FortisTCI Embarks on Solar Pilot Project
FortisTCI, in keeping with its mission statement, is committed to providing safe, reliable, least-cost energy in an environmentally responsible manner. As such, the Company is pleased to announce that it will embark on Solar and Wind Pilot Projects. The Solar Project will commence in March 2014 and the Wind Project will commence once final planning approval has been attained. The Solar Project will include the installation of a 30kW Solar Photo Voltaic (PV) system at the Company’s headquarters in Providenciales.
Following a bid process led by Engineering Consultants, Kaehne Consulting Ltd, a local company named Urban Green Environmental Ltd was awarded the contract to supply and install the Solar PV system on behalf of FortisTCI. The pilot project, slated to last between 1 to 2 years, is designed to be used as a demonstration, which will allow for the tracking and the collection of data that will assist the Company in identifying possibilities for larger utility scale Solar PV installations in the Turks and Caicos Islands.
Vice President of Energy Production and Project Management Nigel Hosein said, “Staff of FortisTCI will gain valuable practical experience and knowledge in the operation, maintenance and performance of Solar PV systems during this pilot project. The Company also hopes to determine at what levels solar energy can be integrated into our current electricity grid system. It is also viewed as environmentally friendly, often called ‘green’ energy, and environmentally safe.”
Customers also stand to benefit tremendously, as this project is one step closer to the possibilities of interconnection to the company’s grid with Solar PV systems. “Given the current and projected developments with Solar PV systems, from a cost benefit perspective, there is growing potential for these systems to become integrated into our generation mix to the benefit of both the utility and customers, without the need for subsidies. This project will help us prepare to take advantage of these opportunities when they arise,” Hosein noted.
After the pilot project has been successfully completed and the appropriate feasibility studies are conducted, utility scale Solar PV systems, if proved to be financially and technically viable, will be installed in an effort to continue providing reliable energy solutions to FortisTCI customers. FortisTCI continues to actively explore other renewable energy technologies that can be suitably and feasibly integrated into the Country’s generation mix without reducing safety and reliability in services or increasing cost to customers.
Rihanna lost $9 million thanks to accountant’s bad advice
Rihanna was “Stupid in Love” — and broke in reality.
The singer claims her former accountant recommended dumb decisions that caused her to squander a fortune and left her “effectively bankrupt” by the end of 2009.
The Barbadian beauty, who recorded hits like “Stupid in Love” the same year, says in new court papers she had $11 million in cash when 2009 began and just $2 million when it ended.
To make matters worse, her expenses doubled during that time, according to the new documents in the Manhattan Federal court lawsuit she filed in 2012 against the number crunchers.
The 25-year-old pop star, whose real name is Robyn Fenty, says accountant Peter Gounis of Berdon LLP recommended she purchase a $7.5 million Beverly Hills mansion in 2009 — so she went ahead and bought it.
Soon enough, the “Run This Town” crooner was running into serious financial trouble.
“Mr. Gounis advised Ms. Fenty that she could afford to purchase [the home] at a time when Ms. Fenty was in financial dismay,” her court documents say.
“In 2009, Ms. Fenty was ‘running out of cash’ and Mr. Gounis knew this,” the papers say, quoting a deposition in Rihanna’s federal breach of contract and negligence lawsuit.
“Ms. Fenty’s accounts were so diminished that requested wire transfers would not go through. In fact, Ms. Fenty was effectively bankrupt at the end of 2009.”
The mansion turned out to be a bad deal, Rihanna claims.
It was filled with mold, leaks and other problems, and she ended up selling it for a $2 million loss, her lawsuit says.
“Mr. Gounis was fully apprised of Ms. Fenty’s financial condition, yet, nonetheless, failed to advise her that the purchase would be unwise,” her new court papers say. “In fact, in or around March 2009, defendants advised Ms. Fenty by email that purchasing a home in Los Angeles ‘would be a good investment.’ ”
The “Umbrella” singer also says the accountants failed to warn her that her “Last Girl on Earth Tour” that year was likely to lose money. She fired the firm in 2010.
“These allegations are false,” Thomas Manisero, a lawyer for Berdon LLP, said Wednesday. “Berdon acted properly concerning Ms. Fenty’s affairs.”
Rihanna’s problems in 2009 went beyond financial. In February, she and singer Chris Brown were leaving a pre-Grammy party when she and Brown began fighting.
It ended up with Brown choking her unconscious.
Since then, Rihanna has certainly bounced back and is now worth around $43 million.
In December, Gounis slammed her in court papers, saying the celebrity blew her cash on clothes, jewelry and private jets.
“At the core of her claim is this belief: someone else is responsible for her conduct an its consequences,” he said in court papers.
