Japan's exports surge 10% in May easing slowdown fears
Japan's exports have risen the most in 17 months easing concerns about the impact of a global slowdown on the Japanese economy.
Exports rose 10% in May from a year earlier, boosted by a 38% jump in deliveries to the US.
Shipments to China, Japan's biggest trading partner, also rose for the first time in eight months.
Japan's export-dependent economy relies heavily on demand from markets such as the US, Europe and China for growth.
Meanwhile, imports also rose by a better-than-expected 9% during the month, which analysts said was a sign that domestic demand may also be picking up.
"The increase in imports is a sign that the Japanese economy is not doing so badly," said Hiroshi Miyazaki chief economist at Shinkin Asset Management.
US factor
Japan's export sector has been hurt by a slowing demand from some of its key markets in recent months.
Its shipments to China have been falling amid slowing growth in the world's second-largest economy.
At the same time, consumer demand in Europe has also been hurt by the ongoing debt crisis in some of the region's economies.
However, demand for Japanese goods from the US has been rising steadily. The jump in May deliveries to the US comes after shipments to the country rose by 43% in April and 24% the month before.
Analysts said that demand from the world's biggest economy was likely to remain strong in the near term and that it will benefit Japan's growth.
"For Japan, strength in the US economy could more than offset the slowdown in Europe and China," said Mr Miyazaki.
Spanish borrowing costs jump at debt auction
Spanish borrowing costs on 12 and 18-month bonds jumped to 5.1% at its first debt auction since securing a 100bn euro ($126bn; £81bn) bank bailout.
Madrid raised the intended 3.04bn euros but the interest rate payable rose from 3% at a similar debt sale on 14 May.
The government has denied that a more detailed independent audit of bank debts is to be delayed.
The first audit, which will determine the size of bailout needed, is due to be published this week.
On 9 June, the eurozone agreed to provide up to 100bn euros in emergency loans to help bolster under-capitalised Spanish banks, which were hit hard by the collapse of the country's property market.
The eurozone's fourth-biggest economy is struggling to finance its debt on commercial bond markets.
On Monday, the interest rate, or yield, on benchmark 10-year bonds traded on the secondary market hit a record high of 7.1%. Rates higher than 7% are widely seen as unsustainable.
Greece, Portugal and Ireland all had to seek international aid to pay their loans when their bond yields hit similar levels.
Spain is only paying these punishing interest rates on new loans from the markets. However, due to the country's worsening economic outlook and falling tax receipts, the government will be forced to raise more funds from the bond markets.
The BBC's economics editor Stephanie Flanders said investors should be less worried about the number on Spanish bond yields and concentrate on the underlying sentiment.
"The spike in yields isn't only telling us that their debt is now perceived to be more risky. It could also be telling us that a rising number of investors do not want to buy it at any price. That really is something worth losing sleep about," she said.
Madrid is due to sell up to 2bn euros in two, three and five-year bonds on Thursday.
Spanish bailout
This debt auction should coincide with the publication of the findings of the first audit into the size of bad debts incurred by Spanish banks.
Some lenders borrowed large amounts on the international markets to loan to home buyers and property developers.
The sharp downturn in Spain's property market means many borrowers are now unable to pay back their mortgages. That, in turn, means many lenders are neither able to collect the money they are owed nor pay back their own creditors.
It was reported earlier on Tuesday that the accounts were so complicated that the results of a second, more detailed audit of Spanish banks was to be delayed from July to September.
But the economy ministry has denied that the publication would be delayed.
It is hoped that the final bill for bailing out the banks will not exceed the 100bn euros already promised.
The money will come from two funds created to help eurozone members in financial distress - the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM), which comes into force in July.
BBC
UK inflation rate drops to 2.8% in May, says ONS
The UK rate of inflation fell last month to a two-and-a-half year low owing to slowing fuel and food prices.
