Barbados’ credit rating cut by S&P
Barbados’ credit rating has been cut by Standard & Poors Ratings Services (S&P).
Stating that the Caribbean nation has gone back into recession, S&P changed the island’s rating to ‘BB-’ from ‘BB+’, but S&P affirmed the country’s short-term rating at ‘B’. The rating outlook is negative.
S&P stated in a press release announcing the downgrade: “Barbados faces mounting external pressures associated with a widening current account deficit, external financing challenges, and a high fiscal deficit, largely because of a decline in government revenues as a result of the weak economy.
“We expect Barbados’ net general government debt burden to rise to above 70 percent of GDP in fiscal 2013 from 67 percent in fiscal 2012 and 60 percent in fiscal 2011 as a result of large fiscal deficits.”
In lowering their long-term rating, S&P stated: “The negative outlook indicates a better than one-in-three chance of a downgrade if investment and growth prospects fail to strengthen and external and fiscal pressures continue to complicate financing.”
The ratings services agency continued: “The downgrade reflects the mounting external pressures associated with a persistent current account deficit and external financing challenges, as well as the ongoing high fiscal deficit, largely because of a substantial fall in government revenues as a result of the weak economy. The twin deficits have strained the country’s international reserves. They have fallen significantly over the past six months to below the monetary base, reserve coverage of which we generally view as important in supporting a pegged currency.
“On a gross basis, the international reserves cover nearly two months of current account payments, down from more than three months as of year-end 2012.
“As a result of the large fiscal deficits, we expect the net general government debt burden to rise to above 70 percent of GDP in fiscal 2013 ending March 2014, from 67 percent in fiscal 2012 and 60 percent in fiscal 2011. Barbados uses more than 13 percent of general government revenues to pay interest on its debt, excluding the interest that the government pays on debt held by the National Insurance Scheme (NIS).”
S&P said Barbados’ economic fundamentals continue to weaken, reflecting competitiveness and other structural shortcomings, and added: “ ... as well as an only slowly recovering global economy.
“Results for the first nine months of 2013 show that Barbados has fallen back into recession after a very weak recovery in 2010 to 2012, and real GDP per capita has declined on average. We expect real GDP per capita to decline by about 0.9 percent in 2013 but to rise in 2014 and move above one percent in 2015 thanks to tourism and construction (in both the private and public sectors). With a slow recovery, unemployment will likely remain high, after reaching 11.6 percent in 2012.”
S&P also said: “Including NIS surpluses (estimated at 2.6 percent of GDP in 2012), the general government deficit rose to 5.4 percent of GDP in fiscal 2012 from 1.8 percent in fiscal 2011. We expect the deficit to edge up to 5.8 percent in 2013, as a result of the recession, before gradually falling over the next three years. However, there are risks because of the sluggish outlook for the country’s main economic sectors, its high unemployment, and both the need to reduce deficits and potential spending pressures.
“The country has a stable, predictable, and mature political system, which benefits from consensus on major economic and social issues, including support from the private sector and trade unions for the government’s ongoing fiscal and structural adjustment programme.
“The negative outlook reflects the potential for a downgrade over the next year if investment and growth prospects fail to strengthen and external and fiscal pressures continue to complicate financing. We could revise the outlook to stable if the government is able to adopt measures that significantly reduce fiscal deficits, leading to declining debt and interest burdens, which would lower external pressures as well.”
Source-Royal Gazette
Swiss vote no to capping bosses' pay
Swiss voters have rejected a proposal that would have limited executive pay to 12 times that of the lowest paid.
The referendum saw 65.3% vote against the plan with 34.7% in favour.
The country is home to a range of giant businesses, including pharmaceutical companies Novartis and Roche, the insurance groups Zurich and Swiss Re and the banks UBS and Credit Suisse.
The rules would have given Switzerland the world's toughest pay rules and some of the lowest executive salaries.
Business leaders said that would limit foreign investment and the government was also opposed to the proposal.
The Young Socialists, who proposed the measure, admitted defeat.
It is the second time this year that Swiss voters have been balloted on the issue.
In March they did back strict limits on bonuses and golden handshakes.
Source-BBC
Online gambling in New Jersey signals US expansion
Online gambling has been launched in the state of New Jersey, a sign that the US may slowly be opening up to the multibillion-dollar industry.
