Archive for September, 2010

Cars Homes Investor interest sparked by 10-12% cruise visitor rise

Cars Homes Investor interest sparked by 10-12% cruise visitor rise

| 16/09/2010 | 1 Comment
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By NEIL HARTNELL

Investors are expressing “increasing interest” in investing in downtown Nassau and Bay Street real estate due to the rising number of cruise visitors to this city, the minister of tourism and aviation revealing that the Bahamas as a whole had seen 2.5 million cruise visits during the first six months of 2010.

Vincent Vanderpool-Wallace said investors were only beginning to realise that vendor opportunities to sell to cruise ship passengers in Nassau were “beyond anything in this region”, given that the Bahamas was the only Caribbean country to just count these visitors at first point of entry.

Pointing out that may other nations ‘double’ or ‘triple’ counted cruise ship passengers by treating them as new arrivals at every entry point, Mr Vanderpool-Wallace said the Bahamas was “on a run to make this best year for cruise visitors of all time”.

The minister of tourism told Tribune Business that Nassau had seen 1.2 million cruise passengers visits during the first six months of 2010, and for the year-to-date the Bahamas as a whole was up by 10-12 per cent year-over-year on both visitor numbers and visits. “There is increasing interest in investing in Bay Street,” Mr Vanderpool-Wallace said. “No question about it. We have had people expressing significant interest once they’ve seen what has been happening in terms of increasing cruise ship passengers, and seen the quantity of locations and properties that might be available. There’s significant interest.”

Sales

With investors realising that the Bahamas was the only Caribbean nation to count its cruise passengers once, at first port of entry, Mr Vanderpool-Wallace said: “The number of sales opportunities are beyond anything in this region, and to people looking to invest in Downtown Nassau, that has become so obvious to them.”

Adding that the cruise business was “performing spectacularly” for the Bahamas, Mr Vanderpool-Wallace added: “It is very clear what is going on. In the midst of a recession, people are choosing the low cost option to visit the Bahamas.”

Explaining that some 70 per cent of passengers on Bahamas-bound cruises only visited islands in this nation, Mr Vanderpool-Wallace indicated that the Bahamas’ stopover business was being hurt by having “the highest room rate per day of any destination in the region”.

Average daily room rates for Bahamian hotels were some $100 higher than in Las Vegas, he added. “When investors are told of the number of high quality visitors that come to Nassau, and the number of cruise visitors that come to Nassau, the potential spend is so substantial it speaks to a very high interest to invest in Nassau,” Mr Vanderpool-Wallace said. We’re on a run to make this the best year for cruise passengers of all time.”

Source: The Tribune

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Cuba urged to free contractor

Cuba urged to free contractor

| 16/09/2010 | 0 Comments
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A senior US official says Cuba’s continued detention of an American contractor is impeding moves by Washington to improve ties with the communist-ruled island.

Sixty-year-old Alan Gross is being held in Havana on suspicion of espionage and subversion.

US Assistant Secretary of State for the Western Hemisphere, Arturo Valenzuela, repeated a call for Cuba to free Gross, calling his detention “an obstacle for attempting to move ahead on what might be more of a dialogue between the two countries”.

The American, who worked for a Washington-area company contracted under a US-funded programme to promote democracy in Cuba, was arrested at Havana Airport in early December.

Cuban officials allege that he committed “serious crimes” by attempting to aid US efforts to destabilise the Cuban government.

Voting on ICJ intervention

The border dispute between Belize and Guatemala could be determined by the International Court of Justice (ICJ).

Guatemala’s Congress has given its approval for a referendum to be held on whether or not the country’s claim to Belize should be taken to the Hague-based court.

Belize’s ambassador to Guatemala Alfredo Martinez has said that the development is encouraging.
It is expected that if the case does go to the ICJ, the outcome of any ruling handed down by that international court would be final and binding.

