News

Waterloo St man dies after Sophia accident

23 mins ago

At about 2300h last night, the police say that George Moore, 53 years, of Waterloo Street, Georgetown, was driving a motor car along the access road at ‘C’ Field, Sophia, when he lost control of the vehicle and drove into a canal .

Truce crumbles as 40 killed in Gaza, rockets hit Israel

4 hours ago

GAZA/JERUSALEM, (Reuters) - A Gaza ceasefire crumbled only hours after it began today, with at least 40 Palestinians killed by Israeli shelling and Israel accusing militants of violating the U .

Tropical storm Bertha forms off the eastern Barbados coast

4 hours ago

(Barbados Nation) A TROPICAL STORM Warning remains in effect for Barbados but will be discontinued by 11 a .

Granger sees no damage to PNCR’s image

Granger sees no damage to PNCR’s image

-after contentious congress polls

PNCR leader David Granger perceives no damage to the party’s image after criticisms of the electoral process at its recent 18th Biennial Congress, including a charge by an opponent that problems with the accreditation of some delegates were to ensure his reelection .

Bus driver stabbed to death

Bus driver stabbed to death

…after upbraiding man

[caption id="attachment_299306" align="alignright" width="201"] Gavin Fiffee and his girlfriend Antonia Beveny[/caption]A family is in mourning after a night of senseless violence that ended with 31-year-old Gavin Fiffee being stabbed to death at the Stabroek Market bus park last night .

Alleged PNCR Congress shooter  on threatening behaviour charge

Alleged PNCR Congress shooter on threatening behaviour charge

-released on self-bail

Linden Primo, the man accused of firing a gun during the People’s National Congress Reform (PNCR) 18th Biennial Congress on Sunday, is now free after being released on self-bail on a threatening behaviour charge .

Military clearly plotted Walter  Rodney’s death –Fr Rodrigues

Military clearly plotted Walter Rodney’s death –Fr Rodrigues

-recounts night of killing

Dr .

Norton alleges fixing of  PNCR electoral process

Norton alleges fixing of PNCR electoral process

-urges inclusive leadership to take party forward

Although charging that the electoral process at the PNCR’s just-concluded 18th Biennial Congress was “manipulated” to ensure the re-election of leader David Granger, party stalwart Aubrey Norton yesterday said he was prepared to work with fellow members to craft a strategic plan that could serve as the base for a general elections victory .

Tucville man charged  in cyclist’s death

Tucville man charged in cyclist’s death

A Tucville man was yesterday charged with causing the death of a pedal cyclist due to dangerous driving .

GT&T introduces Shop’n Go service

GT&T introduces Shop’n Go service

-for mobile payments

The Guyana Telephone and Telegraph Company (GT&T) has launched its new Shop’n Go feature, which allows subscribers to use their mobile phones to make wireless payments .

Assuria Insurance opens Vreed-en-Hoop branch

Assuria Insurance opens Vreed-en-Hoop branch

Assuria General (Gy) Inc .

Tapakuma gets tractor for farming

Tapakuma gets tractor for farming

By Kenesha Fraser Three projects including an $8 .

Woman stole over $1M from ex

Woman stole over $1M from ex

Barely three months after having three charges against her dismissed, 18-year-old Tenza Lane now faces imprisonment after admitting that she stole more than $1M from her partner .

Dialysis machine donated to GPHC

Dialysis machine donated to GPHC

[caption id="attachment_299326" align="alignleft" width="309"] From left: Tara Mohamdee handing over the Dialysis Machine to representatives of the Georgetown Public Hospital Corporation (GPHC) .

Saying goodbye to Habeeb

Saying goodbye to Habeeb

Friends and family gathered yesterday at the Central Islamic Organisation of Guyana on Woolford Avenue for the last rites for renowned comedian Habeeb Khan .

Jamaica businessman murdered

(Jamaica Observer) NEGRIL, Westmoreland — Some residents of West End in this western Jamaica town cried openly yesterday when they learnt of Tuesday’s night’s brutal murder of businessman Colin Lynch, who was said to be well-loved in the community .

