Bolt commercial sparks debate
Jamaican sprint sensation, Usain Bolt, is receiving stark criticisms following his role in an overseas commercial where he plays the role of a woman.
Telecommunications company, Virgin Media, created the commercial to advertise their new broadband Internet service.
In the 40-second advert, Bolt is seen playing multiple roles in a 'Virgin Media household' as a baby, mother, grandfather and teenage boy, all of whom could be seen using the advertised product.
But the athlete's role as the mother however, has received some harsh reviews, while others find it entertaining.
"I hope it pays, cause he will never live it down," a Facebook user commented.
This is the athlete's third commercial with the popular telecommunications company.
Lance Armstrong wants hearing in bonus money fight
Lance Armstrong is still fighting a Texas company that wants to recoup about $12 million in bonuses he was paid for winning the Tour de France while secretly using performance-enhancing drugs.
Court documents filed in Dallas this week show that Armstrong has asked a judge to stop an arbitration panel from considering whether Dallas-based SCA Promotions should be able to recover its money.
The company tried proving Armstrong used steroids and other drugs and doping methods back in 2005, but ultimately agreed to pay him in a 2006 settlement.
In a motion filed Monday, Arm-strong's attorneys say there's "no authority under Texas law" for arbitration. They've asked a judge for a hearing.
Armstrong was stripped of his seven Tour de France victories and given a lifetime ban from sports in 2012.
Source-AP
Spain in talks to resolve row in Panama Canal dispute
The Spanish government is in talks with Panama to try and resolve a row over the expansion of the Panama Canal.
Spain's public works minister Ana Pastor will fly to Panama this weekend, following a meeting between diplomats on Friday.
Work began on the expansion of the shipping hub in 2009, but it has gone over-budget by $1.6bn (£1bn).
The group behind the project, led by Spain's Sacyr, has threatened to halt work unless the extra money is paid.
Sacyr's chairman Manuel Manrique will also fly to Panama to join in the negotiations.
The building group, known as the Grupo Unidos por el Canal (GUPC), is made up of Spain's Sacyr, Italy's Salini Impreglio, Belgium's Jan De Nul, and Panama's Constructora Urbana.
It is in the process of constructing a third lock which will allow bigger ships to pass through.
It gave a 21 day deadline on 30 December to the Panama Canal Authority to make the extra $1.6 billion payment. If it doesn't, GUPC says it will stop work on the expansion plans.
A spokesperson for Spain's foreign ministry said: "Panama is a country that is close and friendly towards Spain, and we share the desire and interest to find a solution as soon as possible".
Spain's ambassador to Panama, Jesus Silva, added that all stand to lose out if the contract fell through.
On Thursday, Panama's President Richard Martinelli threatened to demand that the building consortium fulfil its contract to expand the canal.
The president said: "I will go to Spain and Italy to demand these governments take moral responsibility."
Construction is due to be completed in June 2015, nine months behind schedule. The overall cost of the project now expected to be $5.2bn.
Building work is now focused on the creation of a third set of locks to accommodate ships that can carry 12,000 containers. The largest ships currently able to navigate the Panama Canal carry 5,000.
The Panama Canal handles 5% of the world's maritime trade.
Source-BBC
Latin & Caribbean Economy to grow by 3% in 2014 according to IDB
The Inter-American Development Bank (IDB) is forecasting that economic growth in the Latin America and Caribbean region, which includes Belize, will amount to 3% during 2014, according to a report released earlier this week.
It said that during 2013, the region’s economy grew by 2.7%. Of note is that latest statistical information from Belize authorities indicate that for the first nine months of 2013, the country’s economy has lagged well behind this regional average, at less than half-a-percent.
The Statistical Institute of Belize (SIB) reported national GDP expansion of a mere 0.4% for the first 9 months, with certain key sectors – including petroleum and agriculture – reporting challenges in production.
The IDB report said that on the regional front, “The year now coming to a close was marked by an external context that did not encourage a strong economic performance in Latin America and the Caribbean.”