The Consumer Prices Index (CPI) measure fell to 2.8% in May from 3% in April, the Office for National Statistics (ONS) said.
The Retail Prices Index (RPI) measure fell to 3.1% from 3.5% in April.
Inflation has fallen from 5.2% last September due to the waning impact of the VAT rise in 2011 and falling energy, food and commodity prices.
The fall in inflation was unexpected, as the consensus among economists was that the rate would be unchanged in May. However, analysts said price rises were likely to slow further in the coming months.
"Expect further falls in inflation as energy bills rise less over the summer versus last year," said George Buckley at Deutsche Bank.
"The fall in CPI inflation to 2.8% in May increases the likelihood at the margin of more quantitative easing (QE)... We expect £50bn with a sizable risk of a 25 basis point rate cut to boot."
Philip Shaw at Investec agreed, saying: "The inflation measures have all come in below market expectations and another drop in the targeted measure helps the case for more quantitative easing."
The current level of QE, a mechanism to pump money into the economy to try and stimulate growth, stands at £325bn and was last increased by the Bank's Monetary Policy Committee in February.
The May inflation figures show that consumers are starting to benefit from a fall in recent months in the cost of crude oil.
Average diesel prices also decreased, dropping 4.4p to 143.3p between April and May, compared with a 0.7p rise last year to 141.5p.
The Bank of England has predicted that CPI inflation will remain above the 2% target rate "for the next year or so".
Last month, inflation moved to within 1% of the target, meaning Bank of England Governor Sir Mervyn King did not have to send an open letter of explanation to the Chancellor, George Osborne.
An open letter is triggered if the CPI rate remains above 3% or below 1% for three months in a row.
Upward pressure
A Treasury spokesman said: "Inflation is out of Open Letter territory for the second month in a row, which is good news and is providing some welcome relief for family budgets."
In further evidence that the weak economic climate is forcing retailers to cut prices to draw in customers, food and drink prices rose by just 0.3%, compared with a much steeper 1.3% rise last year.
The ONS said this was driven by declines in the price of fruit, particularly grapes, bananas, peaches and nectarines. The price of vegetables, mineral waters, soft drinks and juices also fell.
The most significant upward pressure on inflation, the ONS said, came from air and sea fares. But these were distorted by the timing of Easter in 2011 and 2012 and the subsequent difference in the timing of school holidays.
Air fares rose 1.4% in May, compared with an 11.1% drop last year, while sea fares rose 2.6%, compared with a 14.7% fall last year.
G20 summit: US 'encouraged' by eurozone plans
US President Barack Obama has said he is encouraged by European leaders' plans to tackle the eurozone crisis, as the G20 summit in Mexico ends.
In a final communique, world leaders said they would take "all necessary measures" to protect the euro area.
Leaders said they welcomed Spain's plans to recapitalise its banks, according to the communique.
The talks were being held as Greece seeks to form a coalition government and Spain's borrowing costs soared.
Speaking to reporters at the end of the summit, President Obama said that European leaders recognised that "bold and decisive" action was needed to address Europe's debt crisis.
"What I have heard from European leaders during these discussions, they understand the stakes, they understand why it's important for them to take bold and decisive action, and I am confident they can meet those tests," he said.
President Obama said that while there was no "silver bullet" to solve Europe's crisis, "each step points to the fact that Europe is moving towards further integration rather than break-up".
"I am confident that over the next several weeks, Europe will paint a picture of where we need to go," he added.
'Concrete steps'
As the summit came to a close the European leaders pledged to maintain stability in the eurozone and to work with the next Greek government towards reform and sustainability.
"Euro area members of the G20 will take all necessary measures to safeguard the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereigns and banks," the joint statement said.
"We support the intention to consider concrete steps towards a more integrated financial architecture," it continued.
"The European Union members of the G20 are determined to move forward expeditiously on measures to support growth".
But German Chancellor Angela Merkel stressed that Greece must hold up its end of the deal.
