US appeals court upholds Buju Banton's conviction
A federal appeals court has upheld Jamaican reggae star Buju Banton's conviction on cocaine conspiracy and trafficking charges.
Banton's attorney, David Markus, argued that a government informant had improperly entrapped the Grammy-winning singer.
A three-judge panel of the 11th Circuit Court of Appeals in Atlanta ruled today that the evidence supported Banton's 2011 conviction in Tampa federal court.
The panel also agreed with the jury's conviction of Banton on a gun possession charge, which the trial judge had dismissed after the verdict was read. The judges rejected Banton's argument that his right to a speedy trial had been violated.
Banton's real name is Mark Myrie. He's serving a 10-year prison sentence. Markus says he believes "a good man is in jail for talking a big game."
AP
Moody's downgrades 15 major banks
The credit ratings agency Moody's has downgraded 15 banks and financial institutions.
UK banks downgraded include Royal Bank of Scotland, Barclays and HSBC.
In the US, Bank of America, Citigroup, Goldman Sachs and JP Morgan are among those marked down.
BBC business editor Robert Peston reported on Tuesday that the downgrades were coming and said that banks were concerned as it may make it harder for them to borrow money commercially.
"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities," Moody's global banking managing director Greg Bauer said in the agency's statement.
The other institutions that have been downgraded are Credit Suisse, UBS, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank, Royal Bank of Canada and Morgan Stanley.
Moody's said it recognised, "the clear intent of governments around the world to reduce support for creditors", but added that they had not yet put the frameworks in place that would allow them to let banks fail.
Some of the banks were put on negative outlook, which is a warning that they could be downgraded again later, on the basis that governments may eventually manage to withdraw their support.
In a statement, RBS responded to its downgrade saying: "The group disagrees with Moody's ratings change which the group feels is backward-looking and does not give adequate credit for the substantial improvements the group has made to its balance sheet, funding and risk profile."
The BBC's Scotland business editor Douglas Fraser tweeted: "Cost of RBS downgrade by Moody's: having to post an estimated extra £9bn in collateral for its debts."
Of the banks downgraded, four were cut by one notch on Moody's ranking scale, 10 by two notches and one, Credit Suisse, by three notches.
"The biggest surprise is the three-notch downgrade of Credit Suisse, which no one was looking for," said Mark Grant, managing director of Southwest Securities.
BBC
Moody's downgrades 15 major banks
The credit ratings agency Moody's has downgraded 15 banks and financial institutions.
UK banks downgraded include Royal Bank of Scotland, Barclays and HSBC.
In the US, Bank of America, Citigroup, Goldman Sachs and JP Morgan are among those marked down.
BBC business editor Robert Peston reported on Tuesday that the downgrades were coming and said that banks were concerned as it may make it harder for them to borrow money commercially.
"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities," Moody's global banking managing director Greg Bauer said in the agency's statement.
The other institutions that have been downgraded are Credit Suisse, UBS, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank, Royal Bank of Canada and Morgan Stanley.
Moody's said it recognised, "the clear intent of governments around the world to reduce support for creditors", but added that they had not yet put the frameworks in place that would allow them to let banks fail.
Some of the banks were put on negative outlook, which is a warning that they could be downgraded again later, on the basis that governments may eventually manage to withdraw their support.
In a statement, RBS responded to its downgrade saying: "The group disagrees with Moody's ratings change which the group feels is backward-looking and does not give adequate credit for the substantial improvements the group has made to its balance sheet, funding and risk profile."
The BBC's Scotland business editor Douglas Fraser tweeted: "Cost of RBS downgrade by Moody's: having to post an estimated extra £9bn in collateral for its debts."
Of the banks downgraded, four were cut by one notch on Moody's ranking scale, 10 by two notches and one, Credit Suisse, by three notches.
"The biggest surprise is the three-notch downgrade of Credit Suisse, which no one was looking for," said Mark Grant, managing director of Southwest Securities.
BBC
Spanish banks need up to 62bn euros
An independent audit of Spain's banks has found that they will need up to 62bn euros (£50bn) in extra funding.
European authorities had already agreed to provide up to 100bn euros ahead of assessments of the banks' needs.
