St.Vincent airport reopens
LIAT has resumed normal operations to and from St. Vincent with the reopening of the E. T. Joshua Airport.
The airport was closed earlier this afternoon due to the fire tenders there being unserviceable.
LIAT is now taking steps to facilitate customers who were disrupted by the airport's closure and passengers are advised to expect some delays.
LIAT regrets any inconvenience caused.
PR
PM Anthony to preside at first Heads of Government meeting
PRIME Minister of Saint Lucia, Dr the Honourable Kenny D Anthony will preside over his first meeting of Heads of Government of the Caribbean Community (CARICOM) tomorrow since assuming the Chair of CARICOM on Sunday 1 July. Dr Anthony replaces the President of Suriname, His Excellency Desire Bouterse.
The three day 33rd Regular Meeting of the Conference of Heads of Government begins with an opening ceremony at 09:30hrs at the Sandals Grande which will be streamed live on the internet. One of the highlights of that ceremony will be the conferment of CARICOM’s highest award, the Order of the Caribbean Community (OCC), on Kamaluddin Mohammed of Trinidad and Tobago. Mr Mohammed served in various cabinet positions in his native country and his award is as a result of his sterling contribution to the integration of the Region, in particular during his stint as Minister of West Indian Affairs.
CARICOM Secretary-General Ambassador Irwin LaRocque will lead off the speakers at the opening, at which addresses will be delivered by the Chairman, the immediate past Chairman, the President of Guyana, His Excellency Donald Ramotar, the Prime Minister of The Bahamas, the Right Honourable Perry Christie and the Prime Minister of Jamaica, the Most Honourable Portia Simpson-Miller.
The Heads of Government will receive the Secretaries-General of the Organisation of American States (OAS) and of the African Caribbean and Pacific Group of States (ACP), His Excellency Jose Miguel Insulza, and His Excellency Dr. Mohamed Ibn Chambas respectively.
Barclays boss Bob Diamond resigns amid Libor scandal
Barclays chief executive Bob Diamond has resigned with immediate effect.
The move comes less than a week after the bank was fined for trying to manipulate inter-bank lending rates, sparking a government inquiry and calls for criminal investigations.
Mr Diamond said he was stepping down because the external pressure on the bank risked "damaging the franchise".
Chancellor George Osborne said he hoped it was the "first step towards a new culture of responsibility" in banking.
"It is the right decision for the country," Mr Osborne said, saying the country needed a strong Barclays concentrating on lending and contributing to economic recovery.
Chairman Marcus Agius, who had announced his own resignation on Monday, will now take over the running of Barclays until a replacement is found.
"I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth," Mr Diamond said in a statement.
He will still appear before MPs on the Treasury Committee on Wednesday to answer questions about the Libor affair.
"I look forward to fulfilling my obligation to contribute to the Treasury Committee's enquiries related to the settlements that Barclays announced last week without my leadership in question," Mr Diamond said.
The Chief Secretary to the Treasury, Danny Alexander, told the BBC that Mr Diamond's resignation was "the right decision".
"There are many questions to be answered about the rate fixing and Barclays will have to answer many of those questions," said Mr Alexander.
"Responsibility has been taken in the right way. Hopefully this will help Barclays to establish the right culture in the future."
Resignation calls
Last week, regulators in the US and UK fined Barclays £290m ($450m) for attempting to rig Libor and Euribor, the interest rates at which banks lend to each other, which underpin trillions of pounds worth of financial transactions.
Staff did this over a number of years, trying to raise them for profit and then, during the financial crisis, lowering them to hide the level to which Barclays was under financial stress.
The chairman of the City regulator, the Financial Services Authority (FSA), noted the public outrage at the bank's actions.
"The cynical greed of traders asking their colleagues to falsify their Libor submissions so that they could make bigger profits - has justifiably shocked and angered people, in particular when we are facing hard economic times provoked by the financial crisis," Lord Turner told the FSA's annual meeting.
