ECCB works towards lessing the gravity of global economic and financial crisis.

first_imgLocalNews ECCB works towards lessing the gravity of global economic and financial crisis. by: – July 1, 2011 Sharing is caring! Share Tweet 15 Views   no discussionscenter_img Share Share Sir K Dwight Venner, Governor of the ECCB. Photo credit: ecib.orgThe Eastern Caribbean Central Bank through its Governor Sir K Dwight Venner has reported that several measures have been implemeted in the last financial year in an effort to enhance the regulatory, supervisory and monitoring frameworks.These measures included;1. The drafting of enabling legislation for the credit union and insurance sectors for passage by member governments;2. The implementation of the necessary apparatus for information-sharing and integrated supervision and regulation of the system;3. Development of a framework for the introduction of a repurchase facility to enhance liquidity support to commercial banks;4. Development of a liquidity monitoring and forecasting model;5. Working with the commercial banks to establish the ECCU Automated Clearing House (ACH); and6. Working with the Office of the Superintendent of Financial Institutions in Canada to adopt an advanced model of financial regulation.It was also reported that the Bank has intiated several programs in an effort to lessen the gravity of the global economic and financial crisis by restructuring and strengthening the financial sector.“The Bank, in collaboration with member governments and with the support of the World Bank, continued the efforts to establish the Resolution Trust Corporation (RTC) to restructure and recapitalise financial institutions and manage troubled assets. The Bank also provided support to the Ministerial Sub-Committees of the Monetary Council on banking, insurance, credit unions and international financial services in addressing and implementing solutions to the challenges in these sectors.”According Sir Venner, the Bank also “played a pivotal role in the smooth transition of the Bank of Antigua Limited to the new entity, the Eastern Caribbean Amalgamated Bank Ltd (ECAB). Throughout the year, the Bank continued to provide technical support to the member governments in accessing financing on the Regional Government Securities Market. The average weighted interest rate on 91-day Treasury bills declined from 5.69 per cent to 4.93 per cent. Hence, participating governments were able to lower their debt servicing costs on those instruments.”It is anticipated that “the year 2012 will be critical as the ECCU strives to consolidate its efforts to strengthen its economies and position itself to take advantage of the opportunities from the anticipated global economic recovery.”Thus the policy priorities for the Bank would therefore be to:1. Strengthen the framework for the early identification of risk and resolution of problems at weak financial institutions;2. Continue to explore appropriate monetary policy tools and the enhancement of market intelligence to influence money and credit conditions and to inform policy development;3. Continue to work with member governments to identify and remove legal impediments to the establishment of a single financial space;4. Build on the power of collective action by assisting member governments in the articulation and adoption of a macroeconomic transformation programme for ECCU member countries consistent with the objectives of the OECS Economic Union and the ECCU Eight Point Stabilisation and Growth Programme; and6. Encourage member governments to modernise the public sector in order to enhance efficiency and provide the requisite technical and administrative capacity to achieve the region’s economic objectives.Sir Venner concludes that the challenge which the Bank faces is support for the strong dollar policy which has been dictated by the Monetary Council, as well as to establish the environment for the future growth and development of the region.Dominica Vibes Newslast_img read more

Gearing up for ‘Rover Ruckus’ in Alcona Saturday

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisLincoln, Mich. — Preparation is underway for a local robotic’s tournament. This will be the first time the event will be held at Alcona Community Schools.“It’s cool,” said Hannah Brege. “It’s such a small school, so we don’t really do things like this very often.”The gym will be home to “Rover Ruckus,” a tournament for middle school students from the area. The younger kids compete in First Tech Challenge. Teams from Alcona, Alpena, and Oscoda will compete to test out their bots. Each robot will have to pass an inspection in order to take part in the competition. Robots will pick up blocks and balls for different tasks they must complete.High school student Justin Smigelski is looking forward to recruiting more middle school students into robotics.“I’m looking for commitment, so people that are willing to take time out of their life to just work with their classmates to make this awesome robot,” said Smigelski.The event will start at 9:00 a.m. on Saturday, and awards will conclude the competition at 5:00 p.m. AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: Alcona Community Schools, alpena, FIRST Robotics, First Tech Challenge, Oscoda, Rover RuckusContinue ReadingPrevious Graduates paves the way for early college success at Alcona High SchoolNext Pied Piper hosts flower sale to benefit studentslast_img read more

