Huawei and ZTE handed 5G network ban in Australia
Chinese smartphone maker Huawei says the Australian government has banned it from providing 5G technology for the country's wireless networks.
It said fellow communications firm ZTE had also been banned, both reportedly because of national security concerns.
"This is a extremely disappointing result for consumers," the company said on Twitter.
Faster data download and upload speeds are promised with 5G, which is the next stage of mobile internet connectivity.
Wider coverage and more stable connections than current 4G technology are also highlighted as benefits.
Several countries are preparing for the roll-out of 5G mobile networks, although analysts say few will launch 5G services before 2020.
Mark Newman, from the consultancy ConnectivityX, said: "5G is going to be the next significant wave of mobile infrastructure deployment.
"If existing suppliers are banned, it will be quite a major blow for them."
Huawei is the world's biggest producer of telecoms equipment. It also ranks second in global smartphone sales, behind Samsung and ahead of Apple.
In July, a UK security committee warned that it had "only limited assurance" that Huawei's telecoms kit posed no threat to national security.
The UK's cyber-defence watchdog - the National Cyber Security Centre - has also warned that the use of ZTE's equipment and services could pose a national security risk.
Tesla Is Still Worth More Than GM
Despite a sell-off in Tesla Inc.'s (NASDAQ: TSLA) stock due to the erratic behavior of CEO Elon Musk, SEC scrutiny of his public statements, rumored turmoil among board members and risks that it can't hit production targets, the electric car company's market value is still higher than that of General Motors Co. (NYSE: GM). GM sells about 10 million cars a year. Tesla delivered slightly more than 40,000 last quarter.
Venezuela devalues currency by 96 percent and raises minimum wage in an attempt to arrest hyperinflation
President Nicolas Maduro’s administration in Venezuela has undertaken the largest currency devaluation ever recorded in recent times, cutting value of the Bolivar by some 96 percent in an attempt to arrest the hyperinflation that has helped to bring the country to its economic knees.
The International Monetary Fund has estimated that inflation in Venezuela may hit an astounding one million percent, higher than the inflation rate in Zimbabwe under the former Robert Mugabe administration.
The Central Bank of Venezuela set the rate at 68.65 of the new “sovereign bolivars” to the euro, equivalent to around 60 bolivars per dollar.
The previous rate was equivalent to some 2.48 sovereign bolivars to the dollar. Expressed in the previous “strong bolivar” currency in effect until Monday, it amounts to a hike from 248,210 to 6,000,000 to the dollar.
In another drastic move, the Maduro administration has also decided to raise the country’s minimum wage by some 3,000 percent, a move that he hopes to bring citizens back home, add value to consumer savings and also bolster confidence in consumer spending.
During the political and economic collapse within Venezuela that prompted these latest adjustments by Maduro, residents have fled the country to neighbouring Columbia, Brazil and as far down south as Argentina and have also sought refuge in Caribbean islands from Anguilla to Trinidad and Tobago.
In a Facebook broadcast announcing the devaluation, Maduro also noted that it was his solemn promise and intention to revive the economy, and as part of that he also planned to raise taxes, increase petrol prices for some drivers, in addition to currency devaluation and introducing the rebranded currency – the sovereign bolívar – which will have five fewer zeros than its inflation-stricken predecessor, the bolívar.
Luis Vicente Leon, president of the Caracas-based pollster Datanalisis, said Venezuela’s latest package of economic measures is likely to cause major problems for domestic businesses.
“The transition to apply the concrete elements of the proposal: exponential increase in salaries, massive requests for advancement of benefits and increase and change of frequency of tax payments puts companies in a situation of catastrophic cash flow,” Leon said in a tweet posted on Friday.
In several other tweets, Leon went on to further assert that this move will create market distortion, raise the likelihood of more black market activity and that moves like this are not in keeping with trying to establish and maintain a respected exchange rate.
The new sovereign bolivar is also expected to be pegged to the newly unveiled Venezuela cryptocurrency, the Petro, unveiled early this year to widespread criticism.
Further in Maduro’s address, he also made clear that he wishes everything in Venezuela to be tied to the Petro and that: “They’ve dollarized our prices. I am petrolizing salaries and petrolizing prices … We are going to convert the petro into the reference that pegs the entire economy’s movements.”
