Chavez: Venezuela concerned about lower oil prices
Venezuelan President Hugo Chavez says his government is concerned some fellow OPEC member countries are violating their quotas by producing too much oil. Chavez says Venezuelan Oil Minister Rafael Ramirez will bring up those concerns at next week's OPEC meeting in Austria.
Chavez didn't name any countries he thinks are exceeding production quotas. But Saudi Arabia, for one, has been pumping more oil to offset supply losses from Iran. The price of U.S. benchmark crude ended the week at US$84.10 a barrel in New York, near its lowest level since October.
Chavez says OPEC members should maintain what he calls a "fair level" of oil prices. He says that should be about $100 a barrel. Chavez's socialist government relies heavily on the country's oil earnings to pay for public programs. Higher oil production and weakness in economies around the world that are now burning less gasoline and other fuels have helped push down crude prices 14 percent in the last month and 25 percent from a high in February.
"It's a world of terrible news and a huge build (of oil stocks)," says Rich Ilczyszyn, an analyst and founder of the trading firm iiTrader.com. More declines could be on the way. Julian Jessop, Chief Global Economist at Capital Economics, thinks oil prices will end the year "much lower than they are now."
Demand for oil to make fuels for shippers and travelers is down because Europe remains mired in a debt crisis and economic growth in the U.S. and China has slowed. At the same time, oil supply has risen in recent months. Production in Libya, Iraq and the United States is growing. Saudi Arabia has been pumping more oil to offset supply loses from Iran, which is struggling to export crude under tightening Western sanctions.
One of the chief reasons for the recent drop in global oil prices is the change in the growth prospects in China. Judith Dwarkin, Chief Energy Economist at ITG Investment Research, said China is expected to account for half of the overall growth in global oil demand.
But growth in China has been slowing sharply. Investors expect the country will soon reveal that growth continued to slacken in May. If China is not using more oil, global demand won't rise nearly as much as expected — if it rises at all.
AP
Markets welcome Spanish banks rescue deal
Markets in Europe and Asia have risen in response to the bailout of Spain's banks that was agreed over the weekend.
On Saturday, eurozone ministers agreed to lend Spain's banks up to 100bn euros ($125bn; £80bn).
The FTSE 100 in London rose 1.0%, the Dax in Frankfurt was up 1.9% and the Cac 40 in Paris was up 1.6%. Spain's benchmark index, the Ibex, rose 2.6%. All had earlier made bigger gains.
The euro gained half a cent against the US dollar.
Spain's weakest banks were left with billions of euros of bad loans following the collapse of a property boom and the subsequent recession.
Earlier, the Nikkei in Tokyo closed up 2.0%. The Hang Seng in Hong Kong closed up 2.4%.
On the bond markets, the yield on Spanish 10-year bonds briefly dropped below 6%. Bond yields are taken as an indication of the interest rates that governments would need to pay to borrow money.
European banks led the stock market gains, with Lloyds up 4.9%, Barclays up 3.1%, RBS up 3.2%, Credit Agricole up 4.4%, Societe Generale up 3.3%, Commerzbank up 2.5% and Deutsche Bank up 3.1%.
The exact amount of emergency funding that Spain will receive will be decided after two audits of its banks are completed within the next few days.
Spain is in its second recession in three years and the economy is expected to shrink by 1.7% this year.
"The Spanish announcement is not a solution to the eurozone's ongoing woes, but it is a statement of intent," said Richard Hunter from Hargreaves Lansdown stockbrokers.
"Some much-needed time has now been bought in Spain, which will allow the market an at least temporary sigh of relief."
Gordon Brown gives evidence of row with Sun
Ex-Prime Minister Gordon Brown says lessons cannot be learned about press standards unless there is honesty about how details of how his son's cystic fibrosis was published by the Sun.
He said he and his wife Sarah were "presented with a fait accompli" by the paper, before it ran a story on their son Fraser's medical condition in 2006.
Mr Brown is giving evidence to the Leveson Inquiry into press standards.
