Barclays bank chairman Marcus Agius to resign
Marcus Agius is to resign as the chairman of Barclays in the wake of the Libor lending rate scandal.
BBC business editor Robert Peston says Mr Agius will admit to an "unacceptable standard of behaviour" at Barclays when he makes the announcement on Monday.
It comes after Barclays was fined £290m ($450m) for attempting to manipulate the Libor inter-bank lending rate.
Earlier, it emerged RBS had sacked four traders over their alleged involvement in the Libor-fixing scandal.
The dismissals happened at the end of last year.
Our correspondent says Mr Agius made his decision to quit on Saturday night.
In his resignation statement he is expected to say the scandal had been a "devastating blow to the bank's reputation" and apologise to staff, customers and shareholders.
MPs' questions
Barclays was fined after the Financial Services Authority (FSA) found its traders had lied about the interest rate other banks were charging it for loans. Investigations are also under way at RBS, HSBC, Citigroup and UBS.
Giving a lower reading than the true rate would give the impression other banks thought it was a better risk to lend to than it was.
Libor (London Inter Bank Offered Rate) is the rate at which banks in London lend money to each other.
Our correspondent said Sir John Sunderland will the lead search for a new chairman and Mr Agius will remain in post pending that appointment.
The early favourite to succeed Mr Agius is Sir Mike Rake, BT chairman and senior independent director at Barclays.
Our correspondent said some shareholders did not think Mr Agius, who had been chairman for six years, was tough enough to stand up to Barclays chief executive Bob Diamond, who was regarded as very talented but also very headstrong.
Mr Diamond has insisted he will not resign over the scandal.
He is due to appear before the Commons Treasury Select Committee on Wednesday, with Mr Agius set to follow on Thursday.
The BBC's business editor said earlier that, in making false submissions about their borrowing costs, Barclays managers believed they were operating under an instruction from Bank of England deputy governor Paul Tucker.
He said this belief came about after a telephone conversation in the autumn of 2008 between Mr Tucker and Mr Diamond, who at the time ran Barclays' investment bank, Barclays Capital.
Mr Tucker did not issue this instruction. But he and Mr Diamond have different recollections of their conversation.
So what Mr Diamond recalls about this telephone conversation might turn out to be the most explosive and important part of his testimony to MPs on the Treasury Select Committee, our correspondent added.
Independent review
In a letter to the committee last week, Mr Diamond condemned the inappropriate behaviour of a "small number" of employees who had tried to make profits for their own benefit.
In his open letter to chairman Andrew Tyrie MP, Mr Diamond pointed out that authorities found no evidence that knowledge of the manipulation, for which it has been fined £290m, went any higher than "immediate desk supervisors".
Robert Peston said he believed Barclays board had "thrown its weight" behind Mr Diamond, considering him to be the best man to clean up the bank's culture.
Earlier, the head of the Financial Services Authority, Lord Turner, said the FSA's fine for Barclays was its strongest currently available sanction and the law should be tightened to tackle misbehaviour in banking.
He told the BBC's Andrew Marr programme there should be a presumption a director of a failed bank should not work in the industry again.
Business Secretary Vince Cable is considering criminal sanctions for bank directors. He said those in charge of failed banks should face prosecution - a view echoed by Lord Turner.
Ministers have announced an independent review of the Libor workings, which will be established next week and report by the end of summer.
On Saturday, Labour leader Ed Miliband called for a public inquiry into the customs and practices of the banking industry.
Jamaica won't leave Caricom, says LaRocque
SECRETARY General of Caricom Ambassador Irwin LaRocque says Jamaica can't survive on its own and, as such, he doesn't foresee the country pulling out of the regional integration movement.
This, in spite of calls from several sectors of society for the country to bow out of the regional body on the basis that Jamaica is at a disadvantage, especially with regard to trade.
Speaking with editors of the Jamaica Observer and the Gleaner at the Ministry of Foreign Affairs, Friday, the Caricom head said he was convinced, after having met with leaders of Government, the Opposition and the private sector, that there was no threat Jamaica would delink from the regional bloc.
"Jamaica is going to have difficulty going it alone," he said. "Jamaica is going to experience difficulties if it goes slower than the rest (of the countries), and I do not think that it is an option that it is even on the table for them to consider realistically. I think what is the option is to fix the problems that exist as is perceived by Jamaica, between Jamaica and its partners, and I don't think that it's insurmountable.
"I'm aware that Jamaica has serious economic challenges, and they have historic groundings... but the answer is not to pull out, but to fix it from inside," LaRocque stressed.
