Moody's downgrades Barbados rating - Barbados Finance Minister responds
Moody's Investors Service on Thursday downgraded Barbados' credit rating to Ba1, into junk territory, citing the Caribbean country's lukewarm economy and rising government debt levels.
The rating also carries a negative outlook, with the agency saying that the country's economic prospects remain weak.
"Moody's believes that the country's growth prospects remain very limited due to its deteriorating competitiveness and declining productivity coupled with heavy dependence on tourism, particularly from the United Kingdom and the United States," Moody's said in a statement.
(REUTERS)
Meantime.....
In a press release issued following the downgrade, Finance Minister Christopher Sinckler says the most recent ratings downgrade by Moody’s Investors Service comes as no surprise to the Ministry of Finance or in the Government, as a whole.”
He explained that it was generally expected that since Standard and Poor’s had made their adjustment to the country’s credit rating some months ago, it was altogether likely that Moody’s would align their rating accordingly.
“Naturally, the continued weak global economic recovery, particularly among our largest trading partners in the USA, UK and most of CARICOM, has worked to compound the negativity of an already difficult economic situation, which heavily undermined Barbados' prospects for a speedy recovery in growth. And, in spite of what we have heard, and will continue to hear, the knock-on effects of this environment on our fiscal and economic situation remain clear and unmistakable” the Finance Minister pointed out.
He said: “While we reflect on Moody’s overall ratings opinion on Barbados, we can generally deduce the following from their advice:
1. The worst of the economy and fiscal deterioration is behind Barbados
2. Barbados' prospects for short term high growth levels will remain challenged because of the weaknesses in our major trading partner economies
3. These challenges are likely to affect our capacity for faster fiscal consolidation, notwithstanding the fact that efforts to strengthen our fiscal position have been successful thus far
4. Government must stay the course on its fiscal consolidation programme, strengthening it wherever possible, rather abandoning it.
5. To attempt to introduce counter-cyclical fiscal measures (tax eases) to stimulate domestically driven growth will reverse the gains made so far by the country to turn around the situation and make matters much worse fiscally and economically
6. Our foreign reserves levels remain adequate to satisfy our current and immediate future needs.”
To this extent, Minister Sinckler called on Barbadians to “continue to stay the course on our fiscal consolidation programme, seek to improve our levels of productivity, and move ahead hastily with our programme for restructuring the Barbados economy.”
(BGIS)
Somali troops 'free' 22 hostages held by pirates
Twenty-two hostages seized by pirates nearly three years ago have been freed, the authorities in Somalia's semi-autonomous region of Puntland say.
They said their maritime force began the operation to free the hostages - and their ship - nearly two weeks ago.
The hostages are showing signs of having suffered physical torture and illness, their statement said.
Successful pirate attacks off the coast of Somalia have decreased in the last two years.
This is due to the increased use of private security guards on ships and better co-ordination between naval patrols in the area, the BBC's Mary Harper says.
It is rare for Somali forces to move on pirates in this way, our correspondent says.
The Panama-flagged MV Iceberg One was seized off the Yemeni coast in 2009, and was being held near Gara'ad village on the coast in Mudug region when Puntland's maritime troops surrounded it on 10 December.
In their statement, the Puntland authorities said their troops fought the pirates for two weeks before safely rescuing all 22 hostages on board the ship.
They also killed a number of pirates after intercepting one of their small boats delivering weapons and other supplies to the captured ship.
"After two years and 9 months in captivity, the hostages have suffered signs of physical torture and illness," the statement said. "[They] are now receiving nutrition and medical care."
Gangnam Style hits one billion views on YouTube
Gangnam Style has become the first video to clock up more than one billion views on YouTube.
The South Korean Dance track was posted online in July, propelling pop star Psy to worldwide fame.
It has inspired hundreds of parody clips, from members of the British army, Thai navy and Minecraft gamers, among others.
YouTube's owner, Google, said the video had been watched seven million to 10 million times a day on average.
It overtook the previous record holder - Justin Bieber's music video Baby - on 24 November.