Clippers putting perfect preseason behind them

first_img Kristaps Porzingis ruled out as Clippers, Mavericks set for Game 5; Follow for game updates Clippers hope they can play to their capabilities, quell Mavericks’ momentum PLAYA VISTA — Take that feel-good 5-0 preseason, select all, and delete.The Clippers start over Wednesday when they host the Denver Nuggets on opening night at Staples Center.“We’re not getting excited about the results in preseason,” veteran center Marcin Gortat said before practice Saturday at the Clippers Training Center, noting that two of their preseason victories were against objectively inferior teams from Australia and Israel.“The real stuff starts on Wednesday,” Gortat added. “That’s what we’re trying to focus on.” Clippers vs. Mavericks Game 5 playoff updates from NBA beat reporters Newsroom GuidelinesNews TipsContact UsReport an Error Beyond refining their transition, there are many other important areas of focus on Rivers’ syllabus.“The key still will be can we rebound well enough? How do we finish games? Can we stop scoring droughts? And defensively, how good will we be?” Rivers said. “If we do all those things well, then we’re going to be a great basketball team. If we do half of them, then … I don’t know what that translates into.”Sign up for Home Turf and get exclusive stories every SoCal sports fan must read, sent daily. Subscribe here.The Clippers’ long-range marksmen can get sharper too. Collectively, they shot 30.4 percent (42 for 138) from behind the arc in those five preseason contests, including just 24.2 percent (8 for 33) against Maccabi Haifa.“I think we have a lot of (outside shooting),” Rivers said. “Now we have to get some of them to go in.”BOBAN ‘UNSTOPPABLE’After spending the past month guarding Boban Marjanovic in practice, Gortat has insider’s knowledge about stopping him: You won’t.“I mean, Boban is unstoppable,” Gortat said of the Clippers’ popular 7-foot-3 backup center, who averaged 12 points in 10.2 minutes this preseason. “We’ve gone at it in practice and my trick is don’t let him get to the paint. If he gets to the paint, I foul him, that’s all I can do. You can’t block him, you can’t stop him from inside, he’s just too big. He’s too big and just too physically skilled, so you’ve just literally got to foul him, wrap him around and don’t (let) him lift the ball.”And even then, Marjanovic wins. A guy who shot 14 for 17 from the free-throw line in the preseason is hardly hack-able for defensive purposes.“At the end of the day, you’ve got five fouls and you’re going home,” added Gortat, who said he’s really gained an appreciation for Boban’s skill set.“I’m just surprised how incredibly skilled he is for his size and incredibly smart,” said Gortat, who averaged nine points in 18 minutes through four preseason games. “People have a tendency to look (at the) physical aspect of him, they’re thinking he’s a little funny. But it ain’t funny when he’s out there on the court and you’ve got to guard him.“You’ve got to be really focused on the guy to guard him right because otherwise he’s going to get you 20 (points) and 12 (rebounds) in eight minutes. That’s what he did, he showed up every game, he checked in for eight minutes, and he got double-double.“I mean … that’s better than Kareem Abdul-Jabbar.”ARTIS SIGNED, WAIVEDA day after announcing they signed 6-foot-7 guard Jamel Artis, the Clippers said in a statement Saturday that they waived Artis.Related Articles And so the Clippers will spend the next few days filing down their flaws.“We’ve just got to get sharper,” Coach Doc Rivers said after the Clippers put a bow on the organization’s first perfect preseason. “The greatest thing about this team is that each day, we literally should be better because we’re so new together, and we’re still learning.”In particular, Rivers said he hopes his squad heads back in the right direction on the break.“We kind of lost our transition game,” Rivers said Saturday. “Even though we ran and got a ton of open-court layups, I think our spacing, as each game (went on), we started creeping in more and more. Coming out of the gate, I thought it was beautiful how we were playing, and then each game, we got worse at it.”In each of their first two preseason victories, against the Sydney Kings and the Minnesota Timberwolves, the Clippers had 25 fast-break points. In win No. 3 against the LeBron-less Lakers, they had 10 fast-break points, then 11 against the Denver Nuggets. Finally, against Israel’s Maccabi Haifa, the Clippers again had 25 – but that was in an entirely lopsided 124-76 victory. What the Clippers are saying the day after Luka Doncic’s game-winner tied series, 2-2 For Lakers’ LeBron James, Jacob Blake’s shooting is bigger issue than a big Game 4 victory last_img read more