Sierra Leone declares emergency as Ebola death toll hits 729

 FREETOWN, (Reuters) - Sierra Leone has declared a state of emergency and called in troops to quarantine Ebola victims, joining neighbouring Liberia in imposing controls as the death toll from the outbreak of the virus hit 729 in West Africa .

Israel, Palestinian militant groups agree to 3-day Gaza truce

GAZA/JERUSALEM, (Reuters) - Israel and Palestinian militant groups in the Gaza Strip have agreed to a three-day humanitarian truce to begin this morning, and negotiators from both sides will travel to Cairo to discuss a longer-term solution .

Argentine markets fall post-default

BUENOS AIRES, (Reuters) - Argentina’s bond and stock markets and peso currency dropped yesterday after Latin America’s No .

Jamaica announces new public procurement policy

(Jamaica Observer) The Government this week tabled a bill to streamline and transform the present public procurement regime, including its legal and regulatory framework .

CIA concedes it spied on U.S. Senate investigators, apologizes

WASHINGTON, (Reuters) - The CIA conceded yesterday that it had improperly monitored computers used by the U .

BUENOS AIRES, (Reuters) – Argentina’s bond and stock markets and peso currency dropped yesterday after Latin America’s No. 3 economy defaulted for the second time in 12 years following the collapse of last-ditch talks with holdout creditors. The default came after Argentina failed to strike a deal with lead holdout investors NML Capital Ltd, an affiliate of Elliott Management Corp and Aurelius Capital Management, in time for a midnight Wednesday EDT (0400 GMT) payment deadline. “Those who expect us to sign any old thing, threatening us that the world will come to an end otherwise, should not count on me,” Argentine President Cristina Fernandez said in her first comments since the default. The government maintains it has not defaulted because it made a required interest payment on one of its bonds due 2033, but U.S. District Judge Thomas Griesa in Manhattan blocked that deposit in June, saying it violated his ruling. At that time, Griesa deemed the $539 million deposit with the Bank of New York Mellon, Argentina’s trustee bank, was illegal because it did not include a concurrent court-ordered payment of $1.33 billion plus accrued interest to the holdout investors. Griesa scheduled a new hearing in New York on Friday at 11 a.m. EDT (1500 GMT) to discuss the default. Buenos Aires argues that agreeing to the hedge funds’ demands to pay them in full would break a clause barring it from offering better terms to them than to those who accepted to steep writedowns in the 2005 and 2010 swaps. Both Argentine Economy Minister Axel Kicillof and Fernandez warned that the country could bring more lawsuits to challenge the contention that it is in default. Bondholders who participated in the two prior restructurings of the 2002 default now have to decide whether to seek immediate full payment of principal and interest on their restructured debt, a process known as acceleration. This process requires 25 percent of the bondholders on each of 16 bonds issued in the 2005 and 2010 restructurings to ask BNY Mellon for a formal decision on default. The bank has 60 days to decide. “I don’t think at the moment there is a clear answer to whether bondholders will accelerate a deal. It’s probably not something most bondholders would like to see,” said Olivier De Timmerman, fixed income fund manager at KBC Asset Management in Luxembourg. Another formal declaration of a default could come as soon as today from a committee of buy- and sell-side investment firms organized by the International Swaps and Derivatives Association (ISDA). They will decide if a side-bet made on insuring Argentine government debt is payable. Argentina’s default is generally not seen unleashing financial turmoil abroad because it has been isolated from global credit markets since its 2002 default on about $100 billion of debt. But the cost of insurance on the South American country’s sovereign debt surged on Thursday. It has foreign currency restructured debt worth about $35 billion, including $8 billion under local law, while its foreign exchange reserves stand at $29 billion. LENGTHY LEGAL TRAVAIL Buenos Aires has dubbed holdout investors “vultures” for picking over the carcass of their broken economy. Even a short-term default would raise local companies’ borrowing costs, pile more pressure on the peso, drain dwindling foreign reserves and fuel one of the world’s highest inflation rates. Thursday’s market moves reversed a strong rally from Wednesday when investors had widely anticipated a last-minute deal. Argentina’s dollar-denominated Discount bond due 2033 fell 8 points in price to bid 88 cents on the dollar, driving the yield up to 9.85 percent. The peso fell 2.52 percent to 12.570 per