrun government arms depots and seized weapons and munitions. Local media quoted officials as saying they fear those stockpiles are being transported to the capital for use by protesters trying to force Mr. Yanukovych from power.
Security service chief Oleksandr Yakimenko said Wednesday that municipal buildings, security offices and arms depots had been raided around the country. He said 1,500 firearms and 100,000 rounds of ammunition had wound up "in the hands of criminals" over the previous 24 hours.
Anti-government protests have been building for weeks, with activists calling for Mr. Yanukovych's ouster after he backed away from a trade deal with the European Union in favor of closer ties with Russia.
In Moscow, the Kremlin announced that President Vladimir Putin was sending his human rights ombudsman, Vladimir Lukin, to Ukraine to mediate talks between President Yanukovych and the opposition. According to the Kremlin, the step was taken at the Ukrainian president's request.
Source-VOA
Obama to Host Dalai Lama at White House
U.S. President Barack Obama will meet the Dalai Lama Friday at the White House, prompting a statement of "serious concern" from China.
The White House said late Thursday that Mr. Obama is meeting the Dalai Lama "in his capacity as a respected religious and cultural leader."
A statement said the U.S. supports the Dalai Lama's so-called "middle way" approach of neither assimilation nor independence for Tibetans in China.
China's foreign ministry quickly urged the U.S. to cancel the meeting, calling it a "gross interference" that will "seriously damage" U.S.-China ties.
Beijing views the Dalai Lama as a dangerous "splittist" who has encouraged a wave of self-immolations by Tibetans. He denies the charge.
The U.S. recognizes Tibet to be a part of China. While Washington does not back Tibetan independence, it is concerned over what it says is the deteriorating human rights situation in Tibetan areas of China.
The White House calls on China to reopen talks with the Dalai Lama or his representatives with no preconditions.
Kerry: 'Determined' to Reach Mideast Peace Deal
U.S. Secretary of State John Kerry says he is "determined" and "committed" to reaching a peace deal with Israel and the Palestinians.
Kerry said in an interview broadcast Thursday by Israel's Channel 2 television, that he is not insulted by those who call him obsessed by the Middle East.
Kerry extended a trip to Paris by a day Thursday to meet again with Palestinian President Mahmoud Abbas.
A senior State Department official said Kerry and Mr. Abbas held "an in-depth discussion about the core issues" on Wednesday. The State Department says the peace talks are at an important point.
Kerry has set an April 29 deadline for a peace deal between Israel and the Palestinians. Israel has said that deadline could be extended.
The talks began again in July after a three-year lull. Israel has freed a number of Palestinian prisoners while the Palestinians dropped their demand for Israel to stop settlement construction.
Both sides continue to disagree over such touchy issues as the fate of Palestinian refugees and the status of Jerusalem in a possible Palestinian state.
Source-VOA
UN's Ban Wants 3,000 Troops Quickly Sent to Central African Republic
United Nations Secretary-General Ban Ki-moon is asking the Security Council to quickly send at least 3,000 more troops to the Central African Republic, where religious violence is spinning out of control.
Mr. Ban Thursday urged that the additional forces be deployed within the coming days and weeks, and be equipped with aircraft.
More than 7,000 African Union and French forces are already in the C.A.R. and the European Union has promised to send another 1,000 soldiers.
Mr. Ban also proposed $38 million in financial and other support for the African Union forces.
The Central African Republic was plunged into chaos a year ago when minority Muslim rebels toppled the president and went on a looting spree.
The violence led to a majority Christian militia. Fighting between Muslims and Christians has killed hundreds since December and forced close to 1 million people to flee for their lives.
CARICOM expresses concern over Venezuela protests
The Caribbean Community (CARICOM), has expressed concern about the confrontations that have taken place in Venezuela over the past few days in the course of demonstrations.
In a statement deploring the deaths of at least four people arising from the resulting acts of violence, the regional body called for respect of the democratically elected government.
“In all democracies, citizens have the right to air their views and differences, however, this must be done within the constitutional framework and not through violent demonstrations. No democratic society can reasonably pursue disorder or any unwarranted subversion of democratic institutions,” said CARICOM in a statement issued on Tuesday.
CARICOM has called on all parties to take the necessary steps to refrain from any further action that would hinder a peaceful resolution of the differences and a return to peace and calm in the country.
On Tuesday, thousands of protestors flooded the streets of Caracas, Venezuela's capital, after troops arrested opposition leader Leopoldo Lopez on charges of fomenting unrest against the government and violence that has killed at least four people.
The demonstrators blocked traffic in the streets of Caracas as a security vehicle holding the 42-year-old Harvard-educated economist crawled at a snail's pace after he surrendered to security forces during an opposition rally.
It’s feared that Lopez's arrest could galvanize the opposition and spur more street demonstrations against President Nicolas Maduro.