PM warned against a“intimidation”

The Public Service Union (PSU) in St Vincent and the Grenadines has accused Prime Minister Ralph Gonsalves of targeting public workers with “inflammatory, inappropriate, and unwarranted” comments.

The PSU has criticised recent comments made by Gonsalves, who at a political rally said he would act against public officers the prime minister alleged were sabotaging his government.

The PSU says Gonsalves has no part in any disciplinary process except to bring such cases to the attention of the appropriate authority.

The Prime Minister told party supporters that some public servants were bent on undermining his administration, and that he would “deal with them”.

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THE NEW NIKON D7000: READY TO FULFIL YOUR PASSION

THE NEW NIKON D7000: READY TO FULFIL YOUR PASSION

| 16/09/2010 | 0 Comments
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NIkon D7000

Nikon UK, 15 September, 2010 – Nikon launches the D7000, a D-SLR that offers exceptional image quality, reliability and performance packed into a durable and portable body.

Jordi Brinkman, Product Manager for Nikon Europe, says: “The exciting new D7000 is the ideal next camera for D-SLR owners who want to further indulge their passion for photography with a camera that boasts more advanced features providing creative power. It has a new image sensor, EXPEED 2, AF system and metering sensor to ensure great performance in a highly durable body. In fact, it has everything you need in your next SLR but in a size you wouldn’t expect.”

Exceptional image quality
The D7000 includes a range of new features to ensure superior image quality including 16.2 effective megapixels with the newly developed Nikon DX format CMOS image sensor. The camera boasts a new image-processing engine, EXPEED 2, which delivers higher image quality, higher speed processing and multiple functions with more power. And the D7000’s increased ISO sensitivity (100-6400, extendable up to 25600) ensures exceptional detail with minimal noise when capturing fast moving subjects or in poor light situations, even without the flash.

Outstanding reliability
The D7000’s bright Glass Pentaprism Viewfinder with approximate 100% frame coverage and 0.94x magnification gives you the most precise view and focus of any scene, and it is always ready when you are with a shutter speed of 1/8000s, tested to 150,000 cycles. What is more, the camera is protected by magnesium alloy top and rear covers and has durable sealing against dust and moisture so it is prepared for even the most testing of situations.

When it comes to storage, the D7000 again provides you with maximum reliability. The twin SD memory card slots allow for added storage capacity and give you the freedom to manage your images and video in the way you want to either by saving more of them, keeping different formats separate or always having backup space when you need it.

Enhanced performance
The D7000’s newly developed AF system featuring 39 focus points, including 9 cross-type sensors in the centre, gives you the sharpest focus, no matter where your subject is in the frame. And with Nikon’s new 2,016 pixel RGB metering sensor to enhance the effectiveness of the Scene Recognition System, plus High Speed Continuous shooting capability at 6FPS, you can be sure to capture incredibly accurate, high-quality images every time.

Full-HD D-Movie with AF-F mode
The D7000 has direct access to a movie record button so you can capture footage in full HD (1080p) with greater ease. The AF-F gives continuous focus during movie recording, which is captured using MPEG4 AVC/H.264 compression, and has a stereo microphone jack for quality sound recording. This means superior image quality and operability when using the D-Movie function.

The D7000s built-in movie editing functions also give you the freedom to chose the start and end points of your footage and switch to selected frames for capturing still images without relying on a computer – letting you edit and share your films quickly and easily.

Optional accessories
Nikon is also launching the new Speedlight SB-700, a feature-packed yet easy-to-use flash unit. The SB-700 offers lighting benefits that greatly surpass the camera onboard flash, allowing total control over scene or subject lighting to create beautiful, professional looking results.

To guarantee great performance for longer, the D7000 also has a dedicated Multi-Power Battery Pack MB-D11 (optional) that enables seamless switching of power supply with the in-camera battery, vertical shooting and further stabilizes the body when using a long telephoto lens.

