Europe markets calm after Asia and US sink
European share markets have steadied after big falls in Asian stocks that followed a bruising trading session on Wall Street.
Tokyo stocks slumped more than 3%, while losses pushed the US Dow Jones Industrial Average and the S&P 500 into negative territory for the year.
European markets followed suit at first, but had risen by lunchtime, with London's FTSE 100 up 0.17%.
Concerns over corporate profits and slowing growth have rattled investors.
In the US, the Dow Jones Industrial Average sank 2.4% to 24,583.4 points, while the S&P 500 plunged 3.1% to 2,656.1 points on Wednesday.
The technology-focused Nasdaq dropped more than 4.4% to 7,108.4 points - its worst day since 2011 - amid concerns about weak corporate profits and global trade tensions.
It was the worst day since 2011 for the index, which is now 10% lower than its September peak and in "correction" territory.
Even technology firms, which have driven much of the market gains this year, did not escape the sell-off, with Amazon falling 5.9%, Facebook down 5.4%, Google owner Alphabet off 4.8% and Netflix sinking 9.4%.
Stephen Innes, Asia-Pacific head of trading at Oanda, said in a research note the tech sector had previously been seen as "impervious to weaker global growth sentiment, but escalating US-China trade tension remains that sectors undoing".
Wednesday's losses marked a sixth straight day of declines on the S&P and followed turbulence earlier in October.
The Dow is now on track for its worst month since May 2010.
Investors were also spooked by figures on Wednesday showing new home sales fell last month to their slowest pace in nearly two years.
They underlined other reports suggesting the US housing market is weakening - a worry given the sector is seen as a bellwether of economic health by many.
Investors have also grown nervous as growth in China slows and companies report increased costs due to labour shortages and tariffs.
Those forecasts hit companies such as Caterpillar, down 5.6%, and 3M, off 4.2%. The falls compounded declines on Tuesday in the wake of disappointing results.
Nate Thooft at Manulife Mutual Funds said: "Costs are increasing and it's often tariff-related. We also reached a potential peak for earnings - companies that show marginal weakness take a beating."
Adding to the sense of unease were a series of crude mail bombs and suspicious packages sent to prominent Democrats and critics of President Donald Trump, including Barack Obama and Hillary Clinton, less than a fortnight before the midterm elections.
Jack Ablin at Cresset Wealth Advisors said the selling appeared to be "emotionally" driven, adding: "Perhaps it's just a ratcheting up of chaos."
The losses on major European indexes were less severe. The pan-European STOXX 600 fell as much as 1% before paring losses slightly to trade down 0.7%
Today's weather: Friday, October 26th, 2018
IN TODAY’S WEATHER, A STATIONARY FRONT REMAINS ACROSS THE TCI AND CENTRAL AND SOUTHERN BAHAMAS, INCREASING THE CHANCES OF CONVECTIVE ACTIVITY ACROSS THE ISLANDS THROUGHOUT THE DAY AND TONIGHT.
WEATHER TODAY IS VARIABLY CLOUDY TO PARTLY CLOUDY WITH ISOLATED SHOWERS AND THE CHANCE OF THUNDERSTORMS.
WINDS ARE SOUTHEAST TO SOUTH AT 10 TO 15 KNOTS OVER OPEN WATERS IN THE TCI AND SOUTHERN BAHAMAS.
HERE AT HOME, SEAS ARE 2 TO 4 FEET OVER THE OCEAN.
WE EXPECT A DAYTIME HIGH TEMPERATURE OF 90°F, that’s 32°C
OVERNITE LOW TEMPERATURE WILL BE 73°F, that’s 23°C
SUNRISE THIS MORNING IS AROUND 7AM AND IF YOU WANT TO CATCH THE SUNSET, IT’S AROUND 6:30PM TODAY. THE MOON RISES TONIGHT AT 7:40PM
IN OUR EXTENDED FORECAST, THE STATIONARY FRONT ACROSS THE TCI AND CENTRAL BAHAMAS IS EXPECTED TO TRANSITION INTO A WARM FRONT EARLY TODAY...JUST IN TIME FOR THE WEEKEND.
Tesla delivers 'historic' $311m profit
The quarterly profit milestone was a boost to the Tesla chief, who has been criticised for not delivering on previous promises and other recent behaviour, such as Twitter attacks on a British diver.