Chancellor George Osborne will be giving evidence later.
Prime Minister David Cameron will enter the witness box on Thursday.
The inquiry, which is currently focusing on the relationship between the press and politicians, is resuming after a week-long adjournment.
The paper's then-editor Rebekah Brooks has told the Leveson Inquiry she had the express permission of the Browns to run the story about Fraser's medical condition, but the Browns have previously said that was "untrue".
Mr Brown told the inquiry he had been given an apology by the NHS in Fife because they think it "highly likely" unauthorised information was disclosed by NHS staff about Fraser Brown.
He again denied that consent had been given to the Sun to publish the story.
Mr Brown began his testimony by saying he had had a "period of enforced reflection, courtesy of the British people" to think about the relationship between Westminster and Fleet Street.
He went on to say that media in Britain, at its best, is the "best in the world" but said that one of the key problems of the press is the conflation of fact and opinion - mirroring the views stated by his predecessor Tony Blair when he appeared at the Leveson Inquiry two weeks ago.
Mr Brown also said the Sun had falsely accused him of falling asleep at a service of remembrance for British soldiers. He said he had in fact been praying.
'Unbalanced'
The former prime minister is likely to be questioned about his relationship with Rupert Murdoch during his time in government with Labour.
The News Corp boss told the inquiry in April that Mr Brown had phoned him in an "unbalanced" state of mind and declared war on his media empire after the Sun newspaper had switched its support from Labour to the Conservatives in 2009.
The former PM later denied having made such a threat.
The chancellor, meanwhile, will be asked about the hiring of Mr Coulson in 2007 after he quit the News of the World in the wake of the conviction of the paper's royal editor for phone hacking.
Mr Osborne will also be asked about his communications with Culture Secretary Jeremy Hunt on the day Mr Hunt was handed responsibility for the BSkyB bid.
Labour leader Ed Miliband, former Conservative Prime Minister Sir John Major and Deputy Labour Leader Harriet Harman will give evidence to the inquiry at London's Royal Courts of Justice on Tuesday.
Deputy Prime Minister Nick Clegg and Scotland's First Minister Alex Salmond will appear on Wednesday, while Mr Cameron will be the sole witness on Thursday
US commerce secretary John Bryson in car crash probe
US authorities are investigating car collisions involving US Secretary of Commerce John Bryson, who was later found unconscious at the wheel.
There were three collisions on Saturday near Los Angeles, California, after which Mr Bryson was treated for non-life-threatening injuries, police said.
They said there was no initial indication of alcohol or drug use and no charges have yet been filed.
Mr Bryson, an ex-Edison International chairman, took office last October.
'Medical condition'
A media release from San Gabriel police and the Los Angeles County Sheriff's Department said initial investigations showed the first crash was caused by Mr Bryson.
It said his Lexus struck a Buick that was waiting for a train to pass in the city of San Gabriel.
Mr Bryson spoke to the three male occupants then left the scene, apparently hitting the car again as he did so, the media release said.
The Buick then followed Mr Bryson's Lexus and the occupants called for police assistance.
Mr Bryson was then involved in a collision with a Honda a few minutes later as he crossed into the nearby city of Rosemead, where he was found alone and unconscious behind the wheel.
The law officials said the San Gabriel incident was being investigated as a felony hit and run.
There were no serious injuries to the passengers in the Buick and Honda.
Mr Bryson's Lexus and the Honda suffered minor damage, police said.
They said all parties involved had been co-operative.
LA County Sheriff's Deputy Mark Pope told local radio that authorities understood that Mr Bryson had a "pre-existing medical condition".
Mr Bryson helped develop Edison International into a leading solar and wind power firm, and was confirmed as commerce secretary despite some conservative objections to his pro-environmental connections.
