Oil rises as OPEC, partners discuss supply cut
Oil rose on Wednesday, recouping some of the previous session’s slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market.
Prices rallied toward $67 earlier in the session after Reuters reported OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger figure than officials have mentioned previously.
International benchmark Brent crude LCOc1 was up 36 cents a barrel to $65.83 as of 1118 GMT, having fallen as low as $65.02. U.S. crude CLc1 was up 6 cents at $55.75.
Since mid-October, the price of Brent has fallen by 17.5 percent on concern about excess supply and slowing demand, marking one of the biggest declines since a price collapse in 2014.
“While the focus was on the Iran embargo and Venezuela’s output struggles over the past months, i.e. the risks of too little supply, the market increasingly looks concerned about the prospects of too much supply,” Swiss bank Julius Baer said.
In its monthly report the Paris-based International Energy Agency (IEA) said the implied stock build for the first half of 2019 is 2 million bpd.
The IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption.
Oil markets are being pressured from two sides: a surge in supply from OPEC, Russia and other producers, and increasing concerns about a global economic slowdown.
U.S. crude oil output from its seven major shale basins is expected to hit a record 7.94 million barrels per day (bpd) in December, the U.S. Department of Energy’s Energy Information Administration (EIA) said on Tuesday.
That surge in onshore output has helped overall U.S. crude production C-OUT-T-EIA hit a record 11.6 million bpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.
Most analysts expect U.S. output to climb above 12 million bpd in the first half of 2019.
The rise in U.S. production is contributing to higher stockpiles.
Official storage data is due on Wednesday from the Energy Information Administration, with analysts expecting a 3 million barrel rise in crude inventories.
Kevin Durant on Draymond Green incident: 'We're trying to move on'
Kevin Durant said he and Draymond Green have not been able to hash out any issues that might be lingering after a verbal altercation during and after Monday night's overtime road loss to the LA Clippers.
The Golden State Warriors suspended Green without pay for Tuesday's game against the Atlanta Hawks for conduct detrimental to the team.
After not speaking to the media Monday night, Durant offered short answers while discussing the suspension and his relationship with Green, following Tuesday's 110-103 home win over the Hawks. Durant said he believed that he and Green would be able to discuss what happened at some point.
Green was expected back for the start of a three-game Texas trip that begins Thursday against the Houston Rockets.
"I'm sure it will," Durant said when asked if the situation with Green could be resolved. "We've got a long season ahead."
When asked if he felt Green crossed a line Monday night, Durant said he didn't want to get into specifics.
"I'm gonna keep that in-house," Durant said. "That's what we do here. I mean, obviously I know you guys got a job to do, but I'm not trying to give nobody no headlines. What happened, happened. We're trying to move on -- just trying to play basketball."
Was he surprised by Green's suspension?
"I was just focused on the game," Durant said. "I didn't really care either way. I was just focused on trying to come out here and finish this back-to-back off."
The tenor of Durant's comments came on the heels of a strange night inside Oracle Arena that started before the game when Warriors general manager Bob Myers and coach Steve Kerr tried their best to downplay the incident.
"Draymond is always going to be who he is," Kerr said before the game. "Draymond is a powerful force. You guys know that. He's a huge reason why we've had so much success here, and Draymond is going to continue playing the way he plays, and I don't see him operating any other way."
As Durant spoke after the game, it was clear the bruised feelings between both men had not yet been healed. When asked to describe his friendship with Green, Durant was cool in his tone and response.
"I don't even think that even matters at this point right now," Durant said. "We just had a game. Anyone want to talk about the game?"
Durant had 29 points, six rebounds and three assists in Tuesday's victory. It remains unclear whether the episode will have any lingering effects on the group moving forward. Like many within the organization, Durant isn't sure whether this incident will make the group stronger in the long run.
"Who knows?" Durant said. "We'll see."
Durant admitted it was strange to be out there without Green next to him on the floor.
"I mean, his presence has been a part of this team for a while," Durant said. "Even before I got here. You know, he's been a huge staple in this organization. So, obviously it's definitely weird not having him around ... and just ... everything that went down. But that's what happens. S--- happens in the NBA. I just try to do my best to move on and be a basketball player.
"I don't got nothing else to do but to be the best player I can be every single day. I try not to worry about nothing else."
Kerr said he was pleased with the way his team handled the emotions of the day in the aftermath of Green's suspension.
"Proud of them," Kerr said. "Not an easy game with a back-to-back. Just coming in a little fatigued, a little emotionally spent, and we had to grind it out. Proud of the guys. It wasn't our best game, but it was a good effort and we stayed solid."
Warriors All-Star swingman Klay Thompson said he believed winning would cure all the issues off the floor for his group.
"A win on Thursday," Thompson said. "And a win on Saturday and Sunday. Once we go on a little win streak [the Green-Durant situation] will not matter. And this will be in the past like a ponytail."