After Mr Agius announced his resignation on Monday, politicians and shareholders continued to call for Mr Diamond to go.
Responding to news of his departure, opposition leader Ed Miliband said: "It was clear Bob Diamond was not the man to lead the change that Barclays needed."
He repeated Labour's criticism of the terms of the parliamentary inquiry, to be led by the head of the Treasury Committee, that the government announced this week.
"This is about the culture and practices of the entire banking system which is why we need an independent, open, judge-led, public inquiry."
Mr Diamond is one of the UK's highest paid chief executives, earning £20m last year, and was described as "the unacceptable face" of banking by the then business secretary Lord Mandelson in 2010. The details of any severance package are not yet known.
He was head of Barclays Capital, its investment bank division, when his staff were trying to manipulate the key inter-bank rates.
"He maintains that he didn't know what was going on," says BBC business editor Robert Peston. "He feels he was hounded out."
It emerged over the weekend that Mr Diamond spoke to the deputy governor of the Bank of England Andrew Tucker about Barclays' Libor submissions at the height of the credit crunch in 2008.
The details of that telephone conversation will be an important area of questioning at this week's hearing of the Treasury Committee.
Barclays' managers came to believe, after the conversation between Mr Diamond and Mr Tucker, that the Bank of England had sanctioned them to lie about what they were paying to borrow when providing data to the committees that set the Libor rate.
Spain's jobless level falls by 100,000 in June
The number of people looking for work in Spain fell almost 100,000 in June, a record for the month, to 4.62 million.
The Labour Ministry said the number of people filing for unemployment benefits fell by 98,853, or 2.1%, compared with the previous month.
June is generally a good month for employment as it marks the beginning of the tourist season.
Despite the fall, the unemployment rate in Spain is still the highest in the eurozone.
According to EU figures published on Monday, one in four of the Spanish workforce is out of a job, compared with an overall rate of unemployment for the 17-member bloc of 11.1%.
Reform
"June is traditionally good for the unemployment queue but we have never reached a decline of nearly 100,000 people," said Spain's state secretary for labour, Engracia Hidalgo.
"We will have to follow the development of the unemployment figures after this good data for June to verify whether we are turning towards a positive trend."
June is the third month in a row that the number of unemployed has fallen in Spain. In March, the number of jobseekers hit a record high of 4.75 million.
The Spanish government is implementing a number of labour market reforms to try to reduce unemployment, including cutting back on severance pay and restricting inflation-linked salary increases. These have proved very unpopular with unions and workers.
However, it has been forced to approve billions of euros of spending cuts and tax increases in an effort to reduce its debt levels, which have had a negative impact on employment within the economy.
BBC
Microsoft in $6.2bn writedown of Aquantive
Microsoft has written down the value of an online advertising firm it bought five years ago by $6.2bn (£4bn).
Microsoft bought Aquantive for $6.3bn in cash in an attempt to catch rival Google in the race to increase revenues from search-related advertising.
The writedown effectively wipes out the acquisition's value, although there was little impact on Microsoft's shares in after-hours trading on Monday.
The purchase of Aquantive in 2007 was then Microsoft's biggest acquisition.
It has since been eclipsed by the company's $8.5bn purchase of internet phone service Skype last year.
Microsoft said in a statement on Monday that "the acquisition did not accelerate growth to the degree anticipated, contributing to the writedown".
Analysts said the writedown came as no surprise to investors.
"Aquantive didn't work out, but everyone already pretty much knew that," said Colin Gillis at BGP Financial Partners. "Now, they are just mopping up."
The $6.2bn charge is likely to wipe out any profit for the company's fourth quarter. Wall Street was expecting Microsoft to report fourth-quarter net profit of about $5.25bn on 19 July.
In addition to the writedown, Microsoft said its forecast for future growth and profitability at its online services arm - which includes the Bing search engine and MSN internet portal - were "lower than previous estimates".