Skeptics of Venezuela’s Petro have gone on record stating that the cryptocurrency is risky, not needed to be backed by oil-revenues, with Venezuela being a large exporter of oil and petroleum products, having the world’s largest oil reserves. The Petro leaves itself open for more fraudulent activity than most other cryptocurrencies in that it is backed by a regime that is already under heavy international sanctions and thus the Petro may be used to back illicit and illegal transactions.
With Venezuela also falling under the crippling pressure of international sanctions, which has affected its largest export, oil, whether or not these moves will help or are just another desperate ploy remains to be seen
Regina Hall Confirms 'Girls Trip 2' Is In The Works: 'We’re Trying To Make That Happen'
It looks like the Flossy Posse will be making their comeback in a Girls Trip 2 sooner than we might expect.
Regina Hall confirmed in a recent interview that the powers that be are working hard to bring a sequel to the successful 2017 hit.
“We’re trying to make that happen,” Hall told BuzzFeed News’ “AM to DM“. “So we’re trying to get everything together with the schedule. I think they’re working on something. I don’t know where we’re going. I don’t know where the girls are going, but… we’re going somewhere.”
La Liga players 'outraged' over deal to play match in the United States
Footballers in Spain have not ruled out strike action over a plan to stage a top-flight league match in the United States, says the players' union.
Real Madrid captain Sergio Ramos and Barcelona vice-captain Sergio Busquets were among the high-profile players to attend a meeting on Wednesday to discuss their "concern" over the issue.
La Liga agreed a 15-year deal with US media company Relevent on Friday.
The players' union - the AFE - says its members were not consulted by La Liga.
Players from all of the La Liga sides met in Madrid on Wednesday to discuss the issue with AFE president David Aganzo.
Among those in attendance were Ramos and Real Madrid team-mate Nacho, Barcelona duo Busquets and Sergi Roberto, Leo Baptistao from Espanyol, Bruno from Villarreal, and Atletico Madrid players Koke and Juanfran.
Aganzo said: "The problem is the lack of common sense, a schedule where only the export of soccer benefits - nobody counts on the fans.
"We need to fix it with the bosses. The captains are outraged, they're against it, they are unanimous.
"It does not make sense. We are talking about an agreement that has a validity of 15 years without consulting the players."
On the possibility of strike action, he added: "We will try not to reach that extreme but we are willing to go to the end if necessary."
Aganzo said the players would meet again in September.
Asked last week when the US-based match would take place, and whether it would be a regular fixture, La Liga told BBC Sport it "cannot confirm the teams, match, date or season".
The AFE said players "do not understand the unilateral decisions", adding: "La Liga is distancing the fans of the players, something that harms the show and the essence of football."
After the meeting the league said in a statement: "La Liga will meet with AFE in the appropriate forum to discuss the plans to play a match outside of Spain."
Cuba denies rumours of new customs restrictions
The customs department in Cuba (AGRC) has denied rumours about new customs restrictions, reported by foreign media and other channels of communication.
For several days now, news has been spreading, in what was described as an erroneous and malicious manner, that the AGRC will soon be putting into effect new provisions on the customs clearance of travellers and their belongings.
The official communiqué stated that rumours have even reached the point of setting dates and presenting false documents, according to the questions posted on the AGRC’s Facebook page.
“The current customs regulations have not been modified and are not intended to be modified and are the same as those that appear on its website and on its social networking sites on the Internet,” the AGRC said.
It also reaffirmed that, as is customary, the Cuban customs department will always inform travellers in advance, by all means available, of any changes that may be made to the regulations.
Cuba denies rumours of new customs restrictions
Saudi Arabia has called off Aramco float, report suggests
Saudi Arabia is reported to have cancelled its plans to sell shares in state oil giant Aramco, which had been billed as the largest flotation ever.
The group of financial advisers working on a plan to sell 5% of the company domestically and internationally has been disbanded.
The wire service quoted a source suggesting the decision was taken some time ago but is not being announced.
Neither Saudi Aramco nor the Saudi Royal Court has commented on the story.