Woman testifies about Spector, gun

first_imgLOS ANGELES (AP) — Joan Rivers’ former manager testified Thursday in Phil Spector’s murder trial that while dating him in the 1990s the usually charming producer suddenly terrorized her with a gun, hit her on the head twice, ordered her to undress and accused her of stealing. Dorothy Melvin was the first of four women expected to tell the jury about confrontations with Spector that the prosecution claims were similar to the scenario that led to the fatal shooting of actress Lana Clarkson in the producer’s suburban Alhambra mansion more than four years ago. The start of testimony came on the heels of defense opening statements, which focused heavily on scientific evidence and assertions that the forensics will prove that Clarkson shot herself. Attorney Linda Kenney-Baden said the defense’s star witness will be science and she presented exhibits which suggested DNA would prove that Clarkson also loaded the weapon. Melvin, Rivers’ assistant for 23 years, said that after several years of occasional dating she went to Spector’s Pasadena home in 1993 and spent a pleasant evening in which he played the piano, danced with her and showed memorabilia including a John Lennon guitar. But she said he drank nearly a whole bottle of vodka and at some point disappeared. She said she woke up on a couch early the next morning and found Spector outside pointing a handgun at her car and then at her. Melvin described an expletive-laced confrontation, trying to flee in her car, Spector pumping a shotgun, hitting her on the side of the head and finally being let out of the estate. She said she called police who ultimately helped retrieve her handbag from Spector. She said she didn’t press charges because “I didn’t want it to become a National Enquirer cover.” Defense attorney Roger Rosen showed during cross-examination that Melvin and Spector continued to communicate by e-mail, mail and fax and even saw each other a few times in subsequent years until his arrest in the Clarkson killing. After that, she said Spector continued to send her clippings about the case. Rosen also displayed a number of postcards with sayings such as, “Missing you” and messages signed, “Love, Phillip.” “Phil is a very brilliant and charming man,” she said as Spector sat across the room at the counsel table. “… Only when drinking he snaps and becomes a lunatic.” The first witness was called after the defense told the jury it will rely on an invisible witness to Clarkson’s death: science. “We have one unimpeachable witness who has no motive to lie, no memory problems, no language problems and that witness is science,” said Kenney-Baden, an attorney whose specialty is forensic evidence. Following co-counsel Bruce Cutler’s opening attack on police procedures and women who he said would tell “tall tales” about Spector, Kenney-Baden gave jurors a course in gunshot wounds, bullet trajectories, blood spatter and what she called “the absence of evidence to prove guilt which is proof of innocence.” “The science will tell you who did what and what happened here,” she said. “The science will tell you Phil Spector did not shoot Lana Clarkson, did not hold the gun and did not pull the trigger.” She said of the account presented in the prosecution’s opening statement Wednesday: “It is a story made up by people who were not there. The science was there.” Kenney-Baden and Cutler both said forensic evidence would show Spector was not standing close enough to shoot her, that his DNA was not on the gun and that his clothing bore no trace evidence to prove guilt. “She was covered with GSR (gunshot residue),” the attorney said. “Phil Spector was not covered with GSR. It means he did not shoot that gun. He was too far away to get GSR on his clothes.” She said the defense will call renowned scientists including Henry Lee, Werner Spitz and Vincent DeMaio to testify. “Science will show you her death was caused by a self-inflicted gunshot wound,” said Kenney-Baden. “Science cannot tell you what was in her mind.” But she cited despairing e-mails sent by Clarkson in which she said she was going to tidy her affairs and “chuck it all because it’s too much for a girl to bear.” As Kenney-Baden described the killing, her presentation was sometimes stomach churning in its details of how the bullet entered Clarkson’s mouth, how it caused her brain tissue to splatter out on her clothing, how her teeth were shattered by gases from the gun and how her blood spattered and clotted. “I apologize if I seem callous,” she said in apparent deference to Clarkson’s mother, sister and other family members seated in the front row. “I don’t mean to appear callous to the death of anyone when I do this.” She noted that when Spector was arrested on Feb. 3, 2003, his blood showed traces of a “neuroleptic” drug which made his hands shake. “You may have seen his hands shake,” she told jurors. “That is one of the side-effects of this drug. It mimics Parkinson’s.” She said Spector often kept his hands in his pockets to hide this much as she said actor Michael J. FoxZZTO does. FoxZZTO has Parkinson’s Disease. Neuroleptic drugs are tranquilizers used to treat psychotic symptoms, according to medical dictionaries. Clarkson’s body, with a gunshot wound through the mouth, was found seated in the foyer of Spector’s suburban AlhambraZZPAS mansion early on the morning of Feb. 3, 2003. She had met Spector at the House of Blues on the Sunset Strip, where she was a hostess, and agreed to accompany him on a chauffeur-driven ride to his home. The trial was not scheduled to be in session Friday. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Anthem Acquires Kiran Patel’s $1.4 Billion America’s 1st Choice HMO