The D7000 is compatible with the GP-1 GPS (Global Positioning System) unit which records location information in the image file and of course, the camera supports a wide variety of NIKKOR lenses.

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‘Black music is getting a raw deal’ Are licenses being denied deliberately for Caribbean Festivals ???

‘Black music is getting a raw deal’ Are licenses being denied deliberately for Caribbean Festivals ???

| 16/09/2010 | 0 Comments
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By Trudy Thompson:

CAMPAIGN: Mike Forrester

Support grows for public enquiry and Freedom of Music campaign

Two other event organisers have backed a Freedom of Music campaign and public enquiry petition, launched by Mike Forrester, the Manchester based music promoter who won a lawsuit against Manchester City Council after it cancelled his 2008 Bob Marley tribute concert.

South London based Radio owner and event promoter, Andrea ‘P Vybz’ Photiou and former Manchester based carnival organiser, Anthony Brown, said they are also backing Forrester’s petition that calls for a public enquiry into whether councils and the police have dealt fairly with ethnic minority event organisers.

Photiou, owner of multi-award winning Lambeth based radio station, www.playvybz.com, told the Voice: “We certainly resonate with the campaign for Freedom of Music…”

She said her company and other promoters have “experienced …things being shut down without any form of explanation…We’ve had on two occasions specifically that I can think of where a big concert was supposed to be happening and that was cancelled for no apparent reason.”

Photiou, who also manages events and works with other promoters, said she was tired of getting “trivial reasons” for the shut down of events, among them being told by police that there had been a complaint about noise at a venue which was sound proofed.

She also said many black event promoters or club owners are facing restrictions including being told, “that they require a special licence to play certain types of music… There is a new regulation that if you are playing hip hop or reggae or grime then you need a specific licence and specific prior permission,” she said.

She said the authorities are too quick to assume trouble is going to happen at black events. “…If you look at different types of music – rock, indie- they have quite a bit of violence and disturbing elements but they don’t seem to be affected in the same way and we need to ask why?”

Brown, who spent years organising the Manchester International Caribbean Carnival, agreed. “…For quite some time there have been restrictions on the black community,” he said. “We have also had anecdotal reports …about (people) being blocked or obstructed or not being able to get certain licences….all kinds of restrictions that really hurt the community economically.” He added: “We are just frustrated at every turn by the local authorities and the police so there is definitely a restriction on trade and there should definitely be a public enquiry.”

He told The Voice he saw similarities between Forrester’s case and the restrictions he encountered with the local council and later the police, restrictions that forced him to eventually decide to stop organising the then 37-year-old Manchester International Caribbean carnival in 2007.

He claimed the authorities tried the same tactics with Forrester. “The only difference is he’s taken a stand and taken them to court,” he added. “We all take our hat off to him.”

A judge ruled on August 3 that Manchester city council breached its contract with Forrester when it withdrew permission to host the tribute just two days after signing a contract with him.

Forrester, who plans to urge young musicians to join his campaign, said his case showed how some public sector processes are “systematically used to frustrate the following genre of music: r‘n’b, reggae, soul and hip hop events taking place in the city.”

He has told the Voice he is seeking £500,000 in compensation for the loss of £154,000 after the 2008 Bob Marley event was axed; another £154,000 lost after he cancelled the 2010 Summer Jam, claiming the council and police frustrated his efforts to get a contract and the remainder because “my reputation has also been tarnished.”

He also has also instructed his lawyers to launch a High Court action against the Greater Manchester Police ‘to hold them accountable for the culture of ‘restriction of trade’

Councillor Mike Amesbury, Manchester City Council’s Executive Member for Culture and Leisure, told the Voice in a statement on September 13: “To suggest that we would discriminate against events organisers on the grounds of their ethnicity is as offensive as it is unfounded.”