Unlike in many countries, online gambling remains prohibited by the US government because of legislation passed in 1961.
Individual states may allow online gambling if it does not cross borders.
A test is under way in New Jersey to make sure only people within the state can play.
Until now, only two of the country's 50 states, Nevada and Delaware, allowed online gambling and heavy restrictions are in place.
Geolocation technology, which checks where a person is logging on, is typically used to lock out gamblers from further afield.
In New Jersey, people taking part in the test have suggested the restrictions have been overbearing.
One user told the Associated Press news agency that he drove 30 miles further into the state to log on, but was still getting locked out because the system failed to recognise he was within New Jersey.
Despite these troubles, gambling in the state is expected to launch in full next week, with 14 websites on offer.
Source-BBC
Apple buys motion sensor maker PrimeSense
Apple has purchased PrimeSense, an Israeli firm that specialises in making 3D motion detection technology.
PrimeSense is best known for developing gesture control for Microsoft's Kinect sensor, and has made strides towards bringing the technology to mobile.
Apple's deal is likely to spark speculation about its plans to develop new products such as Apple TV.
PrimeSense confirmed the deal with Apple in a statement to the BBC but said they could not comment further.
Apple did not disclose the financial details of the deal but said it had taken place. Some reports claimed it had paid $360m (£222m).
"Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans," said an Apple spokesman.
The deal comes at a time when firms are increasingly experimenting with gesture control.
In October 2011, Apple filed for a patent for new ways to control devices that do not involve physical contact.
Its filing, entitled Real Time Video Process Control Using Gestures, talked about allowing users to "throw" content - the ability to transfer it from one of the firm's products to another - using contact-free hand movements.
Analysts said that acquiring a firm that specialises in making motion sensor technology could help Apple offer such features.
"Usage of gesture-based, touch-less control of devices is one of the big mega trends in the industry right now," Nitin Bhat, a partner with consulting firm Frost & Sullivan told the BBC.
"From Apple's perspective it looks like an attempt to make its current gadgets a lot more attractive by offering such a feature on them.
"It could also look to incorporate this technology in future portfolio of devices which could include an Apple TV," he added.
Source-BBC
Stallions beat the Flyers in Opening Season PABA games
The PABA 2013 -2014 season for the senior League got off to a great start on Friday 22nd November at the Gus Lightbourne Sports Complex.
Starting off the evening was the presentations of the PABA 2012-2013 Champions the “G.T Stallions” to the patrons on hand who also witnessed the championship rings presentations during the opening ceremony.
Ira Smith who led the team to victory said it was truly a great achievement for his team to receive the rings after a competitive season last year.
And just as how they closed the season defeating Anthony Cash and the Flyers to win the trophy and the rings, they repeated it, yet again.
The Stallions defeated the Flyers 57 – 54 in another closely contested game.
Stallions’ K. Williams had 11 points, 1 assist, 2 steals while M. Lightbourne: dropped 10 points, 11 rebounds, 1 block and a steal.
While Flyers’ Jordon scored 14 points, 1 rebound and 2 steals, while Cameron scored 10 points, 4 rebounds, 1 assist and 4 steals.
In the opening game the Harbor Boys defeated the Police Badgers 70 – 65
Harbor’s J. Paul scored 16 points, 2 rebounds and 3 steals while K. Adams scored 14 points, 3 rebounds and 3 steals.
The Police’s S. Germain arrested 19 points, locked down 7 rebounds and caught 1 steal; K. Doughty scored 13 points had 8 rebounds and 1 steal.
Games will continue this Thursday night; 28th November with TCI's Supersonics taking on the Spartans and on Friday night the 29th November there will be a triple-header.
The Flyers will take on the Steelers, The Collectors vs. Police Badgers and the Predators vs. Harbour Boys.
Games start at 7pm.
Patriots stun Broncos in OT after historic rally
Tony Carter heard Wes Welker yelling the universal special teams warning call as he streamed down the frigid field in overtime, eager to throw a block for a punt return.
But it was too late to react.
There would be no block. No punt return. And no time to get of the way.
Only one more crazy bounce that settled a Broncos-Patriots showdown on Sunday night that turned into the most bizarre game of the NFL season.
Game over. Just like that.
Stephen Gostkowski's 31-yard field goal lifted New England to its improbable 34-31 victory with 1:56 left on the overtime clock.