His lawyers didn’t return a request for comment Wednesday.
Source-New York Daily News
Mel Brooks and Woody Allen pay tribute to Sid Caesar
Mel Brooks and Woody Allen are among those who have paid tribute to veteran US comedian Sid Caesar, who died on Wednesday aged 91.
"Sid Caesar was a giant," tweeted Brooks. "Maybe the best comedian who ever practiced the trade."
"He was one of the truly great comedians of my time," echoed Allen.
Caesar, who has been credited with inventing TV sketch comedy, was a major influence on Brooks, Allen and Carl Reiner, who all worked with him.
"I was privileged to be one of his writers and one of his friends," wrote Blazing Saddles director Brooks, who got his break creating sketches for the classic TV series Your Show of Shows.
The live 90-minute show, which combined improvised and scripted comedy, dominated the Saturday night viewing habits of millions of Americans from 1950-54.
It also brought together Caesar and Reiner, who worked as a writer on the show.
"Inarguably he was the greatest single monologist and skit comedian we ever had," Reiner said in a statement to The Hollywood Reporter.
"Television owes him a debt of gratitude for his pioneering work and the great shows he gave us all.
"Render onto Caesar what is his due. He deserves real applause from the American people."
Caesar won an Emmy for Your Show of Shows in 1952, and the series came to an end in 1954 after 160 episodes.
Months later he returned with Caesar's Hour, a one-hour variety show which briefly achieved similar cult success, paving the way for comedy stalwarts such as Saturday Night Live
Larry King, paying tribute, called him "a dear friend, a comic genius and an American classic - there will never be another one like him."
Whoopi Goldberg mourned the passing of "another great". "Funny man. We honoured him at the very first Comic Relief. RIP," she tweeted.
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Source-BBC
Nicki Minaj uses Malcolm X, racial slur in cover art
Nicki Minaj has apologised for using a famous photo of Malcolm X with a rifle in his hands and juxtaposing it with a racial slur for her new song.
Minaj posted the photo Wednesday on her website and Instagram page, and received criticism for how she used the Malcolm X image. It's for her new song [Lookin (Expletive) (Expletive)’. The title uses the N-word.
After she was roundly criticised on social media circles and beyond for what many saw as disrespect to a revered icon, she offered an apology Thursday on Instagram to the estate of Malcolm X, who was assassinated 49 years ago this month at age 39.
She also said that the song's artwork "is in no way to undermine his efforts and legacy."
"That was never the official artwork nor is this an official single. This is a conversation. Not a single," she wrote. "I apologise to the Malcolm X estate if the meaning of the photo was misconstrued. ... I have nothing but respect (and) adoration for u."
Still, she sounded exasperated that people were even upset over the issue.
"What seems to be the issue now? Do you have a problem with me referring to the people Malcolm X was ready to pull his gun out on as Lookin (expletive expletive)?" the 31-year-old asked in her post. "I am in the video shooting (the song) and there happened to be an iconic photo of Malcolm X ready to do the same thing for what he believed in!!!!"
‘Lookin’ is a male-bashing song. The photo of Malcolm X holding the rifle was taken when he was trying to protect his family from death threats (his home had been firebombed).
A Change.org petition was issued Thursday, encouraging the rapper to change the cover artwork.
Minaj's personal representative declined to comment and a rep for her record labels, Republic and Cash Money Records, didn't return emails seeking comment. A lawyer for Malcolm X's children also didn't immediately respond to an email from The Associated Press.
The picture was deleted from Minaj's Instagram account, but was still on her website Thursday.
Source-AP
Kardashian Family lands Another $40 Million Deal In Their Laps
The Kardashian family gravy train is moving full steam ahead -- with no sign of stopping -- TMZ has learned, Kim and co. will sign on for yet ANOTHER multi-season deal with E! worth more than what they're making on the current one ... and they'll do it without Bruce Jenner.
TMZ broke the story ... "Keeping Up with the Kardashians" was renewed for an additional 3 seasons back in 2012 for more than $40 million -- what was then the richest reality TV deal ever.
But now the Kardashians have outdone themselves -- sources connected to production tell us, the new deal will be worth more than the last.
"Keeping Up with the Kardashians" is currently shooting Season 10 and the new deal will take the show into Season 11 and beyond. As one production source put it, "It is a HUGE show."
As for Bruce Jenner, he won't be coming along for the ride -- as we reported, Bruce has decided to call it quits after Season 10 to spend more time doing the other things he loves. Production sources acknowledge Bruce was "fatigued" and hated the criticism that went along with show.
He'll be missed -- but sources tell us, producers aren't concerned about his departure ... he was not a major character.