Thompson said he believed Durant and Green would eventually be able to work through their issues.
"They're grown, they'll be fine," Thompson said. "I love both of those guys, and at the end of the day, we're on the same team, with the same goal, and that's the three-peat. I don't think either of them will lose sight of that, whether it's personal agenda or whatever. I think we'll get far past it, and we'll get to that goal eventually, hopefully."
Warriors All-Star guard Stephen Curry missed his third straight game because of a strained left groin. The Warriors said they would have an update on his status Wednesday.
Mid-term elections 2018: Democrat wins tight Arizona race
The US state of Arizona has elected its first female senator, after Democrat Kyrsten Sinema beat Republican Martha McSally in a tight race.
Ms Sinema is the southern state's first Democratic senator since 1994.
The win narrows the Republican majority to four seats (51-47), with two more Senate races remaining unresolved.
In Florida, a recount has been ordered by law after unofficial results fell within a 0.5% margin. Mississippi will hold a run-off vote later this month.
With almost all the votes counted, Ms Sinema had a lead of 1.7% of her rival. She now becomes Arizona's first female senator.
Ms Sinema, 42, later addressed her cheering supporters in Phoenix, speaking of the urgent need to heal the bitter political rancour dividing Americans.
She paid tribute to the memory of the late John McCain, who represented Arizona in the Senate, saying he had set a shining example of how to put national interests above party political ones.
Ms McSally, a 52-year-old former combat fighter pilot, conceded defeat.
In a video message posted on Twitter, she said: "I just called Kyrsten Sinema and congratulated her on becoming Arizona's first female senator after a hard-fought battle."
Votes are being recounted in the Florida senate race, which pits incumbent Democrat Bill Nelson against the state's Republican Governor Rick Scott.
Florida Secretary of State Ken Detzner has ordered that all 67 of the state's counties complete machine recounts for the Senate by 15:00 local time (20:00 GMT) on Thursday.
In Georgia's gubernatorial election, Democrat Stacey Abrams is refusing to concede in her race against Republican Brian Kemp.
Mr Kemp declared victory on Wednesday with a narrow lead but campaign officials for Ms Abrams have started a legal challenge to ensure all votes are counted.
Rihanna orders President Trump to “stop the music” with cease and desist letter
Rihanna is ordering President Trump to stop playing her music.
After earlier tweeting her opposition to the president playing her 2007 hit, “Don’t Stop the Music,” at a rally last weekend in Chattanooga, TN, RiRi is now taking legal action.
“It has come to our attention that President Trump has utilized (Rihanna’s) musical compositions and master recordings, including her hit track ‘Don’t Stop the Music,’ in connection with a number of political events held across the United States,” Rihanna’s legal team wrote in a cease and desist letter to the president's White House counsel, according to Rolling Stone.
“As you are or should be aware, Ms. Fenty has not provided her consent to Mr. Trump to use her music. Such use is therefore improper,” the letter continues.
Rihanna is the latest of several artists who have demanded that Trump not use their music. Last week, Pharrell sent a cease and desist letter to the president, demanding that he stop using his Grammy-winning song “Happy” during his events.
Rihanna is also urging everyone to vote today. “It’s ELECTION DAY America!!! The most important day for the rest of your lives...all you have is right now!," she wrote on Instagram. “If you’re tired of complaining about the state of the country and government, get up and do something about it!!! #VOTE ... You have no excuse.”
Airbnb and Caribbean Tourism Organization strengthen partnership
Travel platform Airbnb and the Caribbean Tourism Organization (CTO) have announced an agreement to promote destinations, a research project on the impact of last year's hurricane season, and continued joint outreach for collaboration with local governments
Airbnb hosted Hugh Riley, CEO and secretary general of the Caribbean Tourism Organization (CTO), at its San Francisco headquarters on Wednesday, October 24, 2018, and announced new commitments to promoting authentic and sustainable travel in the region, as well as continuing to grow economic opportunity.
Last year alone, more than 1.6 million guests booked accommodation in the Caribbean through the platform, an increase of 117 per cent compared to 2016 according to a recent news release.
Through collaboration with local stakeholders, Airbnb has demonstrated its commitment to support healthy tourism and has signed collaboration or voluntary tax collection agreements with 14 countries in the region.
During Riley's visit to Airbnb headquarters, the CTO and Airbnb signed a memorandum of understanding (MOU) pledging to cooperate on areas of mutual interest including: the promotion of Caribbean countries as desirable tourism destinations, the undertaking of joint research to understand the impact of the home-sharing on economic recovery following the 2017 hurricane season, and other areas of mutual interest to both organisations.