dollar. The Merval stock index fell 8.4 percent. Shares traded locally in Argentine energy company YPF were down 9.18 percent at 356 pesos per share. The default is likely to raise borrowing costs for YPF, which issued a $1 billion, 10-year global bond in April. Asset prices were down sharply but market participants said they still expected either the government or third parties to reach a deal eventually with the holdout investors. As to whether Argentina had suffered a so-called credit event, the ISDA said it had received its first request regarding the issue, according to its website. http://www.isda.org/ Swiss bank UBS asked the 15-member ISDA-facilitated Determinations Committee (DC) to consider whether a “failure to pay” credit event had occurred. Its ruling applies only to those investors who purchased Argentine credit default swaps (CDS). The committee is independent of ISDA and due to convene on a conference call at 1100 EDT (1500 GMT) on Friday, although a spokeswoman said no timeframe had been set for a vote on whether to declare a credit event had occurred. If a super-majority of 12 member firms on the DC vote that a credit event has taken place then a payout process would start for holders of these CDS contracts. UBS cited a missed deadline to deliver interest payments to creditors holding the restructured debt from the 2002 default, and Credit Suisse has said CDS payments were “likely to be triggered.” “It is still not clear whether the credit default swap of the country will be triggered. The situation that generated the default was a lawsuit, not the failure of the country to transfer the proceeds to pay existing debt,” said Emiliano Surballe, fixed-income analyst at Bank Julius Baer. Prices on Argentine CDS contracts surged on Thursday. An investor wanting to insure a $10 million trade for one year would need to spend $4.04 million as an upfront cost plus an additional $500,000, according to data provider Markit. At the start of July the upfront cost was $2.77 million. The yield spread between U.S. dollar-denominated Argentine debt and benchmark U.S. Treasury yields widened by 75 basis points to 635 basis points on the JPMorgan EMBI+ index. Credit rating agencies downgraded Argentina as a result of its missed payment to a half-step before declaring absolute default. Fitch Ratings said on Thursday Argentina was in Restricted Default and Standard & Poor’s on Wednesday pushed the country to Selective Default. BANK DEALINGS Argentine banks had scrambled to put together a proposal to buy out the non-performing debt held by the holdouts and avert the default. That attempt at a deal collapsed in the final hours. Some Argentine newspapers reported that JPMorgan Chase & Co and other banks might be involved in a private-sector deal with the holdouts to help resolve the default. A JPMorgan spokesman said the U.S. investment bank had “no comment” on the reports. Aurelius said it had received no proposals on a private-sector debt purchase “worthy of serious consideration.” In Buenos Aires, nerves were raw. Argentine Cabinet chief Jorge Capitanich urged holders of Argentina’s exchange bonds to demand their money from Judge Griesa. Capitanich also lashed out at U.S.-court appointed mediator Daniel Pollack, calling him “incompetent”. Even so, some holders of Argentine debt were optimistic the government would seek a resolution. “It’s probably going to be more a soft-default scenario where prices will slide a bit. There is confidence in what the government is going to do,” said Rune Hejarskov, senior portfolio manager at Jyske Invest, which holds Argentine debt. “VERY PARTICULAR DEFAULT” The relative calm surrounding Argentina’s current debt crisis is a sharp contrast from the mayhem in 2001-2002 when the economy collapsed around a bankrupt government and millions of Argentines lost their jobs. Argentina has a population of 40 million. This time the government is solvent. How much pain the default inflicts on Argentina, which is already in recession, will depend on how swiftly the government can extricate itself from its obligations. “This is a very particular default, there is no solvency problem, so everything depends on how quickly it is solved,” said analyst Mauro Roca of Goldman Sachs.

WASHINGTON, (Reuters) - A bill to fund border security blew up in House Speaker John Boehner’s face yesterday, leaving Republicans in disarray and struggling to reconcile Tea Party demands with the need to deal with a humanitarian crisis on the southwestern border with Mexico .

India’s demands block $1 trln WTO deal on customs rules

NEW DELHI/GENEVA, (Reu-ters) - The World Trade Organization failed yesterday to reach a deal to standardise customs rules, which would have been the first global trade reform in two decades but was blocked by India’s demands for concessions on agricultural stockpiling .

