LeBron says he ‘will definitely not shut up and dribble’

first_imgTyphoon Kammuri accelerates, gains strength en route to PH Brace for potentially devastating typhoon approaching PH – NDRRMC LOS ANGELES, CA – FEBRUARY 17: LeBron James #23 of Team LeBron is introduced for for the upcoming 2018 NBA All-Star game during practice at the Verizon Up Arena at LACC on February 17, 2018 in Los Angeles, California. Jayne Kamin-Oncea/Getty ImagesLOS ANGELES — LeBron James says he will not stick to sports.The Cleveland Cavaliers superstar reiterated his determination to speak out on social issues and the nation’s political climate Saturday during his media availability for the NBA All-Star Game.ADVERTISEMENT Trump talks impeachment while meeting NCAA athletes PLAY LIST 01:07Trump talks impeachment while meeting NCAA athletes02:11Trump awards medals to Jon Voight, Alison Krauss00:58Trump blames media, Democrats for impeachment during Kentucky rally01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City 2 ‘newbie’ drug pushers fall in Lucena sting Don’t miss out on the latest news and information. NEXT BLOCK ASIA 2.0 introduces GURUS AWARDS to recognize and reward industry influencers James referenced Muhammad Ali, Jim Brown, Bill Russell and Jackie Robinson as athletes who previously spoke up for equality and change without concerns about the consequences or any rewards.“We know it’s bigger than us,” James said. “It’s not about us. I’m going to continue to do what I have to do to play this game that I love to play, but this is bigger than me playing the game of basketball.”James was backed at media day by several All-Stars including Stephen Curry, Paul George, Draymond Green and Durant. They all believe athletes have an important opportunity to advocate for positive social change.“We’re a part of what’s going on this world, what’s going on in this society, just as much as anybody else,” said George, the Oklahoma City Thunder forward from nearby Palmdale, California. “We’re fathers. We’re sons. We’re brothers. We’ve got family to look after. We’re connected as deeply in this as anybody else is. For someone to go out and say, ‘Stick to dribbling a basketball,’ that’s pretty ignorant. That just goes to show you where we are as a country right now.”Curry called the Fox News host’s comments and dismissive tone “aggressive and just out of line … but not surprising, because I’ve heard that plenty of times before.”ADVERTISEMENT “That’s the tone that people (utilize to) try to put athletes and black athletes in a box, to say, ’Basketball is the only thing that you can provide in this world,’” Curry said. “It’s really, obviously, very upsetting. I think the way that we handle the response is to highlight all the good that we’re doing … Every single NBA athlete here that plays this game, that’s not what we’re about. That’s not all that we contribute to this world.“Guys are going out, putting resources and funds, and raising awareness in the community and trying to make the world a better place through what we do.” “I will not just shut up and dribble,” James said. “I get to sit up here and talk about what’s really important.”James spoke publicly afer Fox News host Laura Ingraham criticized the three-time NBA champion for his recent comments about social issues. James previously responded with an Instagram post containing similar sentiments.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutout“We will definitely not shut up and dribble,” James said. “I will definitely not do that. I mean too much to society. I mean too much to the youth. I mean too much to so many kids that feel like they don’t have a way out and they need someone to help lead them out of the situation they’re in.”James made the initial public comments in question during a recent video segment on Uninterrupted, a platform co-founded by James. He was joined by Kevin Durant, and both superstars were sharply critical of President Donald Trump and the nation’s racial climate. LATEST STORIES AFP official booed out of forum MOST READ Slow and steady hope for near-extinct Bangladesh tortoises Read Next Globe Business launches leading cloud-enabled and hardware-agnostic conferencing platform in PH John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Resurgence View commentslast_img read more

SPORT-AICH 2LAST

first_img“It was in the jail that I began weight training “It was in the jail that I began weight training seriously. This helped me prepare myself for the world championship,” Aich had said after completing 100 years in 2012. “In jail I used to practice on my own, without any equipment, sometimes for 12 hours in a day,” he recalled. Impressed by his dedication, jail authorities had in fact offered him special diet, he had said. After Independence, Aich was released from jail and despite penury he continued to indulge in his passion for bodybuilding by taking up odd jobs. Aichs first moment of reckoning came in 1950 when he won the Mr Hercules title and went on to be known as Hercules of India and Pocket Hercules for his pint-size. The following year, he attempted the Mr Universe title in London only to finish runner-up but a determined Aich did not return. He returned only after winning the coveted title in 1952. He also later went on to win gold medals in Asian Body Building Championships. His secret to longevity, Aich had said, was his abstinence from smoking and drinking. “I would always try to stay happy. I had to struggle to earn money during my young days but whatever the situation I remained happy,” he had said. His sons, however, did not take up body building but they helped in pursuing Aich dream of producing champion bodybuilders. Aich says his mentoring has earned him rewards. It has produced Indias eight-time national champion, Satya Paul. Another protege, Premchand Dogra, won the Mr Universe title in 1988. However Aich died with a regret ? of not able to meet his more celebrated counterpart and fellow Mr Universe winner Arnold Schwarzenegger. “His stunts in the movies were incredible,” Aich had said. PTI TAP SSC SSCadvertisementlast_img read more

Why Texas’ Student Section Is So Empty At Kickoff Tonight

first_img “Student sections empty 12 mins before kickoff for Oklahoma State b/c students having trouble getting needed wristbands for entry,” Chip Brown tweeted.#Texas #Longhorns student sections empty 12 mins before kickoff for #OkState b/c students having trouble getting needed wristbands for entry. pic.twitter.com/LcsfM7vAtw— Chip Brown (@ChipBrown247) September 21, 2019That’s not what you want to have happen in a pivotal conference game where being at home should be a major crowd advantage.Hopefully the students can get into the stadium soon.Texas and Oklahoma State are playing on ABC. A general view of Texas' football stadium.AUSTIN, TX – SEPTEMBER 04: A general view of fans during the game between the Texas Longhorns and the Notre Dame Fighting Irish at Darrell K. Royal-Texas Memorial Stadium on September 4, 2016 in Austin, Texas. (Photo by Ronald Martinez/Getty Images)Texas and Oklahoma State are underway on ABC in a pivotal Big 12 showdown and Darrell K Royal – Texas Memorial Stadium is packed at kickoff.Well, except for the student sections.The Longhorns’ student sections inside the stadium are mostly empty as their team kicks off against the Cowboys.Texas is apparently having some issues with wristbands.last_img read more

Jamaica and China Sign Aquatic Exports MoU

first_imgThe Ministry of Industry, Commerce, Agriculture and Fisheries (MICAF) has signed a Memorandum of Understanding (MoU) with the General Administration of Quality Supervision, Inspection and Quarantine Department (AQSIQ) of the People’s Republic of China to export Jamaican aquatic products to the Chinese market.The MoU was signed by Portfolio Minister, Hon. Karl Samuda; Permanent Secretary in the Ministry, Donovan Stanberry; Minister of the AQSIQ, His Excellency Zhi Shuping; and Chinese Ambassador to Jamaica, His Excellency Niu Qingbao, at the Knutsford Court Hotel in New Kingston on Friday, September 22.The Ministry and AQSIQ have agreed to cooperate regarding the export of lobsters and conch in the first instance and, thereafter, other aquatic products with a view to expeditiously establishing an effