BP sees lower quarterly profits but beats forecasts
Oil giant BP has reported sharply lower profits for the third quarter of 2013.
Underlying replacement cost profit, which strips out the effect of oil price movements, was $3.69bn (£2.29bn) - down from $5.02bn for the same period a year ago.
BP said weaker margins on refining, selling of refineries and reduced income from Russia were to blame.
However, the result beat market forecasts of $3.17bn, while the company raised its dividend to shareholders.
It said it would pay out 9.5 cents a share - an increase of 5.6% - and added it would sell assets worth $10bn over the next two years, handing most of the proceeds to shareholders.
BP said the cost of the 2010 Deepwater Horizon oil spill in the Gulf of Mexico was currently $42.5bn.
Production at the firm fell by 2.3%, as BP was hit by the cost of making products using crude oil relative to their value, it said.
FORMER PREMIER HON. MICHAEL MISICK TO BE EXTRADITED FROM BRAZIL
The Office of the Premier can confirm that today, at 6:00 pm we were informed by the Attorney General’s Chambers, via the Governor’s Office, that the Former Premier, Hon. Michael Misick has lost his proceedings in the Brazilian courts against the extradition to his former home and British Territory, the Turks & Caicos Islands.
Hon. Misick has been ensued in a number of legal battles following his arrest last year by Interpol and it is the Government’s understanding that the British Government will seek to have the Former Turks and Caicos Islands Leader extradited as soon as possible.
Upon receiving the news, the Premier Hon. Dr. Rufus Ewing commented, “We believe in the rule of law, justice and fairness and upon the arrival of Hon. Misick, we expect that he will receive a fair trial. As a Former Premier and Member of Parliament, we also expect that he will be treated with the respect that is befitting of the offices that he has held.”
The Premier also acknowledged that the information received from the Attorney Chambers was indeed limited and said that the Government is awaiting further information on the matter.
TCI Authorities seize two sloops, detain 237 Illegal Migrants
The Ministry of Border Control and Labour has sent their final reports to RTC News this evening, informing us that two illegal sloops were intercepted in the TCI waters, between the hours of 12:30 and 10:30 am today, October 29, 2013.
A total of 237 people- 203 males and 34 females were detained.
The first vessel, as confirmed this morning, was detected by TCI Radar Operators in the wee hours of the Tuesday morning and escorted by the Marine Police to South Dock, Providenciales. Illegal Haitian migrants numbering 120 - 106 males and 14 females were on board.
The second vessel was spotted at around at around 9:00 am this morning, and intercepted by the Marine Police at around 10:20 am. This vessel was also escorted to South Dock for processing. A total of 117 migrants- 97 males and 20 females were aboard.
The Ministry told RTC News this evening that repatriation has already begun.
DEMA Sets the Record Straight on Pelagic Fishing Study
The Ministry of Environment, Home Affairs and Agriculture and the Department of Environment and Maritime Affairs (DEMA) are clarifying misleading information regarding a UK-funded pelagic fishing now being carried out in TCI Waters.
The study which started a week ago will help to determine whether or not off-shore fishing stocks in the territorial waters of the Turks and Caicos Islands (TCI) are economically viable for development. DEMA is the department of government charged with overseeing the study.
The Ministry notes that despite being surrounded by productive marine resources, the TCI imports most of the marine products consumed on the island. These include a variety of marine species like tuna that are available in TCI waters. As it seeks to reduce the food import bill and bolster the nation’s food security, TCIG is looking for options that will provide sustainable harvesting of pelagic fish for local consumption.
Kathleen Wood, Director of DEMA noted: “If we can sustainably harvest pelagic fish for local consumption in TCI, we will not only eliminate these global environmental impacts but will provide business opportunities and multiplier effects across the entire TCI economy,” Wood said.
“As long as people continue to eat wild-caught fish in the Turks and Caicos Islands, it simply doesn’t make economic or environmental sense to do otherwise. We remain hopeful that people will be able to put aside the misconceptions being propagated by a few private interests and see the big picture.”
The Ministry labels as false, charges that the pelagic fishing study is being undertaken to allow foreign long-line fishing fleets operate in TCI waters as well as to allow foreign boats to engage in practises not allowed in US Territorial waters.