Bahamas PM calls crisis meeting on crime
The murder of a mother and son late Tuesday night triggered Bahamas Prime Minister Perry Christie to convene a crisis meeting on crime early on Wednesday, at which he ordered the leaders of law enforcement agencies to proceed with a sense of urgency in addressing the escalating level of violence in New Providence.The double murder brought to 20 the number of murders that have taken place in The Bahamas since the Christie administration came to office on May 7. In total, 21 murders were recorded in May, the largest number ever in a single month in the country’s recorded history.
Three murders have been recorded so far for June. The murder count for the year stands at 65, up from 57 this time last year. In 2011, the country recorded a record 127 murders.
The crime crisis meeting was attended by key people in the fight against crime: National Security Minister Dr Bernard Nottage; Minister of State for National Security Keith Bell; Attorney General Allyson Maynard-Gibson; Deputy Prime Minister Philip Brave Davis; Commissioner of Police Ellison Greenslade; Commodore of the Royal Bahamas Defence Force Roderick Bowe and head of the National Security Council Clifford ‘Butch’ Scavella, The Nassau Guardian was told.
The Nassau Guardian understands that Christie ordered an immediate increase in police resources on the streets, and heightened intelligence gathering.
Additionally, the Office of the Attorney General intends to give priority to cases involving prolific offenders, who authorities say continue to terrorize communities.
The Guardian understands that the prime minister has directed that defence force officers take over some of the functions of police, to free police officers up to hit the streets.
But there reportedly is no directive at this time for defence force officers to participate in saturation patrols, although that option was left open.
This week, Greenslade acknowledged the manpower challenges facing the police force.
While the prime minister has previously sent signals about the importance of forcefully cracking down on the criminal element, his message on Wednesday was intended to underscore the urgency of upping the war on crime.
Christie asked the heads of the various law enforcement agencies to blur the lines that separate their agencies and mount a single anti-crime effort.
The prime minister has labeled crime as the single largest problem facing the country at this time.
While in opposition, he and the Progressive Liberal Party (PLP) claimed repeatedly that the Ingraham administration had failed to keep Bahamians safe. The party erected controversial signs pointing to a record number of murders under the former government.
Courtesy of the Nassau Guardian
Another executive member of the ruling NDC has added his voice to the PM Money Scandal
Another executive member of the ruling National Democratic Congress (NDC) has added his voice to the ongoing debate on cash received by the party’s leader, Prime Minister Tillman Thomas, from a foreign donor.
Treasurer Bernard Isaac said Tuesday that some of the remarks about the Prime Minister’s action are “intentionally malicious.’’
The opposition New National Party first accused an unnamed “top government minister’’ of receiving US$150,000 from a donor in Saudi Arabia, with suggestions that it was to be channel to the NDC.
The accusation was denied by the Prime Minister, and the General Secretary of the NDC also told reporters that he was unaware of any cash being received from overseas for the party.
However, a statement from the Prime Minister’s press secretary said that “a friend of Grenada, who does not wish to be publicly identified, and whose place of corporate residence is the British Virgin Islands,’’ made the donation to Thomas as NDC leader.
“At every stage,’’ said press secretary Richard Simon, “it was the understanding and belief of Prime Minister Thomas, that these funds were intended to assist the NDC and for no other purpose.’’
On Monday, former Works Minister Joseph Gilbert, who sits on the NDC’s executive, said the party ought to look into the matter of the money transfer to the private account of the prime minister.
“How is it,’’ he asked, “a person receives money for his party and fails to make the disclosure to that party five months and numerous meetings thereafter?’’
Isaac, however, has said that “from time to time,’’ Thomas collects money for the NDC and the cash is delivered to him, as treasurer, “to pay bills in the name of the party.’’
Isaac said he reported on some of the payments at last general council of the NDC that held in Carriacou in March.
Meanwhile, Information Minister Glen Noel is accusing the local press of not understanding their responsibility.
He made the charge in reaction to reports of a pending reshuffle of government ministers.
The government-friendly MTV News broke the story on Monday evening, saying that “in the coming days’’ there will be a reshuffle.
The station said the reshuffle includes planned changes in the portfolios of South St. George MP Glynis Roberts and MP for St. Andrew South-West, Sylvester Quarless.