"Psy's success is a great testament to the universal appeal of catchy music - and er, great equine dance moves," wrote Kevin Allocca, YouTube trends manager, on the service's blog.
One industry watcher said the fact so many people continued to post their own versions of Gangnam Style had played a huge part in the clip's success.
"I've seen a statistic which reckons the one song will have generated something like $8m [£5m] by the end of the year from money that comes directly from YouTube through advertising plus download sales, its uses in adverts and TV programmes," Chris Cooke, business editor of the CMU music news site, told the BBC.
"It shows that YouTube - which is a free-to-use as a promotional platform for the music labels - can lead to substantial income.
"Should every artist be trying to think of a funny video that will go viral and be mimicked? I don't know whether it's a template that can be copied, but it certainly shows how quickly an eye-catching clip can spread thanks to social networks and YouTube."
Sir Martin Sorrell - chief executive of advertising giant WPP - paid tribute to the achievement by making a link between Psy and one of the west's most influential economists.
"Another great example of Theodore Levitt's 'globalisation' and the power of K-pop," he told the BBC.
Scott Mills, the BBC Radio 1 DJ who championed the song on his show, said he was amazed by the phenomenon that the song had become.
"The thing that interests you in the video is the fact that you don't understand the lyrics.
"The first time I saw it was on The Ellen DeGeneres Show in America and I just thought it was a bit of fun, but I didn't expect it to be as big as it was.
"Psy came into my Radio 1 show and The Guinness World Records presented him with a plaque for the most 'liked' YouTube video of all time and the amazing thing is he is just a guy, he hasn't tried to do any of this."
D C Han, a South Korean hair stylist who worked in Gangnam before starting a business in London, added that he was proud to see the song become such a massive hit.
"I was amazed" he told the BBC.
"K-Pop is getting stronger and stronger, everywhere in Asia they are listening to it - China, Hong Kong, Taiwan. Maybe even in Japan but they might not admit it."
--BBC
Beres strikes reggae Gold at 57
Beres Hammond has never been one of reggae’s most recognizable artists internationally but, in the singer’s native Jamaica, he enjoys an iconic status just a few notches below that of Bob Marley. A specialist in intimate love songs often told from the viewpoint of the blue-collar, "common" man, Hammond has been described as his country’s Marvin Gaye, and also its Springsteen.
At age 57, the crooner has just released one of the best albums of a four-decade-long career. Issued in November by VP Records, One Love, One Life is a double-disc set that breaks down between romantic (One Love) and more socially conscious fare (One Life). Produced mainly by Hammond himself and recorded at the singer’s Kingston studio, Harmony House, the LP spans not just lover’s rock – Hammond has been called the "king" of the romantic reggae sub-genre – but also dancehall, ska and gospel.
Machel Heats up New York
In the middle of winter, Machel Montano and the HD Family had the Barclay's Center in New York, USA on fire having delivered a scorching hot performance on Monday.
The reigning International Power and Groovy Soca Monarch along with Patrice Roberts, KI and Benjai represented the Red, White and Black well with a power-packed performance that had the audience moving throughout. The show was titled, Caribbean Fever Music Festival.
One quite interesting highlight of the event was the performance of the vocal group, BQ Girls, which features Miss Universe 1998, Wendy Fitzwilliam alongside Miss USA 2005, Chelsea Cooley; first runner-up Miss Teen USA, Haley Seibert and the winner of the talent competition in the 2011 Miss China Universe. The ladies delivered an impressive performance in what was one of their first major appearances since forming in recent months. The show also featured performances by Doug E Fresh, Slick Rick, Jamaican reggae band, Morgan Heritage, Mr Vegas, Cham and Allison Hinds.
Khago promises much for GT Taylor's Christmas Extravaganza
Dancehall star Khago is one of the headline acts performing under the 'Still Rules' theme at GT Taylor's Christmas Extravaganza stage show on Christmas Day.
Khago burst on to the scene in 2008 with the hit single Can't Cool, since then he has consistently churned out hits.