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Lasco’s IPO oversubscribed in three minutes

Lasco’s IPO oversubscribed in three minutes

| 16/09/2010 | 1 Comment
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Lasco CEO: Lascelles Chin Source Photo: Jamaica Gleaner

Lead broker and financial adviser to the offer, Mayberry Investment Limited (MIL), announced on Wednesday that 2,000 applications were received in excess of the 269.2 million shares valued at $2.50 across all three companies, with majority of the applications being received from retail investors.

“MIL is advising the public that due to the overwhelming response to the share offer, the allocation will be done on a proportional basis. All Applicants should note that they may receive a smaller number of shares than they have applied for, as all three companies reserve the right to allocate on a proportional or other basis to be determined in its sole discretion,” said the company’s press release.

“The management and staff of the three Lasco companies express their gratitude to all investors. Those investors who were not able to participate in the initial public offer will have the opportunity to purchase shares in the Lasco-affiliated companies on the Jamaica Stock Exchange once the listing is approved,” the release further stated.

Restructuring

Prior to the IPO, Lasco restructured its operation trimming its group of eight affiliated limited liability companies down to four, three of which Lasco Manufacturing, Lasco Distributors Limited and Lasco Financial Services Limited are now to be listed on the Junior Stock Exchange.

Of the three companies, Lasco Distributors Limited was seeking to raise equity of $150 million to $190 million, Lasco Manufac-turing Limited was going after $180 million to $230 million and Lasco Financial Services wanted to raise between $50 million and $70 million.

Lasco plans to invest approximately $300 million of the funds raised to expand its manufacturing arm at White Marl in St Catherine. The company also plans to grow its financial arm through expansion into the Eastern Caribbean and Europe.

Lasco Manufacturing, formerly Lasco Food Successors Limited, produces a range of food items and beverages, and packages milk products. It is also responsible for the export distribution of the complete Lasco range of products which includes milk and soy.

Lasco Financial is a consolidation of the company’s remittance, cambio, financial and property-services businesses.

The three companies are expected to be listed on the junior exchange within three to four weeks.

Source: Jamaica Gleaner

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Arrow’s passing invokes thought among artistes (Video Included)

Arrow’s passing invokes thought among artistes (Video Included)

| 16/09/2010 | 0 Comments
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Source Photo: Guardian

The Caribbean mourns the death of musical veteran, Arrow. Yesterday at the age of 55, the man whose soca anthem, Hot, Hot, Hot rang out across borders and bridged musical gaps, allowing for many Caribbean soca and calypso entertainers to be eventually heard, lost his battle with brain cancer at a hospital in Antigua. A national of Montserrat, Arrow (real name Alphonsus Edmund Cassel), shot to stardom in 1982 with the infectious Hot, Hot, Hot chorus that has become synonymous, to most, if not all tourists with the words sun, sea, sand and the Caribbean islands.

Arrow has been credited with taking soca music to the world, as prior to his hit, the genre had been unknown to people outside the Caribbean territory. In his native Montserrat, he was coined a businessman and international soca star— titles he’ll forever be decorated by among both his musical peers and the people who knew him best.

A shock crazy responds
In T&T, calypso artistes reacted in shock to the news that Arrow had died. “Arrow died?,” uttered Edwin “Crazy” Ayoung. His disbelief was present throughout his five-minute chat with the Guardian. “When Arrow came to Trinidad, he was with me all the time. I was the only man in Trinidad he used to ride with,” he said. In 2009, Crazy performed alongside Arrow in Montserrat and according to him, it was the last time Arrow had performed on stage. “I knew he was sick, but recently I saw him and he was looking well.” Ayoung said he would remember Arrow most for his song Soca Rhumba to which he offered chorus vocals. “This is a shocker to me. I will miss him,” said Crazy.

Tuco head pays respect
Lutalo “Brother Resistance” Masimba, interim president of Tuco said: “Certainly his passing is a great loss for the music industry as a whole. I think that the success he had with Hot, Hot, Hot was a point of reference for calypso music as a whole in these modern times.
“I always admired his work ethic and the way he went about the business of what he was doing and I would have learnt from that in terms of how I conducted my business.” Masimba extended condolences to Arrow’s family, friends and business associates on behalf of the members of the Trinbago Unified Calypsonians Organisation.