Mohammed bin Salman, Saudi Arabia's Crown Prince, first proposed the share sale early in 2016 as part of his economic reform agenda, to bring western regulation and scrutiny to the company, as well as raising cash to reduce the country's large budget deficit.
At the time he predicted the sale would value Aramco at around $2 trillion (£1.55 tn). The plan was to float shares on both the local stock market in Riyadh, and one of the world's leading international financial centres.
Hurricane Lane: Hawaii braces for category four storm
The US state of Hawaii is bracing for a dangerous category four hurricane which could hit the islands as early as Wednesday evening.
Lane was downgraded to a category four storm, with sustained winds of 155 mph (249km/h), but officials say it is still close to category five strength.
Forecasts say the islands will face strong winds and surging waves even if the storm does not make landfall.
The last category five storm to come this close to Hawaii was John in 1994.
The National Weather Service (NWS) has issued a hurricane warning for the Big Island and a hurricane watch for the islands of Oahu, Maui, Molokai and Lanai as of Wednesday morning.
On the Big Island, the first in Hurricane Lane's path, damaging tropical storm and hurricane-force winds could pick up as soon as Wednesday afternoon or evening.
President Donald Trump urged those in the path of the storm to prepare and listen to local officials.
BAHAMAS AND TURKS AND CAICOS ISLANDS PUBLIC FORECAST
THE PUBLIC FORECAST FOR 6:00 AM TODAY AND TONIGHT WEDNESDAY 22ND AUGUST 2018 ISSUED BY THE BAHAMAS DEPARTMENT OF THE BAHAMAS
GENERAL SITUATION: A SURFACE TROUGH ACROSS THE NORTHWEST BAHAMAS WILL CONTINUE TO DRIFT WESTWARDS AND DISSIPATE WHILE SUPPORTING A FEW SHOWERS AND THUNDERSTORMS TODAY AS HIGH PRESSURE DOMINATES THE REMAINDER OF THE ISLANDS
SPECIAL WARNINGS: BOATERS SHOULD REMAIN VIGILANT DUE TO POSSIBLE FUNNEL CLOUD AND WATERSPOUT ACTIVITY TODAY
FOR ALL AREAS
WEATHER: PARTLY SUNNY AND HOT WITH A FEW SCATTERED SHOWERS AND ISOLATED THUNDERSTORMS TODAY. FAIR AND WARM TONIGHT WITH A STRAY SHOWER OR TWO POSSIBLE.
ADVISORY: GUSTY WINDS AND HIGHER SEAS CAN BE EXPECTED IN SHOWERS AND THUNDERSTORMS
WINDS: SOUTHEASTERLY AT 10 TO 15 KNOTS IN THE NORTHWEST AND CENTRAL BAHAMAS AND EAST TO SOUTHEAST AT 15 KNOTS IN THE SOUTHEAST BAHAMAS INCLUDING THE TURKS AND CAICOS ISLANDS.
SEAS: 2 TO 4 FEET OVER THE OCEAN IN THE NORTHWEST AND CENTRAL BAHAMAS AND 3 TO 5 FEET IN THE SOUTHEAST BAHAMAS INCLUDING THE TURKS AND CAICOS ISLANDS.
DAYTIME HIGH TEMPERATURE 93F 34C
HEAT INDEX 106F 41C
OVERNITE LOW TEMPERATURE 78F 26C
SUN
SUNRISE: 6:47AM SUNSET: 7:36PM
MOON
MOONRISE: 5:13PM MOONSET: 4:13AM THU
TIDES
LOW TIDE: 10:49AM 11:41PM
HIGH TIDE: 5:14PM 5:29AM THU
EXTENDED FORECAST: (FOR THE NEXT TWO DAYS) HIGH PRESSURE WILL PREVAIL ACROSS THE BAHAMAS OVER THE NEXT FEW DAYS.
Premier Robinson attended the VIP Opening of Outback Steakhouse TCI
Premier Robinson attended the VIP Opening of Outback Steakhouse TCI as Guest of Honor and Featured Speaker.
TCI Aquatic Swim Club and TCI Cadets were the first recipients of financial donations under the Company's Give Back Program