“We are proud of the fact that the Caribbean is in such high demand among diverse and very discerning global travellers. Essentially, Airbnb is helping to make our region more competitive and to spread the benefits of the tourism industry across traditional and non-traditional segments of our communities,” said Riley. “Airbnb is deeply committed to the Caribbean and we are proud to take this next step with the CTO to advance our mission of local, authentic, and sustainable travel in the region. The platform helps diversify the tourism sector, attract new travellers, and empower over 50,000 hosts across the region”, said Chris Lehane, head of global policy and public affairs for Airbnb.
Hosts set their desired listing price on the platform and pay a three per cent commission to Airbnb for its platform services, allowing them to pocket 97 per cent of the nightly rate.
PNP responds to PDM's statement on their withdrawl from constitutional talks
The official opposition, the Progressive National Party, shared a response of their own to RTC yesterday by way of the party’s chairman, Hon. Royal Robinson, who addressed the PNP’s move to quit constitutional talks with the present government and the subsequent released from the PDM hierarchy.
The response reads:
“To be clear from the outset, The Progressive National Party did break off our engagement with the Government on talks dealing with Constitutional advancement, but it was for a legitimate reason, which was unambiguously communicated to Premier Cartwright-Robinson .
“Make no mistake about it, the work on the Constitution thus far, as presented by the Premier, had its genesis in the Progressive National Party.
“The Premier, in her usual backhanded sort of way had to attest to that fact. What she clearly and deliberately left out of her verbiage was the fact that we had agreed to have town hall meetings to affirm with the people of this country the new positions and get buy in from them so that when we did get an audience with the UK Government, we would be expressing the clear view of the people at this time.
“However, in her usual manner of trying to take credit for other people's work, the Premier has again jumped the gun in an effort to make herself relevant to the time, even though we all have come to clearly realize that "the Empress has on no clothes"
That’s the response of the official opposition, the PNP political party, to the ending of bipartisan constitutional talks, delivered by the party’s chairman, Royal Robinson.
PDM release statement on PNP's withdrawl from constitutional talks
The PDM political party addressed constitutional reform and the PNP's withdrawl from constitutional talks in a release issued to RTC yesterday, Monday, November 5th.
The release reads as follows:
“After a thorough setting out of the historical facts on the current constitutional proposals by the Hon. Premier on a live broadcast today it is obvious to all that the decision by the PNP Opposition to pull out of this process was reckless.
“In the PNP’s reason why it pulled out of the process they told our party that they needed to wait for a Convention that would be held in November which would usher in new leadership. That new leadership would have a new approach to constitutional advancement. But, this last weekend the PNP met and they went contrary to what they said would happen; no new leadership or executive was chosen.
“Therefore, it is right for the PDM Government to forge ahead on behalf of the people without the PNP Opposition. The people’s business is too important and the lives of the people are too greatly impacted by not having greater authority in the hands of those they elected through constitutional change which is a major campaign promise to our people.
“Constitutional advancement is a lengthy and time consuming process and it cannot wait for the PNP to get their act together.
“The message that this decision communicated is simple: They are more concerned about themselves than the betterment of the people of this great country!”
That’s the PDM political party’s input on the PNP’s decision to exit constitutional talks.
Jamaica qualifies for World Cup, first Caribbean Nation to do so
Jamaica's senior women’s national soccer team, the Reggae Girlz, has qualified for the World Cup, making history on the island and beyond.
The Reggae Girlz defeated Panama’s women’s national team on Wednesday in a penalty shootout after a 2-2 draw. The Panamanian team is scheduled to play Argentina next month and still has a chance to qualify for the cup.
Reaching the FIFA Women’s World Cup, to be held next year in France, was not only a first for Jamaica. The Reggae Girlz became the first Caribbean team to qualify for the tournament, FIFA said.
The players celebrated their historic win by singing Jamaica’s national anthem after the match, as seen in a video from the team’s Facebook page.
The Reggae Boyz, Jamaica’s men’s national team, famously qualified for the FIFA Men’s World Cup in 1998, which was also in France.
The Reggae Girlz’s journey to the World Cup has been a long but inspiring one.
In 2014, Cedella Marley, daughter of Bob Marley and Rita Marley, became an ambassador for the team to help the Reggae Girlz drum up financial support.
Marley has been supporting the team via the Bob Marley Foundation, leading efforts to fund players’ travel so they could access training and practice matches, she told Complex Sports in 2014. The Jamaica Football Federation launched an online crowdfunding campaign at the time to help fund the women’s training. The Bob Marley Foundation also partnered with the Alacran Foundation, another sponsor of the team.
Marley, a recording artist and CEO of Bob Marley Group of Companies, has long been an outspoken supporter of women’s programs in Jamaica.
In August, Reggae Girlz head coach Hue Menzies expressed appreciation for the support the team receives from Marley and her family’s foundation.