Our sources will not say if the deal has been signed or if it's still being negotiated ... but it's definitely far enough along that everyone knows the show will be back.
Kartel claims he knew nothing about 'Lizard's murder
Deejay Vybz Kartel yesterday spoke in court and in an unsworn statement claimed that he knew nothing about the murder for which he is on trial.
Kartel, whose real name is Adidja Palmer, said, "My Lord, my hands are clean of Clive Williams blood, if, indeed, Clive Williams is deceased."
He said there was a group of persons conspiring against him and his friends. He referred to National Security Minister Peter Bunting, who he said took his music and image to the United States claiming that "Vybz Kartel's lyrics, my Lord, is glorifying scamming."
The dancehall artiste said that Bunting said that there were four essential elements "mashing up Jamaica and I was one of them, my Lord." Kartel said the statements were prejudicial to his case.
He said he was heavily tattooed and he bleached his skin, but that was merely superficial because that was "part of the persona of Vybz Kartel, not Adidja Palmer."
The deejay and four other men have been on trial in the Home Circuit Court since November last year. The Crown, represented by Senior Deputy Director of Public Prosecution Jeremy Taylor and Crown Counsel Leighton Williams, has led evidence at the trial that Clive 'Lizard' Williams was beaten to death at Kartel's house at 7 Swallowfield Avenue in Havendale, St Andrew, on August 16 2011. It is alleged that Williams was beaten over two missing guns. The body has not been found.
In yesterday's proceedings Kartel's four co-accused - Shane Williams; André St John; entertainer Shawn Campbell, popularly known as Shawn Storm; and Kahira Jones - also said they were all innocent of the charges and had nothing to do with the murder.
Shawn Storm told the court that on August 16 2011, the prosecution's main witness and Clive Williams followed him freely to Havendale. He said Williams got off at the guest house in Havendale and the witness went to the Swallowfield address. He said he left, and when he saw the witness later that night, the witness only told him that the dog had bitten Kartel. He said the witness did not tell him about anyone lying on the ground.
When the trial resumes today, a handwriting expert will be called in relation to a letter which was sent to the Office of the Public Defender. The prosecution's main witness had denied writing a letter outlining that he had given his statement out of fear and that he had seen Lizard alive after the night of the incident.
Source-Jamaica Star
Barbados debt levels will hopefully stabilise by 2016 - IMF
The International Monetary Fund (IMF) says fiscal measures recently introduced by the Barbados government will, if fully implemented, should stablise debt levels by 2016.
“However, downside risks are considerable and failure to implement corrective policies could result in a disorderly adjustment process. Even with full implementation, fiscal financing pressures and external sector sustainability would remain challenging,” the Washington-based financial institution said Wednesday.
It noted that the island’s economic performance has been weak and public debt is high.
“Foreign reserves are under pressure as fiscal and external imbalances widened in 2012 and further in 2013. Recognizing the need for urgent action, the authorities announced ambitious budget consolidation proposals in 2013 aimed at strengthening the fiscal position and arresting the slide in reserves,” the IMF said.
It said that Freundel Stuart administration “stated clearly their desire and intention to preserve the exchange rate peg-a position supported strongly by the private sector and civil society in Barbados”.
The IMF said that as a result of this strategy, the discussions with the IMF delegation focused on the fiscal measures needed to address immediate pressures, making monetary policy consistent with the nominal exchange rate anchor, a medium-term fiscal framework, and reforms to boost competitiveness.
The IMF said “a comprehensive and sustained fiscal effort” was needed to reduce vulnerabilities and lower public debt.
“There is scope to raise tax revenues by strengthening revenue and customs administration and by reducing widespread exemptions. However, spending reductions will be critical, especially targeting the wage bill and inefficiencies in public enterprises where stronger governance is needed.”
The Washington-based lending agency said that the social safety net must be preserved, but benefits should be better targeted to strengthen protection for the most vulnerable, raise efficiency and lower costs.
“A medium-term fiscal anchor is needed to guide policy formulation and accountability. A debt-to-GDP target of 85 percent is recommended by 2018/19. Monetary policy should be more consistent with the fixed exchange rate regime,” the IMF said, adding that closer monitoring of the financial system is required in view of elevated non- performing loans (NPLs) and the risk of a deeper sovereign-financial feedback loop
It said that the growth strategy should focus on reducing business and labour costs.
The Stuart government has adopted a strategy of laying off at least 3,000 public servants this year as it seeks to reverse the ailing economy. In addition, the government has said it would reduce expenditure in other areas.
Meanwhile, the Barbados Central Bank said that the recommendations outlined by the IMF were in keeping with the policies of the Barbados government.