It added that, “The high degree of volatility that rattled international financial markets and the fall in prices for basic goods took a toll on the region’s GDP growth, which averaged 2.7 percent.”
It went on to say that, “In 2014, the growth forecast for the economies of Latin America and the Caribbean as a whole is 3.0 percent.”
IDB President Luis Alberto Moreno said in his year-end report to the Bank’s Board of Executive Directors that, “a less favorable external environment, along with weak external demand over the mid-term and latent risks in international financial markets, will require the region to accelerate growth without depending on the external conditions that helped us in the past decade.”
Moreno added that, as a consequence, increasing potential output over the medium term through reforms focusing on bottlenecks that are restricting growth in productivity, internal savings and investment is a priority.
According to the IDB president, the Latin America and the Caribbean region needs to invest more in infrastructure, given the gap that exists in that area between the region and the world’s richest and most dynamic countries.
“Besides modernizing their highways, ports and airports, the countries of Latin America and the Caribbean must improve infrastructure and logistical services in order to lower transaction costs and make their industries more competitive,” he said.
The IDB’s last approved loan for Belize (December 2013) is a $1 million facility for works on the George Price Highway, from Belmopan to Belize’s western border with Guatemala, at Benque Viejo del Carmen.
Source-Amandala
BSX Releases 2013 Year End Review Report
The Bermuda Stock Exchange [BSX] said that 2013 was a “significant and positive year for the Exchange with accelerated momentum in the listing of Insurance Linked Securities and the successful upgrade of the Exchange’s trading engine to the NASDAQ’s X-stream platform.”
In making the year-end announcement, BSX President and Chief Executive Officer Greg Wojciechowski stated, “2013 ended strongly with a record number of ILS listings, well-supported and successful Bermuda Government bond listings and the smooth implementation of upgraded Exchange mission critical technology.
He added, “The accomplishments of the BSX to date and in particular this year resulted from the hard work of a dedicated team of stock exchange professionals that manage and operate the Exchange on a daily basis.
“The BSX team clearly understands the importance of a modern and solid domestic capital market and its contribution to the health of a domestic economy.
“The BSX team is committed to ensuring that Bermuda’s stock exchange platform remains the leader amongst its peers internationally while providing global capital market access and solid support for the continued development of Bermuda’s domestic capital market.”
Commenting on the year, BSX Chief Compliance Officer, Mr. James McKirdy said “Year on year listings grew by 32 securities in challenging global economic conditions. In particular, new listings grew by 81 securities including 42 Insurance Linked Securities with a capitalization value of $4.617 billion. There was also growth in International Equities and Debt listings while listings of Collective Investment Vehicles declined modestly.”
As at 31 December, 2013 there was a total of 665 securities listed on the BSX. Included in the new listings were several additional Variable Rate Notes and Programs from Armor Re, Galileo Re, Loma Re, MetroCat Re, Nakame Re, Sanders Re, Tradewynd Re and VenTerra Re.
The number of Insurance Linked Securities listed on the BSX grew to 77 from 38 [a 103% increase] while the value of these securities grew to $9.71billion from $5.81 billion (a 67% increase) from the same period last year. There were 19 new collective investment vehicles, 12 international equities and 4 fixed income securities listed along with 13 subsequent issues undertaken by existing listed issuers.
Noteworthy in 2013 were the listings of two new Bermuda Government Bonds, Blue Capital Reinsurance Holdings, Global Smart Cities, Polo Resources, Energy Solutions and the BIAS Global Portfolios. Delistings included several certificates from CLSA Financial Products and Alterra Capital Holdings following its merger with the Merkel Corporation.
The total market capitalization of the BSX as at 31 December, 2013 [excluding collective investment vehicle listings] stood at over $428 billion of which approximately $1.69 billion represented the domestic market. Total trading volume for the period was 10.2 million shares with a corresponding value of $50.1 million compared to 12.7 million shares with a corresponding value of $38 million for 2012.