Europe’s Airbus to Open US Plant
The world's largest aircraft manufacturer, Europe-based Airbus, says it is planning to build its first U.S. manufacturing plant.
Airbus said Monday it intends to open an assembly plant in the southern U.S. city of Mobile, Alabama. The company said it plans to start producing A320 passenger jets by 2015 — a direct challenge to its American rival, Boeing Company.
Airbus, based in Toulouse, France, said it plans to build 40 to 50 airplanes a year at the U.S. factory by 2018. The company said it expects to hire 1,000 workers to build the $88 million jetliners, which are widely used by major airlines.
Last year, Airbus delivered 534 aircraft, compared to 477 for Boeing, the world's second biggest commercial jet manufacturer.
Eurozone Jobless Rate Hits Record as Manufacturing Contracts
Twin reports are showing new economic weakness in the 17-nation euro currency bloc, with the jobless rate reaching a record level and manufacturing activity unchanged at a three-year low.
The European Union said Monday the eurozone's unemployment rate edged up in May to 11.1 percent, the highest rate since the euro was launched in 1999. More than 17 million workers are unemployed, up nearly two million compared to a year ago.
The worst jobless rate in May was recorded in debt-ridden Spain, with nearly one of every four workers unemployed, and more than half the country's young people jobless.
Meanwhile, a key survey by the research firm Markit Economics showed that manufacturing in the eurozone in June remained well below the level that indicates production growth — and at the lowest point since June 2009.
Markit economist Rob Dobson said that as manufacturing has weakened, the labor market has fallen as well.
“The employment numbers – we're also starting to see them come down as well, including in Germany. Indeed, all countries within that survey reported a decline in employment apart from Ireland. So what we're seeing is weakness in the output coming through into the labor market, which is going to be a bad thing for the economy heading forward.”
For months, the eurozone economy has been stagnant, with austerity measures imposed by governments seeking to rein in their deficit spending curtailing growth. In a new tack to spur the region's economy, European leaders last week agreed to a $150 billion package to promote development. They also adopted policies to ease the borrowing costs for Italy and Spain.
Some analysts are predicting that the European Central Bank, in a further attempt to improve the eurozone economy, will cut its key lending rate later this week by a quarter of a percentage point — from 1 percent to three-quarters of a percent.
Meanwhile, central bank official Joerg Asmussen said in Athens that Greek officials need to concentrate their efforts on adhering to the austerity measures they already agreed to, rather than trying to ease the terms of their $168 billion international bailout, the country's second in two years.
“So my point is this: the new government should not lose precious time looking to avoid or loosen the program. It should instead focus on how to maximize the effectiveness of reforms.”
'
Burma Frees 20 Political Prisoners in General Amnesty
Burma has freed at least 20 political prisoners as part of a general amnesty the government says is aimed at promoting “national unity.”
The state-run New Light of Myanmar says 46 prisoners were released Tuesday, under an order by President Thein Sein. It also says 34 foreign prisoners were deported.
Activists say among those released was student protester Aye Aung, who was given a 59-year sentence for distributing pamphlets and participating in a 1998 pro-democracy uprising.
Burma has released hundreds of political prisoners – including several prominent dissidents – since a nominally civilian government came to power last year, ending decades of harsh military rule.
Rights groups remain concerned about the hundreds of prisoners of conscience who are still in detention. Khin Ohmar, the coordinator of Burma Partnership, tells VOA she is worried that many less-prominent activists may be forgotten.
“Those more than 400 political prisoners still behind bars, because they are not prominent, that's why they need more attention from the international community, including the United States and the rest of the world and international governments. They must all work together and keep calling on this regime and pressuring them to release these remaining political prisoners without further delay, unconditionally.”
Many Western governments have begun relaxing sanctions against Burma in response to its political and economic reforms. But the unconditional release of all remaining political prisoners remains a key condition for many to fully restore ties with the once-isolated nation.