"It's obvious that the reforms that were agreed in the past are the right steps and that they therefore must be implemented," Mrs Merkel told reporters.
She added that world leaders had "very balanced" talks on growth.
"We need the right mix of budget consolidation... and at the same time efforts for growth."
In the closing discussions of the summit, leaders also agreed not to introduce new protectionist measures until 2014.
But Russian President Vladimir Putin said that the imposition of trade barriers could be a vital tool in protecting Russian jobs.
Meanwhile, the "Brics" economies (Brazil, Russia, India, China and South Africa) also pledged to increase their contributions to the International Monetary Fund (IMF) - which has been seeking to boost its finances to prevent any future financial crisis.
The five Brics nations all offered to contribute $10bn (£6.4bn) to the IMF each in exchange for voting reforms that would give them greater influence in the organisation.
China also pledged $43bn (£27bn) to the IMF's crisis intervention fund, which has almost doubled to $456bn (£366bn).
The BBC's diplomatic correspondent Bridget Kendall, at the Los Cabos summit, says the offer of billions of dollars from the developing economies is perhaps the most tangible result of the two-day-long talks.
The funds, which would be released by the IMF if the eurozone crisis spreads, are a sign of support but also indicate how fragile many fear the economic situation in Europe to be, our correspondent adds.
--BBC
UN Team Will Stay in Syria
The head of the United Nations monitoring mission in Syria told the Security Council Tuesday his team has been repeatedly targeted by gunfire but is committed to staying in the war-torn country.
Major General Robert Mood of Norway said Tuesday that questions about canceling the mission were premature, noting “We are not going anywhere.”
U.N. diplomats present at the briefing said General Mood told the council his 300-strong unarmed observer team had been targeted by indirect fire on a daily basis and at least 10 times by direct fire. He said at least nine U.N. vehicles had been damaged.
Mood and U.N. peacekeeping chief Harve Ladsous said the U.N. mission in Syria was suspended on Saturday due to escalating violence, but team members did not leave the country. The decision was the clearest sign yet that a peace plan brokered by international envoy Kofi Annan has collapsed.
In Los Cabos, Mexico, meanwhile, U.S. President Barack Obama said Russia and China have “not signed on” to any plan for Syrian President Bashar al-Assad's removal from power but that both countries' leaders recognize the dangers of an all-out civil war.
Mr. Obama said the Syrian leader has lost all legitimacy and that it is impossible to conceive of any solution to the violence that leaves him in power. He acknowledged the lack of any breakthrough with the leaders of Russia or China, despite intensive talks.
Moscow and Beijing are long-time allies of Syria and have shielded Mr. Assad from U.N. sanctions sought by Western and Arab powers who oppose his 11-year autocratic rule.
Earlier Tuesday, Britain said a Russian ship believed to be carrying arms to Syria turned back after a British insurance company cancelled its coverage.
The move effectively halted the vessel, tracked off the northwest coast of Scotland, from continuing to its destination unless another insurer agreed to cover it. An EU arms embargo on Syria prevents insurers from covering the ship.
British Foreign Secretary William Hague told parliament Tuesday the vessel appears to have turned back toward Russia.
Meanwhile, Syria says it is ready to act on a U.N. appeal to evacuate civilians from the central city of Homs, which government forces have bombarded since early June to try to crush a 15-month anti-government uprising.
General Mood has appealed to Syrian government and rebel forces to allow women, children and the wounded to flee Homs and other combat zones. The Britain-based Syrian Observatory for Human Rights has said dozens of wounded people are stuck in Homs and other rebel-dominated areas without medicine or doctors.
The Security Council agreed to send the observer mission to Syria in April to monitor government and rebel compliance with a U.N.-backed cease-fire agreement, but the truce never took hold. The observers' 90-day mandate expires in mid-July.