"I was trying to get away from the ball, but the ball kind of bounced right at me," Carter said. "It was a tough bounce."
And such a fitting capper to a classically weird game of super-sized blunders, spectacular big plays and distinct momentum shifts.
Think about it: The Patriots fumbled six times in the first half, trailed 24-zip, and were booed by the home crowd at Gillette Stadium. They allowed Broncos running back Knowshon Moreno to gash the defense for a career-high 224 rushing yards.
And it was cold.
Yet the Patriots won anyway, with a comeback for the ages.
Sorry, Peyton Manning.
Tom Brady wins again.
Now explain that.
"You've got to forget about what happened in the first half because it was a terrible half of football," said Brady, who passed for 344 yards and 3 TDs. "I don't even know what you coach at that point, you know?"
Patriots players maintain that there was no fiery speech from Bill Belichick as they processed a 24-0 halftime deficit. No emotional locker room rally chants.
Presumably, no one smashed furniture, either.
"It was just thinking, 'If they can score 24 points in the first half, then we can do it in the second half,' " said safety Devin McCourty.
New England began the game with a flurry of turnovers on a frosty night with the wind chill at 6 degrees at kickoff, with 22 miles-per-hour winds.
Stevan Ridley fumbled. Then Brady fumbled. Then LeGarrette Blount fumbled.
The Broncos turned those miscues into 17 points.
Wes Welker's big in-your-face homecoming statement? Not here. Not now. Not with the Patriots playing -- and winning -- like it was a game of two halves.
What did Bill Belichick say to his team at halftime?
Maybe he promised them on off-day on Monday with a win.
Then again, more than a few members in the Patriots camp had to be thinking that they needed a perfect half -- and that if Stevan Ridley, Brady and LeGarrette Blount could fumble in the frigid first half, then the Broncos were due a few blunders, too.
When the tide turned it was unmistakable. You could feel the emotion.
The Patriots took the second-half kickoff and turned it into an 80-yard, confidence-building touchdown drive that made it 24-7.
No sweat. Manning could just keep handing the ball off to Knowshon Moreno, who rushed for 107 yards in the first half. Milk the clock. Go home.
But this game was so much about ebb and flow, and the injury-stung Patriots have shown all season that they are about grit and resiliency.
The Patriots opened the second half with a snappy TD drive, then Montee Ball fumbled to set up another touchdown. Then the defense forced a punt, and Brady found a wide open Julian Edelman for a 43-yard completion that set up a 6-yard TD pass to Rob Gronkowski that cut Denver's margin to three points.
That it happened so fast demonstrated the momentum shift.
But one glimpse of Brady's body language as he emphatically celebrated his 350th career TD pass in the end zone with Gronkowski -- yelling with his tight end, facemask-to-facemask -- underscored the emotion fueling the momentum.
"We were both pumped," Gronkowski said. "It was a cool moment."
Yet they were far from finished.
An ugly Manning interception to open the fourth quarter -- rookie Ryan Logan slipped in front of Eric Decker -- led to Edelman's 14-yard TD.
This was supposed to be a chance for Welker to have an in-your-face revenge performance, after leaving on bad terms last offseason as the Patriots' all-time leading receiver. Not so. He finished with 4 catches for 31 yards.
Instead, Edelman stole the show with 9 catches for 110 yards and the two scores. His second touchdown came with an exclamation point as he caught a quick rocket screen, juked a defender and then soared head-first into the end zone to give New England its first lead of the night.
The effort was yet another image a Patriots team that wore a certain passion on their comeback sleeves, six nights after a loss at Carolina ended on a controversial no-call of an apparent pass interference.
Said Edelman, "It was good to show the mental toughness of the team."
Manning, who forced overtime by directing an 80-yard drive capped by an 11-yard TD pass to Demaryius Thomas, left wishing he had one more opportunity.
Instead, Manning can add another chapter to his string of personal nightmares at Gillette Stadium. And he can chalk up another cold-weather loss, too.
Before the final muff, both teams had two possessions in overtime -- when Belichick won the coin toss and elected to take the wind at his back rather than take the football.
Then the strategy and wind gusts gave way to a Murphy's Law moment for Carter.
Whatever could happen, did happen.
The Broncos forced a punt, then squandered the opportunity.
Said Manning, "I hated the way that ended."
Especially with that type of beginning.