Jean-Claude Juncker, the head of the eurogroup, said that Spain would make a formal request for financial assistance before next Monday.
He was speaking at a eurozone finance ministers meeting in Luxembourg which will discuss the bailout.
The head of the International Monetary Fund (IMF), Christine Lagarde, who was also at the meeting, said that the IMF, the European Union and the ECB - the so-called "troika" overseeing Greece's bailout - will also send representatives to Greece on Monday to review the country's progress in reforming its budget.
That meeting was one of a number of developments on Thursday:
- Eurozone finance ministers are discussing ways to help Spain and Greece in the short term and possible measures to secure the eurozone long-term
- They will consider whether to ease Greece's austerity terms, on the day its new cabinet was announced
- Spain had to pay a record amount to borrow on the open markets, a sign of greater concerns about its finances
- And an economic survey showed that the debt crisis was continuing to depress economic activity, even in Germany
Severe scenario
The estimates of extra funding needed to stabilise Spain's banks came from audits by the US firm Oliver Wyman and German firm Roland Berger.
Oliver Wyman estimated between 51bn euros and 62bn euros would be required, while Roland Berger estimated 51.8bn euros.
They were asked to work out how much money the banks would need if the Spanish economy were to shrink 4.1% this year, 2.1% next year and 0.3% in 2014.
In the adverse scenario they were also asked to model what would happen if house prices fell 19.9% this year, 4.5% next year and 2% in 2014.
Their research covered 14 banking groups that account for 90% of Spain's banking sector.
The figures were announced at a news conference by deputy governor of the Bank of Spain Fernando Restoy.
Mr Restoy declined to comment on individual banks, but said that most of them were deemed to be in a "comfortable" position.
"The [capital needs] are lower than the amount agreed on with the eurogroup to give security and confidence to markets, with enough room to carry out the restructuring," Mr Restoy said.
They were not as large as many analysts expected, according to the BBC's Andrew Walker, who is at the meeting of eurozone finance ministers in Luxembourg.
"Even so, Spain's banks need massive government help to repair the damage done to their finances by the boom and bust in the country's property market," he said.
Spain's short-term cost of borrowing - the yields on government bonds - hit a 16-year high on Thursday.
Madrid sold 2.2bn euros of bonds repayable over two, three and five years.
It paid a yield of 6.07% on five year bonds, up from 4.96% in May.
BBC
China and Brazil in $30bn currency swap agreement
China and Brazil have agreed a currency swap deal in a bid to safeguard against any global financial crisis and strengthen their trade ties.
It will allow their respective central banks to exchange local currencies worth up to 60bn reais or 190bn yuan ($30bn; £19bn).
The amount can be used to shore up reserves in times of crisis, or towards boosting bilateral trade.
China is Brazil's biggest trading partner.
"As international credit remains scarce, we will have enough credit for our transactions," Brazil's Finance Minister, Guido Mantega, said.
A global yuan
The agreement is the latest in a series of similar deals signed by China with its trading partners.
In March this year, it signed a swap deal with Australia worth up to A$30bn ($31bn; £20bn) to promote bi-lateral trade and investment.
It has also inked currency pacts with Hong Kong and Japan.
Analysts said that Beijing has been trying to push for trade to be settled in yuan, rather than in US dollars, as part of its plans to seek a more global role for its currency.
"The motivation is to be less reliant on the US dollar," Sean Callow, chief currency strategist at Westpac, told the BBC.
"We will see firms in the two countries settle their accounts in local currencies," he added.
Mr Callow added that with an increasing number of economies signing such agreements with China, its plans for a more global role for the yuan had received a major boost.
"It is a big positive for China on that account."
Call rates hearing postponed until Monday
The application by Digicel seeking a stay of the implementation date of new interim termination rates announced by the Office of Utilities Regulation suffered a setback today.
This, after LIME and the Fair Trading Commission (FTC) filed applications seeking to intervene in the matter.
Justice Ingrid Mangatal has put off the hearing until Monday.
Following the amendments to the Telecommunications Act, the OUR announced that as of July 15, the interim mobile termination rate would be $5 per minute for incoming domestic and international telephone calls.