T&T Sports Minister quits over LifeSports probe

T&T Sports Minister quits over LifeSports probe

(Trinidad Express) Prime Minister Kamla Persad-Bissessar today announced the resignation of Sport Minister Anil Roberts over the revelations of the audit into the LifeSports programme which fell under his purview .

Controversial financial paper may not be debated before Parliament recess

Government’s controversial Financial Paper No 1/2014, which has ignited plans for a no-confidence motion against the PPP/C administration, may not be debated before the National Assembly goes into its scheduled August 10 recess .

Sierra Leone president declares state of emergency over Ebola

FREETOWN, (Reuters) - Sierra Leone has declared a state of public emergency to tackle the worst ever outbreak of Ebola and will call in security forces to quarantine epicentres of the deadly virus, President Ernest Bai Koroma said in a statement .

Probe found GDF supplied weapons to ‘R. Corbin,’ Development Ministry

–Walter Rodney inquiry hears

An internal investigation found that the Guyana Defence Force (GDF) had issued guns to an ‘R Corbin’ and the Ministry of National Development in 1976 .

PNCR Congress shooting suspect nabbed at airport

PNCR Congress shooting suspect nabbed at airport

[caption id="attachment_299130" align="alignleft" width="165"] Linden Primo[/caption]Linden Primo, the man who allegedly discharged a firearm at Congress Place on Sunday during the PNCR’s 18th Biennial Congress, was arrested at the Cheddi Jagan Inter-national Airport (CJIA), Timehri yesterday morning .

Home Ministry backpedals on  new passport requirement

Home Ministry backpedals on new passport requirement

-signals longer processing time

The Ministry of Home Affairs yesterday lifted the recently-imposed two-year birth certificate requirement for first time passport applicants but announced that it may now take longer for the travel document to be issued since “a more robust verification process” will be needed .

PNCR defends internal polls

PNCR defends internal polls

-accuses Norton and Solomon of plotting ‘maximum disruption’ at Congress

While declaring polls at   its just-concluded 18th Biennial Congress to be free and fair, the PNCR yesterday accused Aubrey Norton and Sharma Solomon of deliberately setting out to cause “maximum disruption” to the proceedings .

Fifth robbery propels Nandy Park businessman to migrate

Fifth robbery propels Nandy Park businessman to migrate

By Mario Joseph A Nandy Park, East Bank Demerara businessman was last Sunday robbed for the 5th time since commencing business operations there some 10 years ago and he has now decided to migrate .

Lawyer accuses GDF of ‘massive  cover-up’ in Walter Rodney’s death

Lawyer accuses GDF of ‘massive cover-up’ in Walter Rodney’s death

-after report of missing air corps records

The Guyana Defence Force (GDF) was yesterday accused of orchestrating a “massive cover-up” in the death of historian Dr .

Teens jailed for having M-16, ammo

Teens jailed for having M-16, ammo

Kevin George and Samuel Johnson, the two teens charged after being found with an unlicensed M-16 assault rifle, a quantity of matching ammunition and grenades on Aubrey Barker Road, South Ruimveldt in January this year, were yesterday each ordered to serve three-year jail sentences .

Guyana, US reach pact on tax compliance Act

Guyana and the United States have concluded “in substance” an intergovernmental agreement (IGA) for implementation of the US Foreign Account Tax Compliance Act (FATCA) .

New candidate for US Ambassador here nominated

New candidate for US Ambassador here nominated

[caption id="attachment_299080" align="alignleft" width="368"] Perry L .

No.69 Village boy appears to have been murdered

No.69 Village boy appears to have been murdered

A post-mortem (PM) examination conducted yesterday on the remains of 17-year-old Haresh Roth of No 69 Village proved that he died from a severe hit to the head .

Cabinet withholds no-objection on $200M Zeeburg school

Cabinet withholds no-objection on $200M Zeeburg school

The construction of the proposed $200M-plus Zeeburg Secondary School in Region Three will be pushed back as Cabinet announced yesterday that it has withheld its no-objection because the contract evaluation committee was not properly constituted .



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