The RG/BSX Index closed the year at 1201.05 which is 10.105% higher than 2012.
The BSX launched its NASDAQ OMX’s X-stream trading platform in April 2013 providing the BSX with world-class trading technology and strengthening the BSX’s commitment to the development of Bermuda’s domestic market while underscoring its ability to provide global capital market support in and from Bermuda.
NASDAQ OMX technology is used by over 70 marketplaces in 50 countries. Operating with X-stream technology, the BSX is the most powerful trading venue in the Caribbean and offshore markets as defined by performance, latency and throughput.
Discussing international business development, Mr. Wojciechowski stated, “The BSX ended the year on an extremely positive note. Two important developments were the continued growth in our Insurance Linked Securities listing business and the work that we have accomplished in supporting international Small and Medium Enterprise companies [SME] capital raising and listings.
“The BSX ended the year with a record number of ILS listed issues assisting Bermuda to firmly establish itself as a centre of excellence for the creation, listing and servicing of the ILS asset class. In respect of SMEs, interest in listing and trading in their listed shares remains on the rise.”
In closing he stated, “I am delighted with the place we find ourselves as we begin 2014 and have every confidence that the hard work undertaken at the BSX and in Bermuda to create and sustain a reputable and respected commercial and regulatory environment will continue to drive commercial development and assist us in adding new lines of business and further elevate Bermuda’s position amongst the major global financial centers.”
Source-Bern News
Oil Price Falls Below $96
The price of oil dropped three per cent Thursday on expectations of higher global supplies and the impact of a strengthening dollar.
United States benchmark oil for February delivery fell $2.98 to close at $95.44 a barrel in New York. It was the biggest one-day drop in crude since November of 2012.
Brent crude, a benchmark used to price international crude used by many US refineries, was down $3.02 to $107.78 a barrel.
US oil was lower for the third straight day after closing above $100 per barrel Friday for the first time since October. Oil had risen because an improving US economy lifted consumption.
The recent retreat in the price follows reports that an end to protests at a major Libyan oil field could return 300,000 barrels of daily production to the global market. That has raised expectations that supplies will be ample.
Brighter prospects for the US economy have also raised expectations that the Federal Reserve will continue to shrink its stimulus programme, and that has helped boost the value of the dollar. A stronger dollar makes commodities such as oil that are priced in dollars more expensive to buyers using other currencies. That lowers demand, and prices.
"Further improvement in the US economy should be supportive of the US dollar and that will continue to play against oil demand in emerging markets," said Olivier Jakob, an analyst at Petromatrix in Switzerland. He highlighted recent protests in Kuala Lumpur, Malaysia, against rising gasolene prices.
The US national retail gasolene price rose less than a penny to $3.33 per gallon, according to AAA, OPIS and Wright Express. The price has climbed six cents per gallon over the past week and is four cents higher than a year ago.
In other energy futures trading, wholesale gasolene fell 9.1 cents to close at $2.695 a gallon, natural gas futures for February rose 9.1 cents to close at $4.321 per 1,000 cubic feet and heating oil fell 7.8 cents to close at $2.987 a gallon.
Source- AP
Global Stocks Drop On Weaker China Manufacturing
Global markets began the new year on a subdued note, mostly falling Thursday after a Chinese manufacturing survey suggested the world's second-largest economy might be slowing.
An industry group, the China Federation of Logistics & Purchasing, said its purchasing managers' index declined to 51 points from November's 51.4 on a 100-point scale on which numbers above 50 indicate expansion. A separate survey by HSBC Corp. declined to 50.5 from November's 50.8.
"This is the first moderation in six months, suggesting that the growth recovery since mid-July might have started to lose some stream," Bank of America economists Xiaojia Zhi and Ting Lu said in a report.
China's benchmark Shanghai Composite Index shed 0.3 percent to 2,109.3, while Hong Kong's Hang Seng Index fell 0.1 per cent to 23,278.0.