However, Digicel is contending that due process was not followed and that it was not consulted before the new rate was set.
It is further contending that the move by the OUR to set the interim mobile termination rates is unconstitutional and contrary to the common law right of natural justice.
Digicel wants the Supreme Court to put a hold on the implementation date for the new rate until its application is heard.
Digicel is seeking to have the court review the law which granted the OUR powers to reduce interconnection rates.
In a statement this week, Digicel’s Head of Legal and Regulatory Affairs, Richard Fraser, was quoted as saying the unfettered powers granted to the regulator are of extreme concern to the company as it effectively makes the OUR judge, jury and executioner.
He further said this cannot go unchallenged as the medium and long term effects of actions like these will be detrimental to the telecoms industry and to the wider Jamaican economy.
Meanwhile, Digicel is also before the courts seeking to challenge an attempt by the FTC to block its takeover of the Claro Network.
gleanerjm.com
MIAMI WINS THE NBA FINALS 2012
The journey has ended and it took place in Miami. Lebron James not only won the bill Russell MVP award but won the NBA finals.
The finals saw the Miami Heat dismissing the Oklahoma City Thunder 121-106 in Game 5 of the NBA Finals.
James scored 26, adding 13 assists and 11 rebounds while Dwayne Wade and Chris Bosh poured in 20 and 24, respectively.
OKC's Kevin Durant scored 32 in a losing effort as the Thunder lost their four straight following the Game 1 victory in Oklahoma City.
A difficult night for Russell Westbrook had 19 on 4-of-20 shooting as the Thunder faced numerous errors coupled with turnovers and poor 3-point shooting.
Lebron James reflected on the journey to Miami after the game but in the end he is now a NBA champion.
Manny Pacquiao wins WBO after defeat by Timothy Bradley
Manny Pacquiao has won a WBO review into his split-decision defeat by Timothy Bradley earlier this month.
On the night two judges scored the bout 115-113 in the American's favour, prompting boos around the MGM Grand.
The WBO has now met with five international judges to evaluate a video of the fight and they unanimously scored it in favour of Pacquiao.
The original result still stands as the WBO does not have to power to overturn it, but a rematch could be ordered.
It was a first defeat in seven years for Philippines fighter Pacquiao, who landed 94 more punches than Bradley.
Pacquiao is already guaranteed a rematch because of a clause in his contract.
According to Bob Arum, the promoter for both fighters, 33-year-old Pacquiao has indicated he would prefer the rematch over Bradley forfeiting the WBO welterweight title.
Windies try to keep step with England in final ODI
As West Indies geared up for the final One-Day International of the three-match series today, head coach Ottis Gibson admitted that he was at a loss to explain why his side had not lived up to expectations.
The star-studded Caribbean side entered the three-match series battling to stave off the tag of favourites but have been far from their best in the first two matches, losing both by comprehensive margins.
“At the end of the day we’re playing cricket in England against a very good English side. We keep saying, on paper, we have the makings of a great side with Chris (Gayle) coming back, (along with) Dwayne Bravo and Kieron Pollard, with the form those guys had in the IPL,” Gibson told a media conference yesterday.
“But it’s difficult to put into words how things shaped up so far in the series. We’ve shown that we can play, but England have just been that little step ahead of us all the time.”
He continued: “(Ian) Bell is in great form; (Alistair) Cook has made a lot of runs in one-day cricket recently. We got Cook in the first game (cheaply) and we couldn’t get Bell; then we got Bell (in the second game) but couldn’t get Cook so we’ve been just a little bit off the pace.”
Bell scored a dazzling 126 from 117 balls in the first game at the Rose Bowl as the Windies collapsed to a 114-run loss last Saturday and Cook carved out 112 at the Oval on Tuesday to send the tourists tumbling to an eight-wicket defeat.
Despite the return of limited overs stars like Gayle, Pollard and Lendl Simmons, the Windies’ batting has struggled, falling for 172 in the first ODI and managing an inadequate 238 in the second match.
Their bowling has also struggled to contain England, with mystery off-spinner Sunil Narine largely ineffective in the conditions, taking a single wicket from 20 expensive overs.
Gibson said, however, he was not disappointed with the 24-year-old who he said was still finding his way in international cricket.