Winchester analyses
Arrow’s music has even had a positive effect on young Trinbagonian entertainers, among them Shurwayne Winchester. “It’s a great loss,” he said, adding that Arrow’s Hot Hot Hot was one of the biggest soca tracks ever recorded. It’s the song most used in ads that depict Caribbean soca flavour and music—world music.” Shurwayne highlighted that Arrow’s island anthem is also the song recorded in the most languages.

“For tourism, on the cruise ships and at resorts, tourists request that song over any other,” he admitted, further stating that in one song, the veteran artiste had given generations that followed, so much.
Winchester then pondered the state of our local industry, highlighting that while many young artistes were producing hits, the question remained as to whether this era’s music would prove lasting over time.
“On any cruise ship, any fete, any event, if you want to see 100 per cent impact, you must go with the foundation music. “Kitchener, Merchant, Sparrow and Arrow have given us a lot to work with. The icons are passing on and we have to wonder if we are up to their standard. Do we have songs that will be remembered for years to come?”

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Haiti’s quake-crushed artworks back on show after restoration

Haiti’s quake-crushed artworks back on show after restoration

| 15/09/2010 | 0 Comments
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James Reinl. United Nations Correspondent

Source Photo: AP

NEW YORK // Composed with the childlike simplicity that is typical of Hector Hyppolite, the celebrated Haitian artist, the painting Pot de Fleurs was presumed lost under a toppled gallery when an earthquake ripped apart the Caribbean nation.

Now, thanks to a conservation project that is restoring thousands of paintings, sculptures and documents damaged in January’s magnitude 7 quake, it will join 50 pieces in New York next month as a celebration of Haitian art.

Hyppolite’s Pot de Fleurs is a textbook example of Haitian art naïf, characterised by untrained artists producing simple, symbolic works, and a standout piece in a poverty-racked country’s cherished artistic tradition.

The artwork, painted by Hyppolite, a voodoo priest, directly on to cardboard in the 1940s, was buried and broken into six pieces when its home, a private gallery in Haiti’s capital, Port-au-Prince, came crashing down on January 12.

The tattered oil painting was among the first beneficiaries of the recently opened Cultural Recovery Centre, where experts from the US-based Smithsonian Institution repair torn canvasses and touch up chipped paintwork.

Richard Kurin, the Smithsonian’s head of arts, said: “It was like a jigsaw puzzle. One of our conservators literally put it back together. When you see the full painting, it is hard to imagine that it was in pieces.”

Restoration teams working in three laboratories on the outskirts of the city have the makings of a rare success story in a chaotic nation that has yet to begin resettling the 1.6 million Haitians left homeless eight months ago in earnest.

Hyppolite’s Pot de Fleurs/i> is among only a few dozen pieces to be repaired and retouched at the centre. Other items include Célestin Faustin’s Un Beau Rêve, figurines of the indigenous Taíno people and a document from the revolutionary leader General Alexandre Pétion.

Olsen Jean Julien, a former Haitian culture minister who now runs the centre in Bourdon, says Haiti lost about 50,000 items, from paintings to pottery and manuscripts to mosaics, in less than one minute of destruction.

Others say any estimate is “wild guesswork” because gallery owners rarely kept inventories of collections, meaning nobody knows exactly how much, or what, is trapped under the mountains of debris still piled up across Port-au-Prince.

“We have lost a lot, but we’re trying to save what we can,” said Mr Julien, who describes gallery owners digging through twisted steel and concrete with bare hands to rescue buried canvases, testament to the importance Haitians place on their art.

In an impoverished land that has endured decades of brutal and incompetent leadership, Haitian art tells the story of a people who defeated their French colonial masters to become the world’s first black-led republic, in the early 19th century.