The Caricom head left the island yesterday, after a three-day working visit during which he also met with representatives of the media and youth organisations. Prior to his visit, LaRocque said he had read various articles in the press on the swirling controversy about Jamaica's place in Caricom and whether or not it should opt out. He, however, left with a different impression.
"Leaving here, I do not think there is a threat of Jamaica leaving Caricom. I think, however, the issues that Jamaica has raised need very real attention; and I think (it) will be given. As a matter of fact, it is already being given in various quarters," the secretary general said.
"I'm leaving here very, very satisfied that the various leaders of this country, in different walks of life, continue to be committed to the integration enterprise. I leave here in a very positive mood, but a sober one; in the sense that the issues that have been raised are very real and dear to the hearts of every Jamaican, but not only every Jamaican but the people of the Community as well," he added.
Proponents of a departure from Caricom say the group has failed to meet its targets of economic growth in the region and reference the trade imbalance between Jamaica and Trinidad & Tobago as an example. They also question its relevance at a time when its members are more focused on nationalist gains.
Among the detractors is Opposition spokesman on industry Karl Samuda who, during the recently concluded Budget Debate in Parliament said the country didn't appear to be benefiting from Caricom and urged that a decision about leaving the bloc be made in the near future.
While acknowledging its shortcomings, however, LaRocque maintained that Caricom was not a failure, but only needs tweaking. Referencing the Organisation of Eastern Caribbean States (OECS), the secretary general said he saw potential for leadership in the integration movement from Jamaica and Trinidad.
"One of the successes of the OECS was commonality of view and a camaraderie among some of the heads of the OECS that helped to propel things. I see, in the relationship between the leaders of Trinidad and Jamaica, that potential," the Caricom head said.
"I think the single most important reason for keeping Caricom alive is to serve the development of our region. It can't be anything but that," said LaRocque
Source-jamaicaobserver
Man found dead with face missing in Trinidad
Hours after Ugandan minister, Pastor Simon Kakande, prayed for the safety of himself and his family, Shurland Chance, 29, was found dead, with his face completely missing, in the middle of the road near the village cemetery.
Grieving relatives said yesterday that the father of two, of Taylor Trace, Rochard Douglas Road, St Mary’s Village, Moruga, could only be identified by the clothing and black slippers he was last seen wearing when he left home to lime on Friday.
Investigators are, however, awaiting an autopsy, to determine whether Chance was shot or the victim of a hit and run accident.
Hours before Chance’s death, Kakande had been winding up proceedings on the final night of a crusade being held in Chance’s yard.
His body was discovered at about 4 am yesterday by Videsh Charles, who was driving his truck along the Rochard Douglas Road. Charles alerted police, who could not immediately identify Chance because his face was unrecognisable.
Chance was a hunter and dog trainer. Yesterday, his estranged common-law wife, Alicia Sylvester, said that the family was confused over his death.
Newsday
USAID to undertake basic literacy campaign in the Caribbean
A United States Agency International Development (USAID) official recently announced that the agency is seeking to undertake a basic education and literacy campaign within the Caribbean region.
USAID’s Acting Representative, Steven Hendrix, said that the program has been developed based on a request by Prime Minister of Dominica, Roosevelt Skerrit, who visited their Barbados office about a month ago.
He explained that Prime Minister Skerrit’s area of “keen” interest was basic literacy and education as he expressed deep concern about adolescents who are unable to read proficiently.
“His concern was that kids when the reach adolescence; when they become teenagers, that our sons and daughters be able to read and write at a proficient level. We don’t want to pass on children who do not have the proper skills to higher levels in the schools and create problems in the schools, so I think quite correctly he identified an issue which we ourselves acknowledge”.
In response to Prime Minister Skerrit’s request, Mansfield Blackwood, the Senior Technical Specialist for Economic Growth, will be leading a team in organizing this campaign.
According to Hendrix, because Prime Minister Skerrit was a beneficiary of a USAID scholarship and is aware of the pertinence of USAID funded programs, they took on his suggestion.
“He knows the benefit of USAID programs and so when he says, look we have a problem we need more programming in basic education and basic literacy, we’re gonna listen to him”.
He further stated; “we listen to all of the Caribbean leaders, we listen to the general secretary of the OECS Secretariat….and we do support their leadership and their initiative to do what’s best in their countries”.
This basic literacy and basic education campaign is expected to commence before the end of the year.
Dominica Vibes News
Doctor suspected of prescribing wrong drugs to AIDS patients to resign
The Medical Research Foundation (MRF) and its director, Professor Courtenay Bartholomew, have called for the immediate resignation of the council of the Trinidad and Tobago Medical Board.