The Central Bank said revenue administration was being strengthened with the establishment of the Barbados Revenue Authority and that non-statutory revenue exemptions which do not support foreign exchange earning sectors or support the society's most vulnerable were being reduced.
It said the public sector wage bill is being reduced as a result of the layoffs and a programme of attrition and that a medium-term strategy for the further reduction in the fiscal deficit remains in place;
“The Central Bank of Barbados' lending to Government will be reduced as the lower deficit is funded from domestic liquidity,” the bank said, adding that monitoring of the financial system was being intensified in line with the recommendations of the Financial Sector Stability Assessment (FSSA)
Source-CMC
India telecoms auction raises $10bn from mobile firms
India's mobile phone firms have bid almost $10bn (£6bn) in a key auction for the country's second-generation (2G) telecoms licences.
The amount far exceeded the government's target of $1.8bn, and will be used to shrink its budget deficit.
The government will get at least $3bn initially as companies have to pay up to a third of the winning price now, with the rest by 2026.
The winners included Bharti Airtel, Vodafone and Reliance Industries.
The success of this auction is in marked contrast to earlier auctions in November 2012 and March 2013, which both flopped.
Then, most bidders stayed away, complaining that the minimum prices for bids were too high.
Eight companies had applied to bid in the current auction for the 900 MHz and 1800 MHz band airwaves after the government sharply cut the minimum reserve prices.
"The government is happy," Telecoms Minister Kapil Sibal said after the auction ended on Thursday. "We will see a smile on the face of the finance minister."
Finance Minister P. Chidambaram faces a challenge in meeting India's budget deficit target for the current financial year.
This is due to a shortfall in both tax collection and also income from the sale of stakes in government-owned companies.
Bids in the 900 MHz band totalled about 236bn rupees ($3.7bn; £2.2bn) while bids in the 1800 MHz band were about 376bn rupees.
Bharti Airtel and Vodafone bought airwaves in the 900 MHz band, worth about $3bn each, that was available in three key cities - Delhi, Mumbai and Calcutta.
For both firms, the stakes were relatively high, as they already use the 900 MHz band in these cities and would have seen their rights expire in November unless they were successful in this auction.
Other winning companies included Reliance Industries, with operating licences in more than a dozen service areas, Idea Cellular, Telenor and Aircel.
China's consumer inflation holds steady at 2.5%
China's inflation rate remained subdued in January, despite rising food prices during the New Year celebrations.
Consumer prices held steady at 2.5% from a year earlier, which was slightly higher than many economists expected.
The National Bureau of Statistics said there was a 3.7% rise in food prices during the month, which included both the Western and Chinese New Years.
Meanwhile, factory gate prices fell 1.6%, marking the 23rd consecutive monthly decline.
"Inflation is not going to be an issue in China this year," said ING economist Tim Condon.
The latest price figures leaves room for the Chinese government to stimulate the economy if growth drops too low.
Beijing has been looking to wean the world's second-largest off its dependence on exports and become more consumer-oriented.
By keeping price pressures low, the government is able to focus on promised reforms to make the economy more productive and keeping incomes rising.
China's inflation has slowed markedly since 2011, when the annual consumer price index spiked to 5.4%.
Source-BBC
Jamaica Meets Latest IMF Targets
Jamaica met all of its quantitative performance targets and indicative targets for the end of December, according to the International Monetary Fund.
The IMF, which recently concluded a nine-day mission to Jamaica, said it had reached “preliminary understandings” with Jamaican authorities on a set of economic policies detailed in an updated letter of intent.
“Overall policy implementation under the program remains strong,” said Jan Kees Martijn, the fund’s mission chief for Jamaica. “All structural benchmarks to date have also been met. For 2014 and beyond, the critical challenge remains to support economic growth, while continuing to undertake the necessary fiscal adjustment.”
The fund said Jamaica’s economy had grown by about 1.4 percent year-over-year in the last quarter of 2013, while consumer price inflation had moderated to 9.7 percent in December.
It also said execution of Jamaica’s 2013/2014 budget had been “broadly on track, notwithstanding shortfalls in tax revenues owing to weak demand.”
The IMF mission’s visit included discussions with Finance Minister Dr Peter Phillips, Bank of Jamaica Governor Brian Wynter, Financial Secretary Devon Rowe, senior government officials and other members of the private sector and civil society.
The fund said the “preliminary understandings” with Jamaica were still subject to approval by the fund’s executive board.
If Jamaica continues its strong performance, the fund said, board consideration of the third review of Jamaica’s IMF-supported programme could take place next month.
If approved, it would make available around $71 million to Jamaica.
Source-CJ