Noel said no media had called him to discuss the matter of the reported cabinet shake up, nor had he been “officially informed’’ of any pending government reshuffle.
“I don’t know anything about it,’’ Noel said.
However, other sources close to government maintain that discussions have taken place with ministers about a pending reshuffle.
Mega investment projects to stimulate growth in Jamaica
Prime Minister Portia Simpson Miller said the three mega investment projects to be implemented by the Ministry of Transport, Works and Housing, will stimulate growth and generate employment opportunities in Jamaica.
The projects are: the North-South link of Highway 2000; modernisation of the Kingston Container Terminal, and development of a new container terminal at Fort Augusta.
Making her contribution to the 2012/13 Budget Debate in the House of Representatives on Tueasday, the prime minister noted that the North to South leg of the Highway 2000, which began in 2007, entails construction of a toll highway linking Mandela Highway to the Linstead bypass, which then leads to Mount Rosser to Moneague, and on to Ocho Rios.
“The construction of the toll way will open up several development opportunities in the central part of the country. In addition, this will significantly cut travel time and save energy. We are talking about an investment which will result in over US$720 million being pumped into this economy,” she said.
Additionally, she said discussions with the investors include the development of housing and commercial areas served by the corridor.
Turning to the modernisation of the existing Kingston Container Terminal, Simpson Miller said it will allow Jamaica to leverage its geographic position and take advantage of the expansion of the Panama Canal.
“We will negotiate to get the best deal for Jamaica, as we will not allow this significant opportunity to pass us by,” she said.
The prime minster noted that the third mega project relates to the proposed further development of a new container terminal on lands at Fort Augusta.
“These lands will be used for the expansion of the Kingston Container Terminal and will be twinned with the planned establishment of a Free Zone facility on lands at Caymanas,” she said.
Simpson Miller said that the government is committed to working closely with international partners, including members of the private sector from France, China, Brazil, as well as traditional partners from the United States, the United Kingdom and Canada.
“I invite all of us in this House and across Jamaica to support these projects. I encourage our private sector to be prepared to take full advantage of these opportunities,” she said.
In the meantime, she said partnership with the Jamaican Diaspora is critical to opening doors and enabling participation in investments at home.
“We are now actively engaged in negotiations for many other projects in the ICT and tourism sectors. The respective portfolio ministers will elaborate on these opportunities in their presentations during the sectoral debate,” the prime minister said.
Government ministers bat for Grenada PM
Two National Democratic Congress (NDC) political party executive members, who are also Grenada government ministers, have brushed aside suggestions that there was something untoward in Prime Minister Tillman Thomas receiving a cash contribution from a foreign donor in his capacity as leader of the ruling NDC.
Deputy leader and minister of finance, Nazim Burke, and former NDC chairman Glen Noel, have also both reaffirmed their confidence in the honesty and integrity of the prime minister.
“My belief in him and his integrity is unwavering,” information minister Noel told Byron Campbell, host of the CC6 Wednesday evening television program, You Decide.
Earlier in the day, on the Grenada Broadcasting Network’s To the Point radio show, Burke also backed Thomas, saying there are “many people in Grenada and elsewhere” who contribute financially to the NDC and the opposition New National Party (NNP) and do not want to be identified as donors.
“They may fear recrimination,” Burke said.
Revelation of a money transfer was first made public last month by opposition leader and head of the NNP, Dr Keith Mitchell, who claimed that a “top government minister” had received US$150,000 from a Saudi Arabian donor through a local bank.
That charge of a US$150,000 Saudi donation has been denied by the prime minister. According to his press secretary, an individual with “corporate residence” in the British Virgin Islands made a US$50,000 contribution and “at every stage, it was the understanding and belief of Prime Minister Thomas, that these funds were intended to assist the NDC and for no other purpose.”
Some NDC executive members have said publicly that they were unaware of the donation to the party.
Burke said there have been previous occasions when cash or equipment is received by the relevant “custodians” of the party and he never enquired on exactly what is received and how much.