Source-USA
Derrick Rose surgery set for Monday
Chicago Bulls point guard Derrick Rose will have surgery to repair a medial meniscus tear in his right knee on Monday in Chicago, according to Bulls coach Tom Thibodeau.
The surgery will be performed by Dr. Brian Cole, the same man who performed the ACL surgery on Rose in May of 2012.
"[He's] headed back to Chicago today. He'll have surgery [Monday]. Then we'll have a better idea about what the time table will be," Thibodeau said.
Thibodeau did not want to speculate how long Rose may be out.
There are two options as to the direction Rose and his doctors will decide to fix the knee. They could either remove the meniscus, or a portion of it, and Rose could be back on the floor in a matter of weeks. What seems more likely, according to a source will knowledge of the situation, is that Rose and the Bulls will decide to have the meniscus re-attached, which would put him out for upwards of four to six months.
While the first procedure would put him back on the court sooner, many players who have had that procedure, including Miami Heat star Dwyane Wade, say that it causes more problems later in a player's career. According to the source, given Rose's age (25) and the fact the Bulls have millions of dollars still wrapped up in his future, the likely scenario is that Rose and the organization will choose to take the longer approach with the hope that he can return to being the same player before his first knee injury.
"The big part is they won't know [which surgery to perform] until they get in," Thibodeau said. "So we're hoping for the best. We of course feel very badly for Derrick. I talked to him at length last night. He's in good spirits. About as well as can be expected under the circumstances. And he's already thinking about his rehab and typical Derrick -- concerned about his team, his teammates. But that being said, we can't feel sorry for ourselves. We're the Chicago Bulls. We have one goal, that's to win. And I believe we have the personnel in that locker room to get it done."
Thibodeau said he expects Rose to make a full recovery but acknowledged there is disappointment throughout the locker room.
Bravo attributes victory to teamwork
West Indies Captain Dwayne Bravo said yesterday's victory against India in the second One-Day International was as a result of team effort and their hunger to win.
West Indies beat India by two wickets, their first win on tour, and to keep their hopes alive in the three-match ODI series.
Chasing 289, West Indies reached the target for eight wickets in 49.3 overs. Earlier, India scored 288 for seven in 50 overs.
Bravo said the aim was for the main batsmen to score runs and, despite losing wickets, they were able to maintain focus.
"Great team effort. Holder and Rampaul gave us a good effort, can't forget young Permaul. Once we got the Indians under 300, we backed ourselves to chase," he said.
"We planned very well. It was a must-win game for us. We communicated well on the field. The bowlers executed, bowling to MS. The best player in the world is always difficult. Well done to young Powell, Simmons and Darren Sammy; Myself getting out at a crucial time. Our aim was for one of the top five batters to bat through the innings. We had four half-centuries today, so that was good."
However, Mahendra Dhoni blames excessive dew for his team's performance, especially in the bowling.
"There was a lot of dew, [it] was difficult for bowlers to even grip the ball, let alone putting it in right areas. Toss was crucial, and to take it to the last over was a superb bowling effort. When we went into bowl, there was plenty of dew and it kept getting worse," said the Indian captain.
West Indies' Lendl Simmons featured in two crucial partnerships to give life to his side's resurgence in the series.
Simmons and Darren Bravo scored 100 in a third-wicket stance and then Sammy added 82 with Simmons for the sixth wicket.
"Just knock it around, keep rotating the strike, build a partnership, and bat till the end," said Simmons, reacting to what he and Sammy were thinking in the middle. "Sammy batted well. We stuck to our game plan and executed it well."
Sammy was named Man-of-the-Match for his unbeaten 63 off 45 balls.
Rampant Man City humble hapless Spurs 6-0
Manchester City delivered a devastating attacking display to humble beleaguered Tottenham 6-0 yesterday, equalling Spurs' heaviest Premier League defeat in 17 years.
Jesus Navas' goal after just 14 seconds laid the platform for yet another huge win for City against a supposed top-four rival at Etihad Stadium, with Sergio Aguero netting in each half to add to an own goal by Sandro and a brilliant strike by Alvaro Negredo.
City was 5-0 ahead after 56 minutes and Navas finished off the rout in injury time, meaning his team has now scored 18 goals in their last three home games.
Manuel Pellegrini's side stayed six points behind leaders Arsenal and just need to sort out their dreadful away form to be in contention for a second league title in three years.