The board, whose president is Professor Surujpal Teelucksingh, is accused of “dilly-dallying” in investigating a doctor who is suspected of prescribing wrong drugs to AIDS patients, two of whom have died. The doctor is employed by the Ministry of Health.
The doctor’s refusal to make available the medical records of at least 11 patients, who have requested these records be sent to the MRF for a second opinion, has also been described by Bartholomew as a breach of the basic rules of medical ethics and detrimental to the lives of the patients and the cause of the spread of drug-resistant viruses in their communities.
The matter has also been reported to Minister of Health, Dr Fuad Khan, who has also received a letter of complaint about the particular doctor from the Trinidad and Tobago Network of People living with HIV/AIDS.
In a statement calling for the resignation of the Medical Council, the MRF has noted that since January 10, 2011, they had complained to the council about the refusal of the doctor to respond to the written requests of 11 very ill AIDS patients who had been treated by him, and who asked him to send their medical records to the MRF for a second opinion.
The doctor reportedly ignored all the requests, which were necessary to confirm or deny the “most appalling medical histories” reported by the patients, the MRF said in its statement.
What the patients reported to the MRF suggested that they had been treated with the wrong drugs, which eventually progressively worsened their conditions. According to the MRF, several of the patients were nearly at death’s door and at least two of them have since died.
Newsday
China proposes $10bn loan for Latin America countries
China has offered to set up a $10bn (£6.4bn) credit line for Latin American countries to support infrastructure projects in the region.
The proposal was made by China's Premier Wen Jiabao as he wrapped up his visit to the region.
He also proposed a free trade pact between China and South American trade bloc Mercosur, which includes Brazil, Argentina, Uruguay and Paraguay.
China has been keen to increase its trade with the region's economies.
"The Chinese government... will continue to offer economic assistance to countries in the region that are interested," Premier Wen was quoted as saying by the Reuters news agency.
Win-win
Many of the Latin American countries are still at a development stage and are building new infrastructure in a bid to boost growth in their economies.
Meanwhile, China, which has the world's largest foreign exchange reserves, has been looking to for new areas invest some of its cash.
At the same time, China's infrastructure development companies have been keen to tap into new markets to expand their business.
Analysts said that the offer of a credit line by China, may turn out to be a win-win situation for both sides.
They explained that Latin American nations could benefit from Beijing's expertise, while Chinese firms may play a big role in developments of these projects.
"China has the manpower and the technical skills required to undertake massive infrastructure projects and also the deep pockets to fund them," Charles Chaw of China Knowledge Consulting told the BBC.
"They have proven their ability with success in their own country."
Increased trade
Latin American countries are also rich in natural resources and China is one of the biggest consumers in the world of those resources.
Beijing imports various commodities, including iron ore, copper and corn from these countries.
Meanwhile, China, which is known for the manufacture of low-cost goods, has been looking to increase its exports to the region as it faces slowing demand from key markets such as the US and Europe.
Premier Wen said that China was keen to double its trade with the region to $400bn over the next five years.
However, he said that for that to happen, both sides will have to work towards easing trade barriers.
"We have to combat trade protectionism, broaden the mutual openness of our markets, optimize the trade structure and diversify cooperation in terms of customs and quality control," Premier Wen said.
Currency swaps
Along with increased trade, Premier Wen also pushed for currency swap agreements with the region's economies.
The agreements allow respective central banks to swap currencies and can be used by firms to settle trade in local currencies rather than in US dollars.
Beijing has been using these pacts as part of its push for a more global role for its currency, the yuan.
Last week, it announced a swap agreement with Brazil worth $30bn and Premier Wen said that Beijing was keen to making similar deals with other economies in the region.
"China is also considering the possibility of negotiating and signing agreements for local currency swap agreements... and increasing the reciprocal creation of bank branches," he said.
China has also signed similar agreements with other trading partners such as Japan, Australia and Hong Kong.
Tom Cruise and Katie Holmes to divorce
Hollywood A-listers Tom Cruise and Katie Holmes are divorcing, bringing an end to a five-year marriage.
The office of celebrity divorce lawyer Jonathan Wolfe confirmed the divorce. "This is a personal and private matter," he said in a statement.
They have a six-year-old daughter, Suri, and Cruise, 49, has two children from his marriage to Nicole Kidman.
Cruise married Holmes, 33, his third wife, in an Italian castle in November 2006.
