Archive for October, 2010

India proves itself despite prejudices

India proves itself despite prejudices

| 08/10/2010 | 0 Comments
EmailGoogle GmailStumbleUponFacebookShare

By Sir Ronald Sanders
(The writer is a consultant and former Caribbean diplomat)

Enforced bed rest occasioned by surgery for an inguinal hernia provided me the rare opportunity to watch four continuous days of the BBC’s coverage of the Commonwealth Games in India beginning with the enthralling opening ceremony that featured a colourful portrayal of Indian culture.
Just a few days before the opening, Western media – and especially the media in Australia – cast serious doubt on whether the games would be held at all. Every incident, however minor, was headlined as an indication of catastrophe. The Australian media was quickly followed in this frenzy by sections of the British and Canadian media, often with the question rather than the answer becoming the headline.
Thus, a negative question put to the Chairman of the Commonwealth Games Federation, Mike Fennell, by a BBC interviewer became the story’s headline with no regard for the answer which completely dismissed the question.
Further, after reports that the Athletic Village was uninhabitable and unhygienic, sections of the media again and again asked athletes if they were dissatisfied with conditions. Very positive answers that the conditions were fine and that the athletes were perfectly satisfied did not stop the question from being repeatedly asked.
The Western media were also parsimonious in their acknowledgement of the scale of the spectacle and entertainment success of the opening ceremony. Rather, they seized upon the news that a section of the track and field circuit had been damaged during the ceremony. In their view, this meant the cancellation of the track and field events and a complete waste of the years of training that the athletes had invested. No one ate humble pie when, 15 hours later, the Indian organisers had the track ready for the events to be held, although a few reporters did express astonishment at the Indian accomplishment.
Well what accounts for the attitude of the Western media toward these games in India? Janet Street-Porter, a columnist for the British Independent on Sunday newspaper, reckons that “the stories of doom and gloom in our press and much of the whingeing is just racism under another name”.
Mike Hume, who writes for The Australian, attributed the media attitude (and, if truth be told, the attitude of many others in the West) to the rise of India, alongside China as two super-power economies well on their way to dwarfing many of the countries from which the unfavourable media coverage came. As he put it: “It is against that background that so many appear to have seized upon the chance offered by the problems in Delhi to tut-tut about the natives once more, recycling old prejudices in the new language of health, safety, anti-terrorism and the environment”.
He continued: “There are echoes here of the way many in the West sought to turn China-bashing into a new sport at the 2008 Beijing Olympics. They used those Games as a podium to try to take the world’s new economic superpower down a peg or two by lecturing the Chinese over pollution, population, human rights and much else. Now the Western cynics have turned their attention to Delhi 2010”.
Hume also points out that: “There seems little doubt that the preparations in Delhi have been marred by a familiar combination of political infighting, incompetence and corruption. This is the sort of thing that tends to accompany the construction of almost all the great white elephants of sporting stadiums.
Even the London 2012 Olympic Games, the facilities for which are now being held up as an example of how to get things done the right way, have magically trebled in price to well over $15bn since before construction began. In a developing nation, these problems are always likely to be more exaggerated and exposed”.
The Western media has also used the opportunity to question whether the Commonwealth Games are worth anything. As many of them have written-off the Commonwealth as a relic of the British Empire, so too have they attempted to rubbish the Commonwealth Games.
Thankfully, their view is not shared in the Commonwealth, not even by the authorities in their own countries. Hence, the 71 countries and territories of the Commonwealth sent teams of varying sizes to the games, and by all accounts – and their own statements – the athletes are enjoying the games. The only unpleasantness occurred in the women’s 100 metre final when a protest by England led to the disqualification of the Australian winner.

Lying in bed, coping with the pain of recent surgery and conscious of my immobility, I developed a deeper respect for the training, sacrifice and hard work of all the athletes who competed in the games – and I knew the Commonwealth Games continue to be very valuable. The games have given these young people an opportunity to showcase their skills and to expand their capacity through competition at world standard. They have all tested themselves and are better for it.

As I write this commentary immobile in bed with my lap top on my chest, Caribbean countries have won 5 medals, one of them silver by 31-year old, Natasha Mayers, from St Vincent and another a brilliant gold by Lerone Clarke of Jamaica in the 100 metres. Trinidad and Tobago also has won two bronze medals. I am sure there will be more for these small Caribbean contingents who are in India because they place value on the experience and knowledge they gain from the Commonwealth Games.

I am greatly looking forward to the closing ceremony of the games which I suspect will be even more spectacular and vibrant than the opening ceremony.
Those who predicted the demise of the games in India even before the event started have been proven wrong. India may have to inquire into the preparations for the games at the end of it, but it has done a great job. Like China, it will continue to grow and to take a place in the world community that helps to balance at least economic power. That reality will not be affected by the kind or prejudice that has been displayed toward India’s hosting of the Commonwealth Games.