US Probe Calls for Punishment of Troops in Quran Burning
A U.S. military investigation into the burning of Qurans at Bagram Air Base near the Afghan capital, Kabul, last February has recommended disciplinary action against up to seven troops.
U.S. military officials said Tuesday no final decision has been made yet on the findings of the probe. According to the officials, one member of the Navy and up to six Army troops could face administrative punishments, but no criminal charges.
NATO troops stationed at Bagram attempted to dispose of a load of Qurans by setting them on fire, but were stopped by Afghan employees.
The incident sparked deadly riots across Afghanistan and attacks on NATO troops that killed some 30 people and led to the deaths of four Americans and plunged relations between coalition troops and their Afghan allies to an all-time low.
U.S. President Barak Obama apologized for the incident.
A preliminary joint investigation by senior U.S. and Afghan military officials in March concluded that while mistakes were made in the burning of copies of Islam's Holy books, there was no intent to desecrate them.
Egypt’s Mubarak on Life Support as Protests Swell
Egyptian security sources say ousted President Hosni Mubarak is unconscious and on a respirator after he was rushed from prison to a military hospital following a stroke.
Earlier reports by the state news agency MENA said Mubarak's doctors had declared the former leader “clinically dead” when he arrived at Maadi Hospital in southern Cairo after being transferred from nearby Torah Prison. It said doctors were unable to revive Mubarak after he went into cardiac arrest.
Military officials acknowledged early Wednesday that Mubarak had suffered a stroke, but said he is currently “using artificial respiration” and that “it is still early to say he is clinically dead.”
The ousted leader had ruled Egypt for 30 years until he was overthrown last February by a revolution during the “Arab Spring'' protests that roiled the region. The 84-year-old had been sentenced to life in prison earlier this month for failing to stop the killing of protesters during the popular uprising.
The confusion over Mubarak's state of health came as tens of thousands of Egyptians from across the political spectrum packed central Cairo to protest a declaration by Egypt's ruling generals extending their grip on power.
As protest numbers swelled Tuesday, Egypt's election commission said it was evaluating hundreds of complaints of irregularities in the runoff presidential election between the Muslim Brotherhood's Mohammed Morsi and former prime minister Ahmed Shafiq.
Both candidates claimed victory, but a public count of the ballots, confirmed by the official media, showed Mr. Morsi winning with 52 percent of the vote to Mr. Shafiq's 48 percent. Aides of the establishment-backed Shafiq disputed the claim.
Turnout was just over 50 percent of the roughly 50 million eligible voters. Election officials are expected to announce the official results on Thursday, but the losing candidate is likely to reject the outcome as fraudulent.
International campaign observers, including the U.S.-based Carter Center, said Tuesday they were denied sufficient access and accused the military leadership of hampering the transition to democracy.
The Carter Center said it had been unable to monitor the vote properly and that a “return of elements of martial law” meant it was “now unclear whether a truly democratic transition remains under way in Egypt.”
The poll was Egypt's first freely contested presidential election.
The powerful Brotherhood movement has vowed to challenge the military's recent moves restoring martial law, dismissing the Islamist-dominated parliament and curbing the powers of the incoming president.
A unilaterally declared interim constitution grants the generals and the courts final say over much domestic and foreign policy and the constitutional drafting process. It rules that no election can be held until a military-appointed panel writes a permanent constitution whose articles the generals can veto.
Despite the moves, the ruling Supreme Council of the Armed Forces vowed earlier this week to honor its promise to hand over power to Egypt's newly elected president by the end of the month.
The U.S. State Department has said the Obama administration will hold the SCAF to its promises for an “inclusive constitutional drafting process, the timely seating of a democratically elected parliament, and the swift, permanent transfer of power to a civilian government.”
The U.S. has provided billions in military aid to Egypt over three decades of close relations.