A spokesman for Cruise told the BBC: "Kate has filed for divorce and Tom is deeply saddened and is concentrating on his three children. Please allow them their privacy."
TMZ News has reported that Holmes filed divorce papers in New York on Thursday, citing irreconcilable differences, and that she is seeking sole custody of their daughter.
Scientology wedding
The divorce brings to an end a relationship that began with very public declarations of affection.
Holmes once admitted she had a childhood crush on the Hollywood celebrity, while Cruise famously jumped on a sofa on the Oprah Winfrey Show as he declared his love for Holmes.
"I can't be cool. I can't be laid-back. Something happened and I want to celebrate it," Cruise said in his appearance on the show.
Cruise proposed to Holmes at the Eiffel Tower in Paris and the couple were married by a Church of Scientology minister.
The couple, who have not been seen together since February, are estimated to be worth about $275m (£175m) combined.
Tom Cruise is among Hollywood's highest-paid actors and has starred in blockbusters such as Top Gun, Jerry Maguire and the Mission Impossible series.
Earlier this week he was reported to be in Iceland shooting an upcoming film called Oblivion. He also starred in the recently released Rock Of Ages.
Katie Holmes rose to fame as a leading actress on US television drama Dawson's Creek. She has also appeared in Batman Begins and Don't Be Afraid Of The Dark.
Adele 'over the moon' at pregnancy news
Pop star Adele is expecting her first child, she has told fans via a message on her website.
The 24-year-old said she and her partner Simon Konecki were "delighted to announce" that they were expecting their first child together.
"Obviously we're over the moon and very excited but please respect our privacy at this precious time," she said.
The London-born singer had the world's biggest-selling album last year with 21, which sold more than 17m copies.
More than 4 million of those copies were sold in the UK, where 21 is now the fifth best-selling album in chart history.
The record largely deals with the painful break-up of Adele's previous relationship. It has earned her six Grammys, two Brits and two Ivor Novello awards.
The singer has been dating Konecki, who established the Drop4Drop charity, since last year.
Adele was recently forced to deny UK tabloid reports that the couple were engaged, after she was seen wearing a ring to an awards ceremony.
"I'm not engaged, blah blah," she wrote on Twitter.
Kartel, four co-accused still in custody
Vybz Kartel and four of his five fellow murder accused were yesterday remanded into police custody when they appeared in the Home Circuit Court.
The men were all remanded until July 20 when bail applications will be made on their behalves.
Remanded with Kartel are entertainer Shawn ‘Shawn Storm’ Campbell, Andre St John, Kahira Jones and Shane Williams. Fashion designer Calvin Hay’s bail was extended.
The men are charged with the August 16, 2011 murder of Clive Williams, who was allegedly beaten to death in a house in the residential community of Havendale, St Andrew, over the disappearance of an illegal firearm. His body is yet to be found.
Kartel and two other men — Nigel Thompson and Lenburgh McDonald — are also before the Home Circuit Court, charged with the July 2011 murder of Portmore St Catherine resident Barrington ‘Bossie’ Bryan. Palmer’s bail was extended in that matter. His co-accused were remanded into custody.
Singer Da’Ville returns with new album
LOVERS' rock singer Da'ville is back with his third album, Krazy Love, a 14-track set he is confident will put him back in the dancehall reckoning.
Krazy Love, which Da'Ville describes as his "best work to date" includes the songs This Love, Now I am Strong, I was Wrong and Give You My Love. It comes on the heels of his mixtape Vitamin D, which was released in May.
It has been six years since Da'Ville broke through as a solo act with the catchy Always on My Mind, produced by Donovan Germain. Now in his late 30s, the artiste said he does not feel pressured to score a hit after a self-imposed break, even with the emergence of younger singers.
"The business is not for me alone. Everyone is there to claim their spot and that's exactly what I'm doing," he said.
However, Da'Ville is concerned about the dearth of Jamaican reggae songs on overseas charts.
"The time for playing is over. We have so much talent in the industry, but we are still not getting out as many albums as we should and we are not pushing them as we should," he said. "No wonder the Billboard Reggae Album chart is dominated by artistes who are not from Jamaica."
The son of old-school deejay Jah Thomas, Da'Ville got his start as a professional entertainer as a member of vocal group ARP.
He left that group in 2003 to begin a solo career. Three years later, he hit the charts with Always on My Mind, one of the biggest songs of 2006.
His follow-up, This Time I Promise, was also well received.
He is confident the quality of Krazy Love will assure him a solid comeback.
"I have been in this game for a long time and I am in it for today, tomorrow and forever," he said.