Last month the US financial regulator, the Securities and Exchange Commission, accused him of defrauding investors when he claimed he had secured funding to take Tesla private.
The two sides later announced a settlement, in which Mr Musk would step aside as chairman and pay a fine, among other penalties, but could remain Tesla chief executive.
Tesla declined to take questions on the search for a new board chair.
Tesla has reported a quarterly profit for just the third time in its 15-year history.
The electric car-maker made a record $311.5m (£241m) in the three months to 30 September, as the pace of car deliveries accelerated.
The result is a victory for chief executive Elon Musk, who had promised a profit to investors earlier this year.
Tesla's last profitable quarter came in 2016 and it had faced mounting questions about its finances.
In a letter to investors, Mr Musk called the quarter "historic" and said it was a credit to the firm's "ingenuity and incredible hard work".
He also said Tesla was on track to be profitable again in the fourth quarter.
Shares jumped more than 10% in after-hours trading in New York.
The results are a sign that the firm has turned a corner, said Nicholas Hyett at Hargreaves Lansdown.
"Normally we'd tell investors to avoid reading too deeply into a single quarter's numbers, but this quarter really counted at Tesla," he said.
Tesla, which has never reported an annual profit, had been under particular strain after it ramped up spending for its launch of the Model 3, its newest car aimed at a wider market.
Following a surge of orders last year, it struggled to meet manufacturing targets and deliver cars to customers.
That prompted worries about Tesla's finances and fanned concerns that customers would get impatient and cancel their bookings.
However, less than a fifth of the roughly 455,000 reservations the firm reported in 2017 have been cancelled, it said.
Production has also picked up, driving sales. Tesla made more than 80,000 vehicles in the period, of which more than 60% were Model 3s.
The increase lifted revenue to $6.8bn in the quarter, more than double a year ago.
Job cuts and other reductions in spending also helped the bottom line.
Akshay Anand, executive analyst at Kelley Blue Book, called it a "very strong" quarterly performance.
"Kudos to Elon Musk and team for surprising nearly everyone," he said. "Now, the question remains - can Tesla make this a habit, or [is] this a blip on the radar?"
On a call with financial analysts, Mr Musk said Tesla aimed to be profitable every quarter going forward.
He is counting on strong demand in Europe and China, where Tesla plans to start selling Model 3s next year. The aim is to shift up to a million cars a year outside the US.
Tesla hopes to start production of its next model in 2020 and is also making plans for a Tesla ride-hailing service, Mr Musk added.
LeBron James not panicking after 0-3 start
Following the Los Angeles Lakers' 143-142 overtime loss to the San Antonio Spurs Monday night,
LeBron James had a message for fans: "We'll be fine." James assured reporters and Lakers fans the team will see improvement as the year goes on: "It's not tough. I know what I got myself into. It's a process. I get it. And it will be fine.
So, I didn't come here thinking we were going to be blazing storms right out of the gate.
It's a process and I understand that." This is an unusual position for James. It is the first time one of his teams have started the
season 0-3 since his second year in the league. For the Lakers, however, losing has become
commonplace since the end of the 2012-13 season.
After joining the Lakers via free agency this past offseason, James was tasked with turning
around a franchise that lost at least 50 games for four straight seasons before winning 35
last year. Some of last year’s positive signs have carried over into this season, such as
the team overcoming an eighteen point deficit against the Spurs. It has not translated to victories in the early going, however, as the Lakers go on the road
to play the Phoenix Suns on Wednesday in search of their first win of 2018. James assured Lakers fans that it is coming soon: "We're going to continue to get better. We're going to continue to get better. I like the direction
we're going in. Obviously, it's not resulting in the wins right now but it's such a long process.”
Details on the 23rd Meeting of Cabinet
His Excellency the Governor, Dr John Freeman, chaired the 24th meeting of Cabinet on Tuesday, the 23rd October 2018, at the N. J. S. Francis Building in Grand Turk.
All Ministers were present.
At this meeting:
- Cabinet advised His Excellency the Governor to approve the appointment of a new CEO of Invest TCI for a period of two years with effect from November 1st, 2018, subject to contractual terms approved by Cabinet being agreed.
