Bahamas deficit to be higher by 95m

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsApp#Bahamas, October 11, 2017 – Nassau – We are hearing it again, that national debt is down from 13.6 percent to 12.9 percent but new in a media report, is information that the Finance Minister is now grappling with a deficit which will soar by almost $100m.   Deputy Prime Minister, Peter Turnquest said the government’s shortage in funds to manage the country is no longer $500m, but is now $595m.The news comes as the IMF reveals in an October report that The Bahamas will see its deficit widen due in part to a surge in Baha Mar related imports of goods and services to complete the resort.   Eventually, the IMF is predicting, things will level out to a lower deficit but even then The Bahamas will not be where it wants or should be fiscally and this will mean, many FNM plans and promises will not see the light of day during this financial year which does not end until next year July.#MagneticMediaNews#nationaldebtisdown Related Items:#magneticmedianews, #nationaldebtisdownlast_img read more

Asian shares routed as goldilocks trade suddenly unwinds

first_imgA street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., December 28, 2016. [Representational Image]Reuters fileAsian shares and US stock futures sank on Tuesday, after Wall Street suffered its biggest decline since 2011 as investors’ faith in factors underpinning a bull run in markets began to crumble.S&P mini futures fell as much as 2.5 percent to nearly four-month lows in Asia, extending their losses from the record peak hit just over a week ago to almost 12 percent.MSCI’s broadest index of Asia-Pacific shares outside Japan slid 3.5 percent to a one-month low, which would be its biggest fall in more than a year and a half, a day after it had fallen 1.6 percent.Japan’s Nikkei tumbled as much as 5.6 percent while Taiwan shares lost 5.3 percent at one point.Australian shares dropped 3 percent to their lowest since October while South Korean shares fell 3 percent.The rout came after US stocks plunged in highly volatile trading on Monday, with the Dow industrials falling nearly 1,600 points during the session, its biggest intraday decline in history, as investors grappled with rising bond yields and potentially higher inflation.”The amount of the sell-off that we are seeing is normal. The speed at which we are doing it is not normal,” said Michael Purves, chief global strategist at Weeden & Co in New York.”Where does the market rout end? I think we are pretty close to a selling climax here. I think we are pretty close. The fundamentals are pretty good. The only thing that is really different is that bond yields got up to 2.8 percent.”The benchmark S&P 500 slumped 4.1 percent and the Dow 4.6 percent, suffering their biggest percentage drops since August 2011 as a long-awaited pullback from record highs deepened.Before Monday’s fall, the index had not seen a pullback of more than 5 percent for more than 400 sessions, which analysts said was the longest such streak in history.”Since last autumn, investors had been betting on the goldilocks economy — solid economic expansion, improving corporate earnings and stable inflation. But the tide seems to have changed,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.The trigger for the sell-off was a sharp rise in U.S. bond yields following Friday’s data that showed U.S. wages increasing at the fastest pace since 2009, raising the alarm about higher inflation and with it potentially higher interest rates.The 10-year US Treasuries yield rose to as high as 2.885 percent on Monday, its highest in four years and 47 basis points above the 2.411 percent seen at the end of 2017.But a massive fall in share prices prompted an about-turn, and in Asian trade on Tuesday, it fell back to as low as 2.685 percent.Fed fund futures are now pricing in only two rate hikes this year.The CBOE Volatility index, the closely followed “fear-index” measure of expected near-term stock market volatility jumped 20 points to 30.71, its highest since August 2015.”For the last several months, whether it’s stocks or commodities, risk-takers had been the winners. And that’s what hedge funds, which now manage $3.2 trillion, have been doing,” Mitsubishi UFJ’s Fujito said.”Their leveraged position is now being unwound. And it seems as though there are still some people who haven’t run away (from the sell-off) yet. I would expect more instability,” he added.European shares also tumbled on Monday, with Germany’s Dax hitting a 4-month low.Yoshinori Shigemi, market strategist at JPMorgan Asset Management, said the specter of inflation will gradually undermine the attraction of equities even though the markets could rebound in the short term. A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. [Representational Image]Reuters file”In the end, the Fed will have to hike rates. And if it doesn’t, long-dated bonds will be sold off on worries about inflation. Either way, that is going to slow down the economy. Rising wages also mean corporate profit margins will be squeezed gradually down the road,” he said.Keen to avoid further risk, investors are closing their positions in other assets, including the currency market where a popular strategy has been to sell the dollar against the euro and other currencies seen as benefiting from higher interest rates in the future.The euro eased to $1.2358, not far from last week’s low of $1.2335, a break of which could usher in a further correction after its rally to a 3-year high of $1.2538 by late last month.Against the yen, which is often used as a safe-haven currency because of Japan’s solid current account surplus, the dollar slipped 0.3 percent to 108.69 yen, after having lost one percent on Monday.Bitcoin was not spared from selling, hitting a 12-week low of $6,400. That represented a 67.5 percent fall from its record high of $19,666, touched on Dec. 17.Investors also dumped junk bonds, with the yield of Merrill Lynch U.S. high yield index rising to 6.017 percent from 5.964 percent at the end of last week.Still, it was far below its 2016 peak just above 10 percent, when low oil prices hurt energy firms.Oil prices also dropped, with international benchmark Brent futures hitting a one-month low of $66.90 per barrel on Monday. It last stood at $67.02.US crude futures traded at $63.56 per barrel, down 0.8 percent in Asia.last_img read more