In Europe, stocks lost early gains in thin trading volumes. Britain's FTSE 100 dropped 0.2 per cent to 6,734.54, while France's CAC-40 fell 0.9 percent to 4,304.2. Germany's DAX was down 0.6 percent to 9,498.28.
Wall Street was expected to open lower, with both Dow and S&P 500 futures down 0.2 per cent.
Elsewhere, in Asia, Tokyo was closed for the New Year's holiday. Seoul's main index lost 2.2 per cent to 1,967.1, while Taiwan's Taiex was flat at 8,612.5. Benchmarks in Malaysia and Thailand also fell. India's Sensex added 0.5 per cent to 21,239.0.
In currency markets, the dollar fell 0.2 per cent to 105.05 yen while the euro fell 0.7 per cent to $1.3653.
The benchmark oil contract lost 64 cents to $97.78 per barrel in electronic trading on the New York Mercantile Exchange.
China police break up a large, illegal drugs operation
Police in China have confiscated three tonnes of the drug methamphetamine and arrested 182 people during raids at a village, officials say.
The drug, also known as crystal meth or "ice", was seized in Boshe village, Lufeng city, Guangdong province.
Police told state media that more than a third of China's methamphetamine came from Lufeng in the last three years.
The raids involved at least 3,000 police operatives, two helicopters and speedboats, an official statement said.
The operation began on 29 December, with officials making the announcement late on Thursday.
Juliana Liu reports from Hong Kong.
Source-BBC
Major Snowstorm Hits US Northeast
The first major winter storm of 2014 created havoc in the northeastern United States Friday, bringing heavy snowfall, strong winds and dangerously cold temperatures to the region.
The storm forced the cancellation of thousands of flights Thursday and Friday and prompted the governors of New York and New Jersey to declare states of emergency.
Boston was the hardest-hit city, with up to 35 centimeters of snow, while towns to the north got almost double that amount.
Wind chill temperatures across a wide swath of the northeast were expected to plummet below minus 20 degrees Celsius, prompting the National Weather Service to warn of the risk of hypothermia and frostbite. In Philadelphia, a worker was reported killed when a pile of de-icing salt fell on him.
The storm represented the first big test for New York City's newly-elected mayor, Bill de Blasio, who dispatched hundreds of plows and salt spreaders to the streets of the nation's largest city.
Meanwhile, the upper Midwest remained in a deep freeze, with temperatures as low as minus 41 degrees Celsius settling over much of the region.
Source-Voice Of America
Preliminary South Sudan Peace Talks Under Way
Talks to end weeks of deadly violence in South Sudan are under way, as the United States moves to evacuate more staff from the troubled African country.
Delegates of the South Sudanese government and rebels trying to overthrow it have each met with regional mediators in Ethiopia's capital, though no face-to-face talks have taken place.
The mediators from the East African regional bloc IGAD (Intergovernmental Authority on Development) hope to broker a cease-fire and stop the world's newest country from falling into civil war.
Fighting between the forces of President Salva Kiir and ex-vice president Riek Machar has left more than 1,000 people dead.
Both sides continue to fight as the talks began. Government troops are said to be moving in on Bor, the rebel-held Jonglei state capital, nearly 200 kilometers north of Juba. However, rebel commanders have warned they are preparing to advance from Bor to Juba.
On Friday, the U.S. embassy in Juba ordered the evacuation of more staff due to the "deteriorating security situation."
An embassy statement urged all U.S. citizens to leave and said the embassy can no longer provide consular services to Americans in South Sudan.
In a later statement, the U.S. State Department said the U.S. "remains deeply and actively committed to supporting regional and international efforts to end the violence."
Toward that goal, the U.S. announced nearly $50 million in new humanitarian assistance. The U.S. has now given more than $300 million toward humanitarian efforts in South Sudan.
The United Nations refugee agency said Thursday more than 200,000 people have been internally displaced since violence erupted in mid-December.