Noel added that it is a “lie” and “simple political mischief” for any executive member to assert ignorance of the money.
He referenced NDC treasurer, Bernard Isaac, who said that he reported to the NDC’s general council in March on money he had collected from Thomas “to pay bills in the name of the party.”
Noel said the prime minister was right in denying receiving or having knowledge of a US$150,000 donation from Saudi Arabia.
The burden of proof that such a sum was received is on the opposition leader, said Noel.
The Information Minister said he believes that “very soon,” Thomas “will speak to it and close the matter” of the money transaction.
Meanwhile, none of the so-called Grenada 17 has the moral authority to get involved in politics, said one of the group convicted for the murder of Revolutionary Prime Minister Maurice Bishop, while appearing on one of Grenada’s leading television news programmes, MTV News.
Christopher Stroud, who spent a little over 25 years in prison, said he was passionate about politics when he joined the New Jewel Movement (NJM) as a young man. However, he said that he has lost interest and does not see himself going back into it. He included most of his colleagues in his assertion that they have no moral authority to be there (politics).
For the majority of his colleagues that seems to be the sentiment, except for one who recently made certain statements on national television putting him in total support of a rebel faction of the ruling NDC headed by recently resigned tourism minister, Peter David, who is thought to be aligned with the hardliners that eclipsed the Grenada Revolution on October 19, 1983, killing Bishop and several other people.
Stroud is confident that this individual concerned – Selwyn Strachan – speaks for himself.
Stroud said he would continue to make his contribution to Grenada by working with young people in and out of prison.
LeBron James scores 45 points as Heat force Game 7 vs. Celtics
LeBron James refused to let another season end in Boston.
The Eastern Conference finals, and his chase of an NBA championship, are headed back to Miami for a Game 7.
James had 45 points and 15 rebounds, overwhelming the Celtics and leading the Heat to a 98-79 victory Thursday night that forced the decisive game.
Pushing away elimination right along with every defender who tried to stop him, James shot 19 of 26 from the field and finished four points shy of his playoff career-high while playing 45 minutes, not sitting down until the victory was long secured.
"He was absolutely fearless tonight, and it was contagious," Heat coach Erik Spoelstra said. "The way he approached the last 48 hours, and not only LeBron, but everybody else. Nobody likes getting dirt thrown on your face before you're even dead. He showed great resolve."
Dwyane Wade added 17 points for the Heat, who need a victory at home Saturday to return to the NBA Finals.
Rajon Rondo had 21 points and 10 assists for Boston. Kevin Garnett and Brandon Bass each scored 12 points, but Paul Pierce had only nine on 4-of-18 shooting.
In the site of some of James' biggest disappointments, the only disappointed ones Thursday were the thousands of fans who hoped to see a celebration but instead filed out of the TD Garden midway through the fourth quarter, just before the league MVP called it a night.
Miami barely won Game 2 before dropping the next three games, but this one was never in doubt. James was a one-man force on what's supposed to be a Big Three, carrying the Heat in the first half while Wade made only 1 of 6 shots.
The Celtics were hoping to complete a comeback from a 2-0 deficit, as Oklahoma City did, and advance to face the Thunder in the NBA finals. But they missed 13 of 14 3-point attempts and will have to win a second straight game in Miami to play for the title.
James' season was twice ended in Boston while playing for Cleveland, the Celtics emerging as the winner in a Pierce-James duel in Game 7 of the 2008 East semifinals, then beating the Cavs in Game 6 of the second round two years later.
Bolt pips Osafa in Diamond League
Usain Bolt was pushed all the way in the 100m before powering home to take victory at the Diamond League in Oslo in a time of 9.79 seconds.
The world record holder finished clear of Asafa Powell, who came second in 9.85 seconds, his best time of 2012.
Team GB's Marlon Devonish finished sixth but Mark Lewis-Francis was disqualified following a false start.
Jessica Ennis, who was taking part in the 100m hurdles, also paid the price for leaving the blocks early.