In a very short time he has managed to make quite an impression on dancehall fans globally with catchy tunes and high-energy stage performances.
Like most top dancehall artistes, Khago, who is viewed by many as a top contender for the King of the Dancehall title, has also had his fair share of controversy.
Still fresh in the memories of dancehall fans is his beef with one-time foe, now turned friend, I-Octane, and most recently Sizzla.
However, the hard-hitting deejay has put all that behind him and is focusing solely on building his name into an international brand under the guidance of Downsound Records CEO Josef Bogdanovich.
Looking forward to performance
Khago recently did a string of shows in countries including Belize, Canada and the United States and is now looking forward to his upcoming performance on the annually held Christmas Extravaganza stage show at Independence Park, Black River, in St Elizabeth.
According to Khago, he plans to deliver a blazing performance on Christmas night for his fans in St Elizabeth.
"The fans know me is a artiste weh just come fi work fi dem all di time. From a stage show Khago ready fi work, wi nuh worry bout which other artiste deh pon di show, mi just come fi work. Mi plan fi deliver a blazing performance fi di people dem. Yuh done know mi love mi country people enuh cause dem nuh bias inna music," said Khago.
Khago is also booked to appear on Sting 2012 which will be held at Jam World in Portmore on Boxing Day.
Queen records Christmas message in 3D format
The Queen has recorded her Christmas Day broadcast to the UK and Commonwealth in 3D for the first time, Buckingham Palace has said.
Her use of the technology comes 80 years after George V first broadcast a Christmas speech on the radio and started the December 25 tradition.
A spokesman said the Queen has watched the 3D message, produced by Sky News, and thought it "absolutely lovely".
The broadcast at 1500 GMT will also be shown in standard and high definition.
The theme of this year's broadcast is not known but it is thought likely to feature footage from the Queen's Diamond Jubilee, as well as the London Olympic Games.
The Christmas Day address is written by the Queen and usually follows a strong religious framework, reflecting current issues and her own experiences of the past 12 months.
It is one of the rare occasions when she does not seek advice from the government and voices her own views.
Last year the Queen spoke of courage and hope in adversity. She noted the resilience of communities in New Zealand after earthquakes, Australia after flooding and Wales after a mining disaster.
Embracing technology
A Buckingham Palace spokeswoman said: "We wanted to do something a bit different and special in this Jubilee year, so doing it for the first time in 3D seemed a good thing, technology wise, to do.
"The Queen absolutely agreed straight away there was no need for convincing at all, she was absolutely ready to embrace something new in this year."
The text of last year's broadcast was made available as an e-book download and on Facebook.
In 1918 the Monarchy used lithography to reproduce a letter from George V which was then distributed to returning prisoners of war after World War I.
In 1932 King George V made the Royal's first Christmas broadcast via radio. Five years later the Coronation of George VI became the first televised outside broadcast.
The first televised Christmas broadcast was made live by the Queen in 1957. Nearly half a century later, in 2006, the speech was podcast for the first time. Then in 2007 it was shown live on YouTube via a dedicated Royal Channel.
Viewers need special glasses and a dedicated television set to watch 3D broadcasts.
While the format has not taken off as widely as manufacturers initially forecast, there are dedicated satellite and cable channels and the BBC broadcast events from the Olympics and Wimbledon in 3D.
Sonisphere UK rock festival is cancelled for 2013
The organisers of Sonisphere say the rock festival has been cancelled for 2013.
The event, which was due to take place at Knebworth Park, was only confirmed a few weeks ago.
Organisers say they were unable to secure a strong enough line-up of artists, and will now take a year off.
"We made offers to over a dozen major artists but for various reasons none of these offers lead to securing a strong bill," they said.
The festival was also cancelled in 2012, which Stuart Galbraith, CEO of Kilimanjaro Live said was a "hiccup".
Adding to their statement about the 2013 cancellation, organisers said they were unwilling to go ahead with a festival they were not satisfied with.