Tottenham are languishing in ninth place despite spending around £100 million (US$160 million) on mostly attacking talent in the summer.
And with Manchester United up next for Spurs next weekend, they could yet find themselves even further out of the title picture in a season that had initially promised so much. With just nine goals in 12 league games, scoring has become a serious problem since the summer departure to Real Madrid of Gareth Bale, who saved them so often last season.
Not since a 7-1 loss to Newcastle in December 1996 have they been beaten by a six-goal margin — and it could have been a lot worse.
City, meanwhile, remain the enigma of the season. Flawless in six matches at the Etihad, they have picked up just four points so far from a possible 18 on their travels.
As so often at home, City exploded out of the traps and had the game sewn up at half-time — with a helping hand from Tottenham goalkeeper Hugo Lloris.
Spurs' approach is to play the ball out from the back through the France goalkeeper but the tactic backfired here before many fans had settled in their seats.
Lloris' weak clearance went straight to Aguero and although Lloris saved the Argentine's curling shot, the ball fell to Navas, who curled a clever shot over the keeper into the top corner for City's fastest ever goal in 21 seasons of the Premier League and the second quickest of this campaign.
Spurs enjoyed some early possession, with Erik Lamela having a shot cleared off the line by Martin Demichelis, but they always looked vulnerable at the back and Lloris was at his best to deny Aguero chipping in for the second after seven minutes.
Lloris was his own worst enemy for the second goal too, making another tame kick to spark a City attack that saw Samir Nasri feed the ball to Aguero, whose effort was parried away to Negredo. The Spain striker's volley from eight yards deflected off Younes Kaboul onto the leg of Sandro and into the back of net.
Aguero wrapped up a perfect first half for the hosts by steering in a textbook cross from Navas and Spurs were on their knees. It was to get much, much worse.
Yaya Toure had cantered through the first 45 minutes but he burst into life in the 50th by exchanging passes with Negredo and storming into the box, where he crossed unselfishly for Aguero to sidefoot home.
Nasri toe-poked against the bar before Negredo spun his marker from Fernandinho's through-ball and fired a brilliant
finish into the top corner. 5-0 and still more than half an hour left.
Mercifully for Tottenham, Aguero and Nasri were taken off soon after the hour mark but the introduction of forgotten man Emmanuel Adebayor for his first appearance of the season failed to spark Spurs.
And after starting the rout, Navas finished it after more dreadful defending by Spurs. A raking pass by James Milner failed to be cut out by Jan Vertonghen and Navas ran through to slip a finish past Lloris.
Vettel ends season on record-breaking high
A relentless Sebastian Vettel completed the 2013 Formula One season on a record-breaking high yesterday when he led Mark Webber home in a commanding Red Bull one-two at a dramatic and emotional Brazilian Grand Prix.
For the 26-year-old German, it was his ninth successive victory since the Hungarian Grand Prix at the end of July, his 13th of the season and the 39th of his career.
This meant he extended his own record of consecutive wins in a season, equalled Italian Alberto Ascari's historic record of nine straight wins from 1952-1953 and also equalled Michael Schumacher's total for one season, set with Ferrari in 2004.
Many fans may have hoped that four-time champion Vettel would slow down and allow Webber, 37, to finish his career with a 10th victory, but instead he maintained his brilliant unbeaten run to come home 10.452 seconds clear of his Australian team-mate.
Webber defied his emotions with a show of mature dignity in the closing laps.
It was Webber's 42nd podium finish and came in his 215th and final race.
Two-time champion Fernando Alonso took third for Ferrari as the Italian team did their best, but failed to snatch second place in the championship from Mercedes.
Alonso had already claimed second in the drivers' title race behind Vettel.
Jenson Button, making a British record 247th start, finished fourth for McLaren ahead of Nico Rosberg of Mercedes, Sergio Perez in the second McLaren and Felipe Massa, who marked his final race with Ferrari by finishing seventh in front of his home fans.
Nico Hulkenberg, who is set to leave Sauber for a return to Force India, finished eighth ahead of luckless Lewis Hamilton, who suffered a collision, a puncture and a drive-through penalty in his Mercedes, and 10th place Daniel Ricciardo, in his final race for Toro Rosso before replacing Webber at Red Bull.
Source-AP