Wood contends: “Nothing could be further from the truth. For one thing, Dayboat Seafoods is the only pelagic fishing fleet in the United States that is Marine Stewardship Council (MSC) sustainably certified. This requires that they meet the highest standards of sustainable fishing practices. As a US flag-carrying fleet, they must maintain these standards, even when they are fishing in TCI territorial waters.”
Belonger-owned and operated Caicos Pride is partnering with Dayboat Seafoods to conduct this study and Belongers are being employed and trained in this new area.
Wood clarified further: “Fishing data can be collected only by fishing, as fish do not stay in one place to be counted. Worldwide, the vast majority of fisheries data is collected through recording catch characteristics. This is how we assess stocks for all fisheries in TCI, including conch and lobster.”
The DEMA Director also noted that while the fish that is caught is being sold as part of this study, this is necessary as it is the only reliable way to collect the quantity of data required in the short time the study will be conducted. In addition, she pointed out that TCI-based sport fishing enthusiasts have been reluctant to provide TCIG with data that would otherwise assist in such studies.
The Ministry urges the sport fishing sector to aid the data collection process by providing TCIG with catch data to support maintenance of their sport as well as research. The Ministry is also assuring fishing interests that the study will in no way threaten their livelihoods by depleting stocks of targeted and non-targeted species, including endangered species.
Wood noted: “While these fears are understandable, they reflect a misunderstanding about the nature of renewable resources, in general and pelagic fish specifically. Fish are not a finite resource. As long as we are not harvesting them at a rate faster than they are replenishing themselves, no harm will come to the resource.”
She continued: “With pelagic fish, this concept is extremely relevant because these fish are not resident in the Turks and Caicos Islands but migrate across the entire Atlantic Ocean, in some cases”.
The DEMA Director further explained that such stocks are protected by international rules and quotas to ensure that global stocks are protected.
“With regard to endangered species, we have developed conditions of approval that allows us to halt the study should the by-catch of rare, threatened or endangered species become detrimental to the stock of those species. We are pleased to report that no marine mammals or sea turtles have thus far been affected by the study,” she said.
Mrs. Wood noted that while an Atlantic white-tipped Shark -a species that is listed by the IUCN as Vulnerable globally and Critically Endangered in the Caribbean- was caught and released dead, this is not detrimental to the overall stocks of this specie.
The Ministry notes that DEMA and the TCIG are keeping “a close eye on all by-catch mortality and will respond with remedial action, should such action become necessary.”
The Ministry is mindful of the contentious nature of the study but assures that the long term benefits of the study are being carefully weighed and assures TCI that TCIG stands ready to halt the study should it negatively impact the wellbeing of any marine species.
TCICC Foundation will be hosting their first major fundraiser
The TCICC Foundation will be hosting their first major fundraiser under the patronage of the Hon. Minister of Education, Ms. Akierra Missick, at the Regent Palms Ballroom on November 8, 2013
The proceeds from this venture will be to
(1) To further the goals of higher education in the Turks & Caicos Islands, more specifically, to support the educational activities of the Turks & Caicos Islands Community College.
I spoke with LeShwan Missick, President of the Alumni who encourages everyone to attend.
President of the College Professor lee Ingham is hoping that the funds can assist deserving students wishing to attend the College for the purpose of furthering their education, he told me that the dontons can assist students with paying their fees, travelling or other incidental expenses.
We spoke about the event and the needs of the College
The Foundation calls on all persons, including alumni, to give willingly to this worthy cause.
It plans to establish a Hall of Fame-styled event which will give recognition to all significant donors on an annual basis.
Tickets are in circulation and contribution Brochures are also in circulation for individuals or companies who may choose to contribute to any of the four donor categories.
Attendees will have a wonderful evening of entertainment with performances by the Youth Chorale, the Enid Capron School Choir and popular artiste and Mr. Julian Garland.
The members of the Foundation are: Dr. Lillian Boyce, Mrs. Claudette Clare, Ms. Karen Whitt, Mr. Samuel Forbes, Professor Lee Ingham, Mr. Cecil Arnold, Mr. John Smith and Mr. Deveraux Malcolm. They can be contacted for further information.