'Lack of headliners'
The statement, on the event's Facebook page, said: "The three Sonisphere festivals to date set a very high standard and indeed 2011 was voted the best festival line up by The UK Festival Awards.
"We think it is really important that the event only runs when it has a line up that sets it apart from the competition whilst also carrying a ticket price that allows us to offer real value for money to the music fans.
"We were hoping to do that in 2013 but unfortunately it wasn't possible to fulfil both aims with the principle problem of there being a lack of available headliners of the calibre of previous festivals at Knebworth."
Organisers are still looking to being the festival back to the UK in the future.
"We have already started work on Sonisphere UK 2014 so hope to be able to bring you news about that later next year," they said.
The festival will still go ahead in Italy and France in June 2013.
Sachin Tendulkar retires from one-day cricket with India
Record-breaking India batsman Sachin Tendulkar has retired from one-day international cricket. "I feel blessed to have fulfilled the dream of being part of a World Cup-winning Indian team."
The 'Little Master' made his one-day debut in 1989 and collected 463 caps.
He excelled in the 50-over format and became the world's top run-scorer with 18,426 at an average of 44.83, including a record 49 centuries.
His last one-day international game was in the Asia Cup on 18 March, in which he scored 52 in a six-wicket win against Pakistan.
His form has dipped in recent years, however, and his average in one-day cricket in 2012 fell to 31.5, a figure that was boosted by a knock of 114 in his penultimate innings against lesser lights Bangladesh which was his 100th on the international stage.
Tendulkar added: "The preparatory process to defend the World Cup in 2015 should begin early and in right earnest. I would like to wish the team all the very best for the future.
"I am eternally grateful to all my well-wishers for their unconditional support and love over the years."
Tendulkar, who made himself unavailable for India's Twenty20 matches after playing just one game in 2006, has faced calls to retire from all international competition
Lakers rally past Warriors in OT in Steve Nash's return
Steve Nash sliced through the lane, broke down the defense, and created shots for Kobe Bryant time and again, just the way he has for teammates throughout his brilliant 17-year NBA career.
So much for an adjustment period.
Bryant had 34 points and 10 rebounds, Nash finished with 12 points and nine assists in his first game in almost two months, and the Los Angeles Lakers rallied from 14 points down in the fourth quarter to beat the Golden State Warriors 118-115 in overtime on Saturday night.
"It's easy. It's very easy. It's beyond easy," Bryant said about playing with Nash, who had missed 24 straight games while recovering from a small fracture in his lower left leg. "You put two guys together who can do opposite things and it fits extremely well. When I get a rebound, I look to get the ball in his hands because I know I will be getting an easy shot."
While defense remains an issue for the Lakers, the offense had no problems in Nash's return.
Metta World Peace and Nash each made a go-ahead 3-pointer in the final minutes of regulation before the Warriors came back. World Peace scored 20 points, and Nash converted a step-back shot for the final basket in overtime to lift Los Angeles to its fourth straight victory.
This one had 20 lead changes, eight ties, and a sellout crowd of 19,596 cheering every possession as if it was the last one.
"To play 40 minutes after seven weeks was more than I could ask for," Nash said. "I felt in a decent rhythm. I feel positive about it. We'll see (Sunday). I'll have to keep working on it. I know it will be sore and painful but I'm used to that."
As well as the Lakers looked at times, the Warriors seemingly had the game in their hands.
Jarrett Jack scored 29 points and David Lee had 20 points and 11 rebounds in a disappointing collapse for Golden State, which had won 11 of 14 to get off to its best start in 20 years. As so often has happened in this one-sided California rivalry, though, the Lakers took over when it mattered most.
"This will not put a damper on our Christmas spirits," Warriors coach Mark Jackson said. "We're excited about where we're at, and we're excited about where we're headed."
For the first time in a long time, the Lakers and Warriors share that sentiment.
The 38-year-old Nash was injured in the second game of the season, the former Phoenix star's first with the Lakers, who have struggled for most of this season without their point guard. Nash showed no signs of rust throughout the game, and not in the crucial moments, either.
-AP