Pro-democracy leader Aung San Suu Kyi says her National League for Democracy Party has counted at least 330 political prisoners still detained, although many rights groups put the figure much higher.
The government says the remaining dissidents have not been released because authorities are working to determine those who are guilty of committing violent crimes and those who are activists.
In addition to releasing political prisoners, Burma's government has also relaxed media censorship, sought cease-fires with armed rebel groups,and permitted the once-imprisoned Aung San Suu Kyi to successfully run for parliament.
VOA
China to Ban Shark Fin Soup from Official Events
China plans to ban shark fin soup from being served at government banquets in an attempt to protect endangered shark populations and reduce spending on lavish state functions.
The Communist Party-controlled Global Times said Tuesday it would take about three years to remove shark fins from the menus of official banquets and other government events.
The paper says the ban is part of a wider effort to limit government spending on official dinners that often feature the expensive seafood dish popular in many Asian countries.
Environmental groups say over 70 million sharks are killed primarily for their fins each year worldwide, leaving dozens of shark species threatened with near or total extinction.
Chinese state media say over 95 percent of the annual harvest of shark fin is consumed on the Chinese mainland, Hong Kong and Taiwan. The Chinese ban would not affect consumption of shark fin by the general population.
Several countries and local governments around the world have already moved to ban the sale of shark fins, which can sell for as much as $500 per pound.
RAY ALLEN TO VISIT MIAMI THURSDAY
The NBA champion Miami Heat will get to make their sales pitch to Ray Allen.
A person familiar with Allen's plans told The Associated Press that the free-agent shooting guard will visit with Heat officials Thursday. Allen also is scheduled to visit Friday with the Los Angeles Clippers, according to the person who spoke on condition of anonymity because the plans were not announced.
Allen is one of Miami's top offseason targets, so much so that even NBA MVP LeBron James tweeted last week that he hopes to play alongside him next season. For that to happen, Allen would have to take less money than he almost certainly could make elsewhere.
Miami can offer Allen only the mini mid-level exception worth just more than $3 million for next season, or roughly half what the Boston Celtics are willing to pay to keep the NBA's leading 3-point shooter. Still, Allen's willingness to even listen to Heat President Pat Riley suggests that Miami's financial limits may not be a deterrent to a deal.
NBA.com first reported Allen's planned visits Tuesday morning.
The Heat made just under 36 percent of their 3-point attempts this season. Mike Miller (.453) and James Jones (.404) led the Heat in accuracy from beyond the arc, though Miller is sorting out what he will do next season as he deals with back and foot issues.
Allen would figure to be a perfect fit with Miami because the Heat want to surround James, Dwyane Wade and Chris Bosh with shooters who extend defenses and therefore create room around the basket for the ``Big Three'' to attack. That approach worked perfectly for Miami in the playoffs - the Heat were 9-1 when making at least eight 3-pointers in playoff games (7-6 otherwise), and they hit 14 in the finals-clincher over Oklahoma City.
Allen has made at least 100 3-pointers in 15 of his 16 seasons, the lone exception being when he connected on 74 in the shortened 50-game schedule of 1998-99. He's established career-bests for accuracy in each of the past two seasons, first making 44 percent of his 3's in 2010-11, then 45 percent this past year. His 2,718 career 3-pointers are the most in NBA history.
This round of free agency has a much quieter feel for Miami than the summer of 2010. For example, Heat owner Micky Arison tweeted Sunday that he was beginning a trip to Europe - a far different trek from what he, Riley, coach Erik Spoelstra and others embarked on two years ago when they began wooing James and Bosh to join Wade in Miami.
The selling point that summer was ``sacrifice,'' and that hasn't changed.
James, Bosh and Wade all took less money than they could have made elsewhere to allow deals to fall into place for Miami in 2010. Last summer, Shane Battier accepted a deal worth $3 million annually.
That's about all Miami can offer anyone this summer as well. Barring any trades, the biggest chip Riley has to dangle is the mini mid-level.
AP