EmailGoogle GmailStumbleUponFacebookShare
Real estate downturn could last 8 years: IMF

Real estate downturn could last 8 years: IMF

| 06/10/2010 | 0 Comments
EmailGoogle GmailStumbleUponFacebookShare

WASHINGTON (MarketWatch) — The prospects in the global real estate sector are “dismal,” with a downturn that could last eight years, the International Monetary Fund warned Wednesday.

The IMF sees problems both in the “bust” countries, such as the United States, Spain and Ireland, and the “rebound” economies, such as the Asia-Pacific region, most Scandinavian countries, and Canada.

n the United States, residential investment remains severely depressed compared with past cycles, which the report said could be partly explained by the pattern in house prices and outstanding household debt. Making matters worse, the U.S. states where the house price bust was more pronounced are also where unemployment has increased the most.

“This relationship likely reflects the importance of the construction sector in these states’ economies as well as lower labor mobility resulting from problems in the housing sector,” the IMF said. Tax incentives in both the U.S. and the U.K. only temporarily increased activity.

“Especially in the United States, given the limited success of mortgage modification programs and the shadow inventory from foreclosures and delinquencies, this has renewed fears of a double dip in real estate markets. A lot will depend on the path of economic recovery: if employment creation remains low, risks of a double dip in housing naturally increase,” the IMF said.

There are other threats too, like record high delinquency rates on commercial mortgage-backed securities, and the $566 billion in commercial real estate debt due this year and next, according to data the IMF cited from Foresight Analytics.

Resets on adjustable-rate loans are looming, with limited refinance options because many of the loans are underwater.

Renewed strains on credit conditions may materialize from loan losses due to delinquencies and tougher capital rules, the IMF added.

In Asia, the IMF frets that even though fundamentals appear to provide support for price increases, the econometric estimates are less reliable given their short track record, and anecdotal evidence of speculative activity, rising vacancy rates in commercial property, sizable mortgage credit growth, and massive capital inflows could be signs of overheating — particularly in Beijing, Nanjing, Shanghai and Shenzhen in China.

Source: MarketWatch

EmailGoogle GmailStumbleUponFacebookShare
BNP Paribas sells wealth management units in Panama, Caymans to Scotiabank

BNP Paribas sells wealth management units in Panama, Caymans to Scotiabank

| 06/10/2010 | 0 Comments
EmailGoogle GmailStumbleUponFacebookShare

By The Canadian Press

TORONTO – Scotiabank (TSX:BNS) has acquired the wealth-management business of BNP Paribas in Panama and the Cayman Islands, another step in the Canadian bank’s strategic expansion in Latin America and the Caribbean region.

The BNP Paribas operations will become part of Scotiabank’s Global Wealth Management division, which combines the wealth management and insurance operations in Canada and internationally.

Scotiabank, which is known as Canada’s most internationally oriented major bank, previously acquired a portion of the BNP Paribas wealth management business in the Bahamas.

Financial terms of the transactions were not disclosed by Scotiabank, which says the amounts aren’t material to its business.

Scotiabank has offered personal and commercial financial services in Panama since 1974, in the Bahamas since 1965 and in the Cayman Islands since 1968.

“The transaction enhances Scotia bank’s existing operations in the Caribbean and Central American regions, strengthening our ability to serve the needs of our clients,” said Dan Wright, head of Scotia bank International Wealth Management.

“Today’s announcement demonstrates our commitment to growing and strategically investing in these regions.”

BNP Paribas SA is one of Europe’s largest banking groups.

Shares in Scotiabank were down 10 cents to $54.85 in early trading on the Toronto Stock Exchange.

EmailGoogle GmailStumbleUponFacebookShare
Rick Sanchez fired for calling Jon Stewart a “BIGOT” (video included!!!)

Rick Sanchez fired for calling Jon Stewart a “BIGOT” (video included!!!)

| 02/10/2010 | 0 Comments
EmailGoogle GmailStumbleUponFacebookShare

For all of those who think freedom is free, the United States Constitution has just taken another blow as a man is fired for speaking his opinion. The so-called “founders and authors of the United States Constitution” unceremoniously took another spin in their graves.

CNN host Rick Sanchez came under fire Friday after making controversial remarks the previous day on a satellite radio show.

Sanchez called out Comedy Central host Jon Stewart as a “bigot” for mocking him, and complained that Jews — like Stewart — don’t face discrimination. He also suggested that CNN, and perhaps the media industry more broadly, is run by Jews and elitists who look down on Hispanics like himself.

EmailGoogle GmailStumbleUponFacebookShare