“That support from the Bob Marley Foundation has been so important to us,” Menzies told FIFA.com. “Bob Marley loved football, of course. Cedella has continued that passion and she really wants to help women’s football develop in Jamaica.”
Marley shared her excitement over the team’s win on Twitter.
“The journey has just begun,” she wrote.
IMF pleased with Jamaica's economic policies
The International Monetary Fund (IMF) says Jamaica's implementation of the US$1.66 billion Stand-By Arrangement (SBA) remains strong, five years after the country began the task of reforming its economy.
The IMF executive board, which has completed the fourth review under the SBA, said nonetheless that structural impediments need to be quickly addressed to foster private capital formation and accelerate growth and job creation. It also called on the government to ensure that the public sector wage bill is placed on a downward path.
It said modernising the Bank of Jamaica, (BoJ), the island's central bank, will help facilitate the needed move to full-fledged inflation targeting.
The Washington-based financial institution said that Jamaica continues to view the SBA as precautionary, an insurance policy against unforeseen economic shocks that could lead to a balance of payments need.
IMF Deputy Managing Director, Tao Zhang, who served as the acting chair of the board review meeting, said that the Jamaican authorities continue their impressive track record under the SBA.
He said macroeconomic stability is entrenched, with reduced public debt and improving social and unemployment indicators, growth remains subdued.
“Against this backdrop, supply-side reforms to facilitate private sector investment are needed to achieve higher, sustained growth and job creation.”
Zhang said that the BoJ remains committed to maintaining inflation within the 4-6 per cent target range over the medium term.
He said the recent tabling in Parliament of legislation to upgrade the BoJ Act is an important step toward the eventual shift toward full-fledged inflation targeting.
“Maintaining exchange rate flexibility and limiting FX (foreign exchange) sales during periods of disorderly market conditions is necessary to support an inflation targeting framework. The authorities are also planning to accelerate FX market development and the building of technical capacity in monetary operations,” he said.
The IMF official said the public-sector wage bill needs to be placed on a sustained downward path. “Reduced wage outlays will allow the government to reprioritize public spending toward security, social assistance, and growth-enhancing capital expenditure.
“Achieving such a wage bill reduction will require a broad overhaul of the public compensation and allowance system and a reduction in the size of the government workforce,” he said.
Zhang said the financial sector should be further strengthened in line with the recommendations from the accompanying Financial Sector Stability Assessment.
“Priority should be placed on enhancing coordination, data collection, monitoring, and strengthening technical capacity of the financial regulators. Improving consolidated and risk-based supervision are important reform areas.
“Addressing impediments that constrain access to finance would help support private-sector investment,” Zhang said.
Premier Robinson supports increased Public Service Benefits, calls for the return of CSA.
While there is no role for the elected Government in the management or oversight of the administrative arm of Government, it is still the role of the elected Government to look out for their well being and to update the public more on the workings within the Public Service.
On coming to Office, I arranged and met with members of the Executive within the first 100 days of my Administration as promised. Unfortunately I have not been able to meet with this Body since as it has become unoperational and I believe it to be a huge disservice. As an avid supporter of the CSA and former Trustee, the importance of this Body can not be underestimated. The role of the CSA to make recommendations and to advocate for better working conditions and benefits of the Public Service is a vital one. What has proven fatal for Bodies of this sort is when persons use this Body as a political platform. Nonetheless it is important that this Body is functioning and given the support to.
We have addressed the long standing issue of service charge/workers' benefit for the largest worker base in the private sector and country and it will be hypocritical to ignore the large public service and its many pressing issues.
We were pleased as a Government to offer the first ever hurricane preparedness advance and the opportunity to pay back over a period of time. We believe that many were pleased. We wish to address longer benefits and are open to hearing representations.
I have recently requested a copy of the findings and recommendations of the Working Group appointed many years ago under the former Administration looking into the implementation of a gratuity scheme, among other benefits and I am advised that this work remains ongoing and has not yet been finalised. I urgently await those findings and recommendations and believe a vibrant CSA is necessary to take a collective approach on these matters. Persons will recall a Private Member's Motion brought by me while serving as Leader of the Opposition which spoke to benefits inclusive of the Gratuity Scheme and its role in attracting and maintaining professionals. It is important that the work of this Committee concludes as we consider further the costs of recovery.
There are many hardworking public servants who truly put country first and who unfortunately feel under appreciated for a myriad of reasons. Whilst there are many ways to show appreciation, my Government and I do support a system that provides for financial incentives that is tied to performance and has supported staff increase to allow for a well oiled performance management system.
I have also sought the approval of the Head of the Public Service to meet with Civil Servants around the Turks and Caicos Islands. I hope to announce these dates soon. This is in an effort to hear directly from them on issues they hold as priority and to advance my Government's views especially as we seek to move more strategically in planning.
My Government is committed to improving the lives of our public servants and by extension the services that we offer to the people of these Islands.