Musharraf declared fugitive in Benazir Bhuttos murder trial

first_imgA Pakistan anti-terrorism court has declared former military ruler Pervez Musharraf a fugitive in ex-prime minister Benazir Bhutto’s murder trial, ordering his property confiscated, a court official said Thursday.Musharraf was charged with Bhutto’s 2007 assassination in 2013, but has been in self-imposed exile in Dubai ever since a travel ban was lifted three years later. The official said he had “absconded”.The court also acquitted five men who had been accused of being Taliban militants involved in the conspiracy to murder Bhutto, the Muslim world’s first female prime minister, the official said.However it found two police officers guilty of “mishandling the crime scene”, the court official said, adding they had each been sentenced to 17 years imprisonment and fined 500,000 rupees ($4,700).The verdicts are the first to be issued in the case, and come nearly 10 years after Bhutto was killed in a gun and suicide bomb attack during an election rally in Rawalpindi.Musharraf’s government blamed the assassination on Pakistani Taliban chief Baitullah Mehsud, who denied any involvement. He was killed in a US drone attack in 2009.In 2010, a UN report accused Musharraf’s government of failing to give Bhutto adequate protection and said her death could have been prevented.last_img read more

Russia slams N Korea nuclear test

first_imgRussia urged calm on Sunday as it slammed North Korea after Pyongyang said it successfully tested a hydrogen bomb.“This latest demonstrative disregard by Pyongyang of the requirements of the relevant resolutions of the UN Security Council and the norms of international law deserves the strongest condemnation,” the foreign ministry in Moscow said.The ministry said it regretted that the leadership of North Korea was “creating a serious threat” for the region and warned that “the continuation of such a line is fraught with serious consequences” for Pyongyang.“In the unfolding conditions, it is imperative to remain calm and to refrain from any actions that lead to a further escalation of tension,” a statement said.“We call on all interested parties to immediately return to dialogue and negotiations as the only possible way for an overall settlement of the problems of the Korean peninsula,” it said.The ministry insisted Moscow remained committed to a joint Russian-Chinese proposal that would see Pyongyang halt weapons tests in return for the US suspending military exercises in the region.last_img read more

Industrial Bank Named December 2018 Location of the Month

first_imgBy George Kevin Jordan, AFRO Staff WriterThe District of Columbia Office of Cable Television, Film, Music and Entertainment (OCTFME) named Industrial Bank its December 2018 Location of the Month.“We’re very excited,” said Melanee Woodard, Assistant Vice President of Industrial Bank. “We just finished our first major renovation on the building. That’s our flagship bank.”The D.C. Office of Cable Television, Film, Music and Entertainment (OCTFME) named Industrial Bank its December 2018 Location of the Month.In 2016 the bank went through its first major renovation at the U Street branch. Adding to the aesthetics of the building was a cafe style look, with a seating area for customers.“Now you can come in, sit down, have a complimentary coffee, talk with our team and experience all that comes with our service.”The historic look and feel of the U Street location with a 1930s era vault and bank clock made the building an idealistic choice for filming, according the OCTFME’s press release.Industrial Bank opened in 1934 by Jesse H. Mitchell, a Howard University Law School graduate. The bank was started to provide a need for people in the community.“Our bank was started in the Great Depression,” Woodard said. “At that time they would take our deposits but they wouldn’t provide loans so you didn’t have access to the American Dream of home ownership so they started the bank for that reason.”Since that time Industrial Bank has been a beacon of light for communities seeking financial literacy and information. Some of the recent services include a financial training with the D.C. Department of Corrections, and many new homeownership seminars.Giving back to the community has alway been important to Industrial Bank.“We are CDFI certified and with that certification we invest 60% of our assets back into the community,” Woodard said.Community Development Financial Institution Certification (CDFI) is a designation for institutions that service vulnerable communities and people who don’t have access to financing, according to the CDFI Fund.Next year Industrial Bank will be celebrating 85 years, according to Woodard, but the mission of service stays the same.“We are down to like 19 Black banks in the country,” Woodard said, adding that along with the customer service Industrial Bank still offers the same products and services that all banks provide. “Through it all we’ve been here. Through the depression, through the riots, the building of the subway system. A lot of businesses had to close down during those periods.“So here we are 85 years later still servicing that mission.”The “Location of The Month” Initiative is part of OCTFME’s mission to promote D.C. locales as media production location and bring wider attention to the potential cinematic location for film and television productions.For more intomation about Industrical Bank please go to www.industrial-bank.com and to find out more about OCTFME’s Location program go to the DC-REEL Scout Directory.last_img read more

Turner Dives Into SportsGambling Content in Pact With Caesars Entertainment

first_img Popular on Variety Turner Sports and its Bleacher Report digital unit are going Vegas, baby.WarnerMedia’s Turner Sports inked a pact with Caesars Entertainment to develop sports gambling content. Under the agreement, Bleacher Report will establish a studio inside the sports book at the Caesars Palace Las Vegas hotel and casino.The new B/R-branded studio will be a central hub for the creation of a “wide assortment of gaming-related programming and editorial content,” which will be distributed through Bleacher Report website and the B/R app, Turner said. Details including when the B/R studio will launch and what kind of content it’s going to produce, are yet to be announced.The move comes as sports betting has become a more mainstream American pastime: Last May, the U.S. Supreme Court struck down a 1992 law that banned sports gambling across the country. Turner sees gambling-related content as a way to boost engagement across all platforms, including time spent watching live sporting events on TV. “The sports gaming industry is rapidly growing and Turner is poised to be an industry leader in the development of gaming-related content experiences,” Turner Sports president Lenny Daniels said in a statement.Also under the deal, Caesars will be prominently featured as a Bleacher Report “gaming partner,” which will include sponsorship integration across content and distribution platforms. Caesars will also be a presenting sponsor of select programming airing across Turner’s linear TV networks, and the pact allows for co-produced programming and events.Bleacher Report, which caters to millennial and Gen Z sports fans, claims to reach more than 250 million people monthly across Facebook, Instagram and Twitter alone. Turner bought B/R in 2012 for around $175 million.center_img ×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15last_img read more