TCHTA and TCI Chamber of Commerce, are shocked by Government's decision to increase Customs Processing Fee
The TCHTA and TCI Chamber of Commerce, are shocked by Government's alleged decision to increase the country's Customs Processing Fee (CPF), a move that will undermine the tourism and hospitality industry and ultimately threaten the destination's development.
It is the understanding of TCHTA and the Chamber of Commerce that the alleged Customs Processing Fee will increase from 6% to 7.5% and is proposed to take effect on November 01, 2013, along with a proposed 12% tax on other services such as spas, water sports and excursions such as diving, fishing, charters etc. It is our collective belief that this proposed Customs Processing Fee increase will not only damage the country's major sectors but will be detrimental to the overall growth of the nation, setting back the destination's development by at least a decade.
The lack of consultation with the public and businesses, shall result in the soon to be implemented Customs Processing Fee and other new taxes having a significant adverse effect on businesses which (all) rely heavily on imports to carry out their operations. Reacting to the news was TCHTA's Board who expressed their deep disappointment with Government's decision stating, "What is worrisome is that these taxes will negatively affect all residents of the Turks and Caicos, all tourists and will also put an increased strain on the already fragile economy. These alleged taxes definitely came as a surprise to our members and businesses in general and we all wish TCI's policy makers would have consulted with us before making decisions which will negatively impact the tourism and hospitality sector which we collectively represent.
No consultation with the sector especially with the largest Associations like TCHTA and Chamber of Commerce is considered very much unacceptable and is not in the spirit of working together in a Public, Private Partnership as is the rhetoric of the Government. This is not the way to do business or promote symbiotic relationship."
The Board also noted, "Businesses and residents alike have to live with an unpredictable taxation environment which only serves to undermine confidence in the policy makers and creates a very unstable economy. In the absence of manufacturing and agriculture sectors in TCI, businesses have no other alternative but to import 90% of their inventory, be it furnishings to outfit their properties or food for their Restaurants, in order to keep their businesses afloat. These taxes will force businesses to reconsider their budgetting strategies going forward, which may impact employment, resulting in sector lay-offs. Businesses want to maintain and grow their operations in TCI and higher taxes will not encourage them to do this effectively especially with the repressed economy.
This new proposed increase along with other proposed changes in the tax regime will have consequences which undermine the desire of our members and businesses to stimulate the economy. We foresee that there will be an inability for small businesses in particular to regain the taxes and fees we are forced to pay the Government."
In the past three years businesses saw two accommodation tax increases from 10% to 11%, then again from 11% to 12%. In 2011, Customs Processing Fees also increased to 6%, six months after being reintroduced.
NHIP employee and employer contributions increased from 2.5% to 3% each, a 1% Insurance tax on premiums was introduced along with a 1% Banking tax on fees and wire transfers. Other increases or new taxes in the three year period included an increase in the importation tax on alcoholic beverages, an increased Fuel tax by $0.75 per gallon, a 30% increase in power rate for large hotels, a 15% tax on freight and insurance on all imported good with the exception for building materials and a stamp duty on real estate went from 9% to 10% for real estate sales over $500K. Another recent increase which is yet to be confirmed by Government is an increase in work permit fees, which already saw a 35% increase in 2011.
Makayla Tucker, Miss Unique Creations, crowned queen
After 8 weeks of immense training the grand finale for the HJ Robinson's Evening of Excellence Pageant under the theme "Beauty anchored upon Intelligence took place on Saturday night at the school's auditorium.
11 young ladies ranging between 3rd and 5th form entered.
Persons from all walks of life were in attendance... from the governor and his wife to primary school children.
It was a great success for the committee and the community and at the end of the night, 3rd former Esperanza Pardo, Miss Grand Turk Liquors was placed 3rd, 5th former Mary Fulford, Miss TCI Lotto was placed 2nd and 3rd former Makayla Tucker, Miss Unique Creations was crowned queen.
Diane Hamilton head Pageant Committee told our news desk that, 'We are filled with immense gratitude. Our gratitude is directed firstly, to the young ladies who were brave enough to enter the competition as it was very overwhelming at times for them as they had to maintain a suitable average while at the same time remain active with training and their community project. We could never have had such a great night without the open handed attitude of our many sponsors, both main and associate. We are eternally grateful to them. We would love to thank the community for their support as we are elated by how great it was.'