Seismologist warns powerful earthquake a warning for the Caribbean
It was good news for members of the Caribbean Tourism Organization when the CTO Chairman revealed the industry is finally looking up.
“The state of the Caribbean’s tourism industry is solid, with positive signs that a recovery is in progress,” said Beverly Nicholson-Doty.
The CTO Chairman led a press conference from Government House, Charlotte Amalie, St. Thomas USVI on February 10 where she delivered the State of the Industry Report for 2013.
Nicholson-Doty said there were strong indications of recovery in the industry, chiefly, that visitors were spending more money.
“One of the strongest indicators of progress is the rise in estimated visitor spend, with expenditure growing faster than visitor arrivals for the first time in three years,” she said.
According to the Chairman, visitors to the region spent more than 28 billion dollars in 2013, an increase of 2.3 per cent when compared to 2012.
“The hotel sector performed even better, recording a rise of more than 7.5 per cent in room revenues…average room rates were up nearly US $10 to $186, the average revenue per available room also grew by about $10 to $125 and occupancy levels were at 67 per cent.”
She said that since the start of the year, the region has recorded an increase in seismic activity.
“We have been seeing elevated activities in our region in the Trinidad area and in the Antigua area. So yes, our regions have been showing particular zones. Even east of St. Lucia we have been tracking a little elevation. So there are little zones that are manifesting elevation.”
The seismologist, who has long warned the region to expect a massive earthquake, cautioned this could still occur and insisted that Caribbean countries must be earthquake ready.
“Every day that passes the occurrence of that earthquake is closer to us. And certainly the activity that we are seeing in the region is a cause for concern that this earthquake may be a little sooner than later.
“But of course we are unable to give a date, time and place because there are a number of areas along the Eastern Caribbean Arc in which this earthquake can occur. We have had our major earthquakes between Antigua and Barbuda and north of Martinique and north west of St. Lucia and north west of the Paria Peninsula and so it’s got a big choice.
“And so all of us in all our countries we need to be prepared because we do not know just where this big earthquake will occur. But what we do know no matter where it occurs because earthquake waves travel it means that even if you are 200 kilometers away from that big earthquake you can experience significant tremors.
Latchman said that while earthquakes in the Barbados zone are “a little different from what we would have along the islands of the Eastern Caribbean where the earthquakes occur in a denser pattern… we would expect to see on average, every year, an earthquake in the magnitude 4.1 to 4.5 range and 5 of them in the 3.6 to 4.0 range”.
She said most of these earthquakes “occur very close to the island of Barbados.
“So Barbadians should not have a complacency that earthquakes in the Eastern Caribbean do not affect them. An earthquake along the arc just needs to be large enough and in 2007 most Barbadians would have felt the earthquake that was located north of Martinique at a magnitude 7.3 and caused damaged in Barbados,” she said, noting that in 1953 the earthquake that occurred north west of St. Lucia also caused damaged in Barbados.
“So Barbados has had impact from earthquakes in the past and I am convinced that Barbados will have impact from earthquakes in the future.”
She said she was urging Caribbean nationals to visit the Unit’s website in order to get up to date information on earthquakes and even tsunamis.
Source-CMC
CTO Chairman – Caribbean tourism rebounding
It was good news for members of the Caribbean Tourism Organization when the CTO Chairman revealed the industry is finally looking up.
“The state of the Caribbean’s tourism industry is solid, with positive signs that a recovery is in progress,” said Beverly Nicholson-Doty.
The CTO Chairman led a press conference from Government House, Charlotte Amalie, St. Thomas USVI on February 10 where she delivered the State of the Industry Report for 2013.
Nicholson-Doty said there were strong indications of recovery in the industry, chiefly, that visitors were spending more money.
“One of the strongest indicators of progress is the rise in estimated visitor spend, with expenditure growing faster than visitor arrivals for the first time in three years,” she said.
According to the Chairman, visitors to the region spent more than 28 billion dollars in 2013, an increase of 2.3 per cent when compared to 2012.
“The hotel sector performed even better, recording a rise of more than 7.5 per cent in room revenues…average room rates were up nearly US $10 to $186, the average revenue per available room also grew by about $10 to $125 and occupancy levels were at 67 per cent.”
Jamaican caught with drugs at the Airport
Police have arrested and charged 41-year-old Jamaican Alburn Augustus Cato with four drug offences.
Cato was charged with possession, possession with intent to supply, trafficking and attempting to import six pounds of marijuana when he arrived in Barbados yesterday.
He was interviewed by the Police after landing at the Grantley Adams International Airport yesterday morning and Customs officials found the drugs concealed in his luggage.
When he appeared in the District B Magistrates Court today, Cato pleaded guilty to the charges.
He was fined $15 000 forthwith or two years in prison each for trafficking and possession with intent to supply. He was convicted, reprimanded and discharged on the count of possession, and reprimanded and discharged on the charge of importation.
Source-NationNews