“Haiti is characterised by liberty and creativity,” Mr Julien said. “We were liberated from slavery and celebrate our cultural diversity. That can explain our huge creativity. Creativity is a way of life here. It is just our identity.”

Within weeks of the levelling of much of the capital, artists began working again, narrating the tragedy in oil paints and showcasing their wares on street corners, hoping to sell pieces to the influx of foreign-aid workers.

Disaster spawned a new Haitian genre, dubbed “rubble art”, in which concrete chunks and splintered carpentry from toppled homes became unlikely canvases, bearing harrowing images of an event that claimed the lives of 300,000.

“Art has been a way to overcome the trauma left by the earthquake,” Mr Julien added.

Hyppolite’s pieces were pulled from the wrecked private gallery collection of Georges Nader Sr, a Haitian tycoon, where as many as 15,000 pieces worth about US$20 million (Dh73.4m) were buried in a shower of concrete boulders. Only about 3,000 items have been salvaged.

The quake also levelled the Centre d’Art in central Port-au-Prince, which was founded by an American schoolteacher, DeWitt Peters, in the 1940s and became the creative hub for Hyppolite’s contemporaries and a breeding ground for generations of Haitian artists.

Two cargo containers filled with artworks pulled from the toppled gallery have yet to be unloaded into the recovery centre, although conservators are concerned that Caribbean humidity and mould have further damaged the quake-torn canvases.

Few losses rival the importance Haitians afford the eight frescoes inside the capital’s Cathédrale Sainte Trinité, which Haiti’s best-known artists decorated with biblical murals of black characters to attract Caribbean congregations in the early 1950s.

Vibrant frescoes, including Philomé Obin’s crucifixion scene with a mulatto Jesus, and Christ’s ascension over a scene of football-playing villagers by Castera Bazile, were lost when the cathedral collapsed. Conservators are debating how to protect the three surviving works.

Restoration workers are daunted by their task and predict that unearthing, repairing and safeguarding pieces will take years. They are already facing cash shortages, and few have begun raising money to rebuild collapsed galleries and showcase art once Haiti’s reconstruction begins in earnest.

For the Smithsonian’s Mr Kurin, Haiti’s art scene is among the most lively and sophisticated in the Caribbean and could lure foreign visitors and make tourism an important revenue source, once roads, hotels and other infrastructure are built.

“Are we really going to build a car factory or a steel mill in Haiti? Artistic production could generate more money for Haiti than other industries,” he said.

“Why not get people to experience Haitian culture, cuisine, art, crafts, music history and sights – employ Haitians and have people spend some money in Haiti? It could really drive the economy.”

Government officials already plan to exploit Haiti’s only listing on the UN’s world heritage sites, a 19th-century citadel in the north of the country, and rebuild the historic district of the southern port town, Jacmel, which suffered extensive damage.

While such schemes are decades away, the first green shoots of Haiti’s cultural recovery will appear on October 1, when the exhibition Saving Grace: A Celebration of Haitian Art opens at the Affirmation Arts gallery in Manhattan.

The gallery director, Marla Goldwasser, describing Pot de Fleurs by Hyppolite, who began his career painting with chicken feathers on cardboard canvases, sais: ““It warms your heart on so many levels.”

“Just aesthetically, it’s extraordinary. But when you think of its journey, how it was left for rubble and then, with such a tender hand, put back together.”

Source:

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Astaphan labels PAM leader’s statement as “scandalous” and “dishonest”

Astaphan labels PAM leader’s statement as “scandalous” and “dishonest”

| 15/09/2010 | 0 Comments
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Source Photo: CUOPM

BASSETERRE, ST. KITTS, SEPTEMBER 15TH 2010 (CUOPM) – Prominent Caribbean lawyer, Mr. Anthony Astaphan has describes as “outrageous” and “dishonest” allegations by Political Leader of the People’s Action Movement (PAM), Mr. Lindsay Grant that members of the public relations arm of the Government of St. Kitts and Nevis had advanced knowledge of an Eastern Caribbean Appeal Court ruling before it was delivered from the bench on Monday.