Members of the team were extremely exhausted after the production but have already started entertaining ideas for 2014.
Bolshoi acid attack: Dancer Dmitrichenko denies role
A Bolshoi ballet dancer has pleaded not guilty to ordering an acid attack on the company's artistic director.
Sulphuric acid was thrown at Sergei Filin outside his Moscow flat in January, damaging his eyesight.
Pavel Dmitrichenko entered his plea at the start of a trial, in a case that has revealed infighting at the Bolshoi.
Another defendant, Yuri Zarutsky, accused of throwing the acid, told the court in Moscow that he had attacked Sergei Filin and had acted alone.
At the hearing, the dancer, Pavel Dmitrichenko, denied that he had colluded with Yuri Zarutsky and a third defendant, Andrei Lipatov, who is accused of driving the car used to transport the alleged attacker.
Pavel Dmitrichenko had told the court during earlier hearings that he had met Yuri Zarutsky at his country house, and had said he disapproved of Sergei Filin's management style.
But he denied organising the attack on the Bolshoi's artistic director.
"What happened to Filin is a result of Zarutsky's savage conduct, not a result of my activities," said Mr Dmitrichenko. "I had no hostile attitude towards Filin."
He said Yuri Zarutsky, acting on his own motives, "committed this dangerous act, which we never discussed since I had no intent, and could not have had one to commit such an act in any form".
Yuri Zarutsky - sitting at the opposite end of the defendants' caged section to Pavel Dmitrichenko - told the trial judge that he threw the acid.
"I admit being guilty of attacking Filin," he said, adding that Pavel Dmitrichenko and Andrei Lipatov were not involved.
In his testimony, Andrei Lipatov also denied any part in the attack.
Sergei Filin was not present in court during the hearing.
His lawyer said he was in Germany, receiving more treatment to save his sight and repair damage to his face.
Sean Paul on US Club Tour
Grammy award winning Reggae superstar Sean Paul will be hitting the road on his first US Club promo tour in support of his upcoming album Full Frequency.
Sean Paul and and his DJ, Copper Shaun from Coppershot Sound, are all set to blaze the hot new singles from the album including the just released dancehall/reggae track - Want Dem All featuring fast rising dancehall star, Konshens.
While on the promo tour, Sean Paul will make several media appearances in various markets.
Party with Sean at;
Sunday, November 3: LIV, Miami, FL,
Monday, November 4: Haven, Atlantic City, NJ
Tuesday, November 5: Rumor, Boston, MA
Wednesday, November 6: Marquee, New York, NY
Thursday, November 7: Park, Washington, DC
Friday, November 8: Club V, Detroit, MI
Saturday, November 9: Studio Paris, Chicago, IL
Sunday, November 10: Maya, Scottsdale, AZ
Wednesday, November 13: Infusion Lounge, San Francisco, CA
Thursday, November 14: Playhouse, Los Angeles, CA
Friday, November 15: Stingaree, San Diego, CA
Saturday, November 16: Heat Ultra Lounge, Anaheim, CA CA
Chris Brown Enters Rehab for Anger Management
Chris Brown has checked into rehab for anger management issues two days after he was arrested for assault in Washington. "Chris Brown has elected to enter a rehab facility," his representative Nicole Perna said on Tuesday, October 30.
The rep added, "His goal is to gain focus and insight into his past and recent behavior, enabling him to continue the pursuit of his life and his career from a healthier vantage point." According to TMZ, Brown's attorney Mark Geragos dropped the R&B star off at a facility in Malibu.
The rehab move comes after Brown was arrested for allegedly punching a guy in the nose during a fight at the wee hours on Sunday near the W Hotel in Washington, D.C. He's charged with misdemeanor simple assault, reduced from an initial felony arrest, and is due back in court November 25.
The "Fine China" singer is still on probation stemming from a 2009 battery case involving his then-girlfriend Rihanna. It's reported that the Probation Department will likely determine that the 24-year-old violated his probation, which is supposed to end on August 25, 2014. He could be sentenced to as much as 4 years in prison if found guilty.