“I’m not disappointed. A lot was made of him obviously (because of) his exploits in the IPL and even the way he bowled against Australia in the Caribbean on turning pitches,” Gibson explained.
“The pitches haven’t turned here but we’ve tried to manage the amount of expectation that we place on people like him who are now starting out their international careers. So, disappointed? Not really. He’s not taken ‘five-for’ and stuff like that but he’s been ok.
“It’s been the start of his international career, first time bowling in England on pitches that aren’t turning. If you look at it, (Graeme) Swann’s been tidy but hasn’t bowled us out really and if you look at Swann over the whole summer it’s been the same.
“People would say that Swann isn't bowling well but the pitches haven’t been massive turning pitches.”
West Indies will now attempt to avoid a series whitewash and salvage some pride by winning today’s encounter.
All-rounder Andre Russell, who missed Tuesday’s game with a shoulder injury, has recovered and is available for selection, while the Windies were restricted to an indoor training session yesterday after heavy rain ensured that covers remain on the ground throughout the day, with more rain being forecast for today.
SQUADS:
ENGLAND – Alastair Cook (captain), James Anderson, Jonny Bairstow, Ian Bell, Ravi Bopara, Jade Dernbach, Steven Finn, Craig Kieswetter, Stuart Meaker, Eoin Morgan, Samit Patel, James Tredwell, Jonathan Trott, Chris Woakes.
WEST INDIES – Darren Sammy (captain), Dwayne Bravo (vice-captain), Tino Best, Johnson Charles, Fidel Edwards, Chris Gayle, Sunil Narine, Kieron Pollard, Denesh Ramdin, Ravi Rampaul, Andre Russell, Marlon Samuels, Lendl Simmons, Dwayne Smith.
Ronaldo heads Portugal into last four
Cristiano Ronaldo's powerful header 11 minutes from time sent Portugal into the Euro 2012 semi-finals with a deserved 1-0 victory over the Czech Republic yesterday.
The world's most expensive player hit the woodwork twice on an initially frustrating evening but crowned Portugal's dominant second-half performance with his third goal of the tournament, nodding a right-wing Joao Moutinho cross down and into the net.
It was an impressive display from the Portuguese who were appearing in their fifth European Championship quarter-final in a row and will play Spain or France in the last four.
"It was a fantastic game for Portugal," said man-of-the-match Ronaldo. "In the first 20 minutes we weren't that good but then we improved a lot. We had a lot of opportunities. The Czechs didn't have any - that's a great game. I think the chances (of reaching the final) are 50-50 and we just have to believe in it."
Czech Republic coach Michal Bilek added: "Well we knew this was going to be very difficult. Portugal have a great attack. In the second half, we lost our strength and our energy and one situation was enough to decide (the match)."
The Czechs made a lively start inspired by the clever prompting of Petr Jiracek and Portugal took time to settle.
Their simple game plan was based around getting the ball to captain Ronaldo at every opportunity and he openly vented his frustration when his team mates failed to pick him out.
BRILLIANT TURN
Ronaldo failed to connect properly with an overhead kick to the delight of the Czech fans, smashed a 35-metre free kick well wide and just before halftime struck the post following a brilliant turn and firm shot.
Portugal's Nani and Miguel Veloso were booked as tempers frayed and they suffered another blow when striker Helder Postiga was carried off injured just before halftime and replaced by Hugo Almeida.
Almeida missed a great chance to open the scoring 19 minutes into the second half when he wastefully headed Raul Meireles's perfect cross over the bar.
Another long-range Ronaldo free kick grazed the outside of the post and the Real Madrid forward then lashed a half-volley over the bar.
Portugal were dominating and Nani forced Petr Cech into a sprawling save before Almeida was adjudged offside when he nodded Nani's cross into the net.
The Czechs earned a brief respite following a brilliant surging run down the left by Vaclav Pilar but Portugal hit back when Joao Moutinho's swerving drive was tipped over by Cech and Nani's shot was saved after good work by Meireles.
The match appeared to be drifting towards extra time when Portugal picked another hole on the left side of the Czech defence and Ronaldo stole in to head the ball emphatically down into the ground with the bounce taking it high into the net.