“This is the most scandalous and outrageous statement any lawyer can make. It is dishonest,” said Astaphan ahead of a press conference planned for 11 am Wednesday. It will be carried live on ZIZ Radio and TV and Sugar City Rock.

In an interview on Sugar City Rock “Journeys” early Wednesday, Senior Counsel Astaphan said the legal team will also be dealing with Monday’s Eastern Caribbean Appeal Court ruling which overturned a high court decision which found former Attorney General, Dr. Dennis Merchant in Contempt of Court. The Appeal Court also ruled that the Government of St. Kitts and Nevis had not breached an Injunction Order issued by High Court Judge His Lordship Mr. Justice Francis Belle.

“We will also deal with a press release from Mr. Eugene Hamilton declaring victory because the Appeal Court awarded costs against Cedric Liburd and the Prime Minister which is totally false. The press release is completely misleading and I will explain that as well. I will explain to the question of cost which was not awarded either for us or for them,” said Astaphan.

He also disclosed that the legal team will also seek to clarify several issues.

“What is happening throughout these islands is that the opposition parties; it is almost a conspiracy of dishonesty and deception. They go to the media and throw out these things and 99 percent of the time the media people do not understand what the facts are and allow these outrageous and misleading statements to be made,” said Astaphan.

He said the onus always on the government or the government counsel or the government’s public relations representatives to seek to put the record straight.

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Netherlands Antilles Constitutional Reform Complete

Netherlands Antilles Constitutional Reform Complete

| 15/09/2010 | 0 Comments
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Netherland Antilles

The Netherlands Antilles and the Netherlands have signed a landmark agreement which completes the constitutional reform of the group of five islands in the Caribbean.

Under the terms of the agreement, Curacao and St Maarten have been allowed to establish themselves as countries separate from the Netherlands, while Bonaire, Saba and St Eustatius will become special Dutch municipalities.

The agreement, which emanated from a constitutional crisis in 2004, “due to irreconcileable differences between the constituent islands,” will have effect from October 10, 2010.

Commenting at the signing, Dutch Prime Minister Balkenende, said that the agreement “marks a special moment in the political history of the Kingdom of the Netherlands.”

Balkenende added that the five years of tough negotiations completes a process “that has led to the most radical revision of the Statute of the Kingdom of the Netherlands since 1954.”

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Dookeran turned blind eye to concerns on CLICO

Dookeran turned blind eye to concerns on CLICO

| 15/09/2010 | 4 Comments
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Source Photo: TT Express

By Ria Taitt Political Editor

Story Created: Sep 15, 2010 at 12:04 AM ECT

Story Updated: Sep 15, 2010 at 12:04 AM ECT

As he called on Government to rethink its bailout plan for CL Financial depositors, Opposition Leader Dr Keith Rowley yesterday apportioned some blame for the company’s collapse to Winston Dookeran, a former Central Bank governor, and Kamla Persad-Bissessar, who was a minister in the United National Congress government when the issue of Clico’s technical insolvency was first raised by former attorney general Ramesh Lawrence Maharaj.

Saying it was amusing to hear Dookeran, a “regulator par excellence”, blaming the regulator for the CL crisis, Rowley said Dookeran had turned a blind eye to Maharaj’s concerns years ago.

“Mr Maharaj’s concerns were publicly dismissed and told to be untrue by the government of the day. And that may have turned out to be viewed by investors as a vote of confidence in Clico’s affairs. It is noteworthy that Clico’s annuity business exploded to record-breaking levels after this parliamentary rejection of Maharaj intervention.”

Saying that the People’s National Movement government adopted a policy aimed at ensuring there would not be any losses to CL depositors and policyholders, Rowley said this People’s Partnership Government’s plan would cause tens of thousands of people sleepless nights and hopelessness. He urged Government to examine the issue, not only in the context of numbers but in the context of human suffering.