GT STINGERS 2 to SALTANS 0-GTBA FINALS
|
The GTBA best of 5 series continued at the Palm Grove court on Friday and Saturday night between the Salt Cay Saltans and GT Stingers. The GT stingers defeated the Saltans on Friday and Saturday to lead 2-0 in the series. Join RTC's Sports Watch for live action
|
||||||||
| June 15, 2012 Game 1 | June 16, 2012 Game 2 | |||||||
| Saltons | 54 | Saltons | 65 | |||||
| Stingers | 59 | Stingers | 72 | |||||
| Deanza Wilson(SC) 17pts, 3rebs,4stls, 2asts | Nadreno Simmons (SC) 15pts, 8rebs , 2 stls, 1asts | |||||||
| Delton Daniels (SC) 15pts, 3stls, 4asts, 4rebs | Deanza Wilson (SC) 10pts, 6rebs, 4stls, 4asts | |||||||
| Delton Daniels (SC) 21pts, 2stls, 3asts, 5rebs, 1blk | ||||||||
| Sharad Garland (St) 16pts, 2stls, 5rebs, 1asts | Sharad Garland (St) 23pts, 3stls, 9rebs, 4asts | |||||||
| Stanley Taylor (St) 5pts, 23rebs, 3stls | Stanley Taylor (St) 19pts, 31rebs, 2stls, 3asts, 2blks | |||||||
| Elvis Smith (St) 20pts, 14rebs, 1blks, 4 asts | Torell Garland (St) 13pts, 2rebs, 4stls, 8 asts | |||||||
| Standings: | Stingers 2 - 0 | |||||||
CHURCHES SOFTBALL
This is it!! The Churches soft ball finals goes down at the National stadium tonight and RTC will have the finals live at 8pm.
Bethany Baptist Church and Jericho Baptist will go at it for the Championship and the Prophecy Church and the Methodist church will go at it for 3rd and 4th place at 6:15pm.
Meanwhile, on Saturday the Ladies Panthers beat Sobthey's Flamingo's 10 to 9 while the Soakers lost to the defending champions Silver Deep Sharks. The sharks ate them alive with 15-9.
In Sundays Games: Provo golf Private lost to Kishco's 16 to 2 and HAB Predators were crushed a whopping defeat to the Silver Deep Cruises 33-8.
Join the Sports Watch team live tonight from the National Stadium for softball here on radio turks and caicos.
Saint George Fashion House designs TCI Brass Band Uniform
Members of the Turks and Caicos Brass Band will soon parade in new uniform designed and made locally by the country’s own fashion label; Saint George Fashion House (SGFH) by Kazz Forbes.
Elery James, administrative executive and public relations officer tells, “Having the country’s number one Brass Band uniform designed by the country’s number one designer speaks volume of our modernization and approach to representing the Turks & Caicos Island both locally and internationally.
The Turks & Caicos Brass Band will continue to incorporate the country’s flag colors in all of our uniforms, but this time in a sleek, classic and youthful look as appose to the traditional band uniform. Again, we are eternally grateful and look forward with great anticipation and excitement to parading these uniforms with National Pride.”
The Turks and Caicos Brass Band was birth under the leadership of Hoplyn Parker on his return to the Turks and Caicos Islands from Grand Bahama, Bahamas. Being a member of the Grand Bahama Brass Band, he thought it best to have a band in the Church of God of Prophecy in Providenciales. Parker took the matter up with the pastor of the church, then: Pastor James C. Williams, who readily agreed.
In April 1075 with five students, Hoplyn Parker originated music classes. As the students advanced in music, they established themselves as the Provo Brass Band. In May 1976, the Provo Brass Band made their debut at a Sunday evening church service. To the amazement of all; their music was well accepted.
“It is indeed a privilege to be at work with members of the Turks and Caicos Brass Band, on an exciting assignment. The merchandise is well thought-out. Myself along with members of the Turks and Caicos Brass Band are equally excited and enthusiastic to see the finale results.” said Kazz Forbes, principal designer and proprietor of Saint George Fashion House.