- Cabinet approved the extension of the appointments of the members of the Health Practitioners Board for an additional period of six months;
- Cabinet approved, with amendments, the draft Sports Development (Fees) Regulations for 2018. Cabinet also approved a request by the family of Ms Marion Williams to use the Gustavus Lightbourne Sports Complex for a community celebration subject to the appropriate fee being charged;
- Cabinet also approved the appointment of the Energy and Utilities Commissioner as Secretary of the Water and Sewerage Board with immediate effect until March 31st, 2019;
- Cabinet approved the termination of the appointment of Mr Max Garland as the representative of the TCI Electrical Contractors Association to the Electricity Board for Electrical Practitioners Licencing and approved the appointment of Mr John Carlos Ariza as his replacement with immediate effect until March 31st, 2019;
- Cabinet noted an information paper from the Hon. Minister of Home Affairs, Transportation and Communication, the Hon. Vaden Delroy Williams, updating Cabinet on on-going work and plans to improve the physical infrastructure at Her Majesty’s Prison in Grand Turk;
- Cabinet noted the on-going work by the Public Works Department to address recommendations in the Dillon Consulting Report on Storm Water Flood Risk Management. The Ministry will present a paper on recommendations to mitigate the risk of flooding to Cabinet for approval;
- Cabinet noted the recommendation of the Procurement Board on the award of the following contract in accordance with the Public Procurement Ordinance – TR 18/16 Shelters and Emergency Operations Centre;
- Cabinet received an up-date by Premier Robinson on the work of the TCI National Disaster Recovery Task Force;
- Cabinet also advised His Excellency the Governor to approve the issuing of a public tender notice for the lease of Crown Land Parcel 60003/246 in Providenciales in accordance with Section 34 of the Crown Land Ordinance;
- Cabinet approved proposed amendments to the Physical Planning Ordinance to allow the Physical Planning Board to delegate to the Director of Planning - the authority to decide on specified types of planning applications. An amended draft Bill will be submitted to Cabinet for approval.
Further information on these matters will be provided by Ministers in due course.
EU parliament approves ban on single-use plastics
European Parliament voted overwhelmingly Wednesday for an EU-wide ban on single-use plastics such as straws, cutlery, cotton buds and balloon sticks.
The European Commission, the 28-nation EU's executive arm, proposed banning such items that it said account for 70 per cent of the waste in the oceans and beaches.
"Today we are one step closer to eliminating the most problematic single-use plastic products in Europe," the EU's environment commissioner, Kar-menu Vella, said.
The European Parliament in Strasbourg, France, voted for the ban on single-use plastic with 571 votes for, 53 against and 34 abstentions.
The legislation which supporters want to take effect by 2021 must still be approved in negotiations involving the member states, parliament and the commission.
The WWF said the vote put "the EU on track as a global leader in reducing plastic pollution and pioneering stronger circular economies."
However, it said the parliament missed an opportunity to close a legal loophole on the definition of single-use plastics, adding it allows products to be labelled re-usable when they may not be.
The manufacturers associations, PlasticsEurope said the measures are "disproportionate," adding bans discourage investment needed to develop ways to recycle plastics.
Like WWF, it said the single-use plastics definition remains "ambiguous."
The parliament said its ban across the EU targets single-use cutlery, cotton buds, straws and stirrers, which were on the commission's original list of 10 items.
MEPs added polystyrenes used to wrap fast-food and oxo-plastics, such as bags that have been touted as biodegradable but which break up into tiny particles.
The legislation calls for plastic items | where no alternatives are available to be reduced by at least 25 per cent by 2025.
Under the ban, drinks bottles and other plastics will have to be collected separately and recycled at a rate of 90 per cent by 2025.
The legislation calls for reducing waste from tobacco products, especially cigarette filters containing plastic, by 50 per cent by 2025 and 80 per cent by 2030.
When thrown on a road, cigarette butts can take up to 12 years to disintegrate, the parliament said.
It calls for member states to ensure that tobacco firms cover the costs of waste collection for those products.
The bill calls on member countries to ensure that at least 50 per cent of lost or abandoned fishing gear containing plastic is collected annually.
It calls for recylcing at least 15 per cent of fishing gear — which accounts for 27 per cent of the litter on Europe's beaches — by 2025.
Producers of fishing gear containing plastic will also need to assume the cost of collecting litter and help meet the recycling target.
Frederique Ries, member of the liberal ALDE party, said the bill he steered through parliament is "the most ambitious legislation against single-use plastics."
He added "it is up to us now to stay the course in the upcoming negotiations with the EU member states, which could start next month.”