first_imgFlorida Cardiologist Kiran Patel has sold his managed health care company, America’s 1st Choice, to Anthem Inc., the second largest health insurer in the United States.Anthem did not disclose financial terms for the purchase of the company, which had combined revenues of $1.4 billion and net income of $10.1 million in 2016. The deal will close in the first quarter of 2018. This is Anthem’s second acquisition of a Medical Advantage company in Florida. Last month Anthem, which has a market cap of $54 billion, acquired HealthSun, which has 40,000 Medicare Advantage members in Miami-Dade and Broward counties.America’s 1st Choice, one of the largest privately held managed Medicare healthcare company in the United States, operates Medicare Advantage plans for 130,000 seniors under the brands Freedom Health Inc. and Optimum Healthcare Inc. in Tampa, and America’s 1st Choice of South Carolina.Patel told the Tampa Bay Business Journal: “In life, there comes a time where one has to decide personal capacity and capabilities. I’m an entrepreneurial type and the company has grown to a level where now, to grow to next level, you need a disciplined approach, a corporate type-approach and I don’t survive in that type of environment…. I like to grow things and then it’s time to pass it on to someone who has a more corporate structure.”In a letter to the nearly 1,000 employees of America’s 1st Choice, Patel said that while the company had many suitors, “I found Anthem to be uniquely aligned with my thoughts and vision.”“Many corporations can provide the governance and capital, but I wanted a partner that was philosophically aligned with my thoughts,” Patel wrote.In a company press release, Anthem CEO Joseph Swedish said: “The acquisition of America’s 1st Choice, which has strong technology tools and expertise designing and implementing engagement programs, fits well with our growth objective and will also enhance our ability to deliver a broad variety of cost-effective, high quality plans to meet the diverse needs of the Medicare population.”.Peter D. Haytaian, president of Anthem’s Government Business Division, said: “This acquisition further demonstrates our commitment to capitalize on new opportunities in our Government Business Division that help expand our presence and improve our capabilities to help serve the needs of the most vulnerable populations, which includes Medicare, dual eligible as well as those living with chronic conditions.”Anthem’s stock closed 5 percent higher on Wednesday, after it reported better-than-expected quarterly earnings and its strategic acquisition, a day when the Dow Jones industrial average fell 0.5 percent.In 2002, Patel sold another managed healthcare company, WellCare Health Plans, a Medicaid services provider, for a reported $200 million. The company currently has a market cap of $8 billion.Patel, who also owns several hotels, has indicated that he plans to turn more of his attention to philanthropic endeavors, which are focused on education and healthcare. Last month he committed $50 million to Fort Lauderdale’s Nova Southeastern University to expand its programs in osteopathic medicine and health care sciences, as well as an additional $150 million to develop a medical complex in Clearwater, Florida, which will serve as Nova’s regional Tampa campus.He is also establishing the Drs Kiran and Pallavi Patel University near Vadodara in Gujarat, India, which will include a medical school in collaboration with Nova Southeastern University. Related Itemslast_img read more