He said the new policy would work out to 52 cents (payable to depositors) on the dollar. He noted, however, that the country was being told that Clico’s assets were $16 billion and its liabilities $23 billion, which works out to the ratio of 70 cents on the dollar.

On the issue of the property tax, Rowley said while the country was being triumphantly told that Government had “axed the (property) tax”, the Estimates of Revenue showed that Government was anticipating a “steep increase” in the Land and Building tax from an actual collection of $71.4 million in 2009 to an estimated… $300 million”.

“By whatever name the tax is called, the Government has put measures in place to collect significant sums of money through increases. This is even more disturbing when one reflects on the exuberant assurance given by the Prime Minister herself, who tries to fool people by giving comfort that the tax is to be computed at the ‘old rates and on the old valuations’. If that was so, then on what basis is the Minister of Finance forecasting and budgeting two- to three-per centage increases on property charges?”

Citing specific areas, Rowley said the Estimates of Revenue showed that the Land and Building Taxes are expected to rise between 2009 and 2011 in all areas:

• St George West—from $11.8 million to $27.9 million;

• St George East—from $8.1 million to $19.7 million;

• Caroni—from $32 million to $79 million;

• St Andrew/St David—from $3.1 million to $8.8 million;

• St Patrick—from $4.4 million to $9.5 million;

• Nariva/Mayaro—from $1.9 million to $4.9 million;

• Victoria—from $6 million to $13.4 million and

• Tobago—from $3.8 million to $9.9 million.

“If the Minister of Finance does not immediately withdraw this document then the Honourable Prime Minister must, today, issue an unqualified apology to the people of Trinidad and Tobago for her own conduct,” Rowley said.

The Opposition Leader said it was a UNC Minister of Finance who, in 2001, first talked about property tax reform. He added that he non-collection of property taxes in 2010 was “no loving gift of amnesty from Mother Dear”, but a combination of gross incompetence and irresponsibility bordering on dereliction of duty, since Government ministers preferred to “go gallivanting in Miami and New York” instead of doing what had to be done—re-enact the Land and Building Tax.

Rowley noted that the slowdown in the economy (acknowledged by Government Senator Dr Patrick Watson) has been caused by the non-appointment of State boards, and the non-payment of fees by State companies which had no boards to approve payments.

Rowley accused the Minister of Finance of making several misleading statements. He said Dookeran’s pronouncement that the debt-to-GDP ratio was 49.4 per cent when the Review of the Economy, “a document produced by his own Ministry”, stated it was really 38.4 per cent.

“One must now question the source of the information that is used by the Minister of Finance when he speaks as an authority on the economy of Trinidad and Tobago,” Rowley said.

He also refuted Dookeran’s assertions that the number of working poor was increasing.

“The Minister of Finance is dead wrong,” he said, adding that the country was now enjoying a standard of living such as it has never enjoyed at any stage.

Rowley said the budget, as presented, with two exceptions, is a ringing endorsement of virtually all of the policies as crafted and executed by the PNM, with a “little tinker here and a little tickle there”.

“Given the nature and content of this budget, the country can take comfort in one aspect of our national business and that is that most of the solid foundation laid down by the PNM has not been recklessly disturbed by some of the vote-catching, hair-brained schemes which were advanced as superior policies of the coalition partners,” he said.

He said not only did the change in Government not deliver the magical new policies, but the deceitful and shameless reneging on campaign commitments have indelibly labelled the Government as questionable and untrustworthy. He satirised that the “bold print” of the UNC ads about the reduction in the pensionable age became a “misprint” after the election.

Rowley quoted Dookeran as saying that in dealing with food inflation, “we are talking about a reduction in VAT to ten per cent”. However, Rowley said: “2010/11 budget: not a word, hoping that we forget the promise.”

Source: TT Express

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