He said the legislation is needed to protect the environment and cut damage from plastics that will rise to an estimated 22 billion euros by 2030.
[Source: Jamaica Observer]
T&T struck by fifth earthquake in 7 days
An earthquake with a magnitude of 4.8 rocked sections of Trinidad and Tobago yesterday morning, Thursday, October 25th, 2018.
The Seismic Research Centre at the University of the West Indies, St Augustine campus, said this is the fifth earthquake to hit the twin island republic within the past seven days.
The Seismic Research Centre said the quake which occurred at 11:57 am (local time), was located at Latitude 10.62North and Longitude 62.03West, with a depth of 6.2 miles.
It was felt 35 miles west of Port of Spain, 47 miles northwest of San Fernando and 52 miles west of Arima.
There are no reports of damages or injuries.
The TC Aquatics Club will compete in the 2018 Mako Aquatics Club Fall Invitational
The TC Aquatics Club will compete in the 2018 Mako Aquatics Club Fall Invitational scheduled to be held at the Betty Kelly Kenning Aquatics Center in Nassau, Bahamas on the 26th and 27th of October.
Mateo Gardiner, age 11, will swim in the 50, 100 and 200 meter breaststroke, the 50, 100 and 200 meter freestyle and the 50 meter fly races.
Tajhari Williams, age 10, will swim in the 100 meter backstroke, 100 meter fly, the 50, 100, 200 and 400 meter freestyle and the 200 meter individual medley.
Chelsea Walkin, age 10, will swim in the 50 meter freestyle and the 50 meter backstroke.
Lenin Hamilton Jr., age 9, will swim in the 50, 100 and 200 meter freestyle, the 50 meter backstroke, breaststroke and fly and the 200 meter individual medley.
Jamari Parker, age 9, will swim in the 50, 100 and 200 meter breaststroke, the 50 and 100 meter freestyle, the 50 meter backstroke and the 50 meter fly.
Adrian Lightbourne, age 9, will swim in the 50 and 100 meter freestyle and the 50, 100, and 200 meter breaststroke.
Carlos Miguel Mariano, age 8, will swim in the 50 meter fly, the 50 meter backstroke and the 50, 100 and 200 meter freestyle.
Gil Alexandre C. Geralde, age 8, will swim in the 50 meter backstroke, 50 meter breaststroke and 50 meter freestyle races.
Lenika Hamilton, age 7, will swim in the 50, 100 and 200 meter freestyle, the 50 meter backstroke, breaststroke and butterfly and the 200 meter individual medley.
And Leniah Hamilton, age 4, will swim in the 50 meter backstroke and 50 meter freestyle.
Mail bombs: Robert De Niro and Joe Biden latest targets
A suspect package similar to those sent to CNN and senior Democrats has been sent to a New York restaurant owned by the actor Robert De Niro.
The device arrived at the Tribeca Grill in Manhattan early on Thursday local time, US media said, citing police.
Former Vice-President Joe Biden has also reportedly received packages.
If linked to previous similar incidents, this would be the ninth DemocratIC party-affiliated indivudual to receive a suspect package this week.
De Niro - the star of films Raging Bull and Meet the Parents - is a vocal Trump opponent, and once called him "a national disaster".
When the Oscar-winner attacked him at the Tony Awards in June, the president responded by calling De Niro a "very low IQ individual."
The New York Police Department said the restaurant building - which also houses his production company Tribeca Films - was empty at the time the suspicious device arrived.
The series of bomb alerts began on Monday, when explosive devices were sent to locations in New York, Washington DC and Florida.
The first was found near the home of billionaire businessman George Soros, a major Democratic Party donor.
Other devices were sent to the following individuals:
--Former Secretary of State Hillary Clinton and ex-President, Bill Clinton
--Former President Barack Obama
--Former Vice-President Joe Biden
--Former CIA Director John Brennan, care of CNN
--Former Attorney General Eric Holder
--AND California Democratic Congresswoman Maxine Waters
NOTICE: Daylights Saving Time begins Sunday, November 4th, 2018
The Turks and Caicos Islands Government wishes to advise the general public that Daylight Savings Time will end on Sunday, November 4th, 2018 at 2:00 a.m.
This will result in a one-hour (behind/backward) time change at 2:00 am on Sunday, November 4th 2018.
At that time, Eastern Standard Time will commence and will continue until 2:00 a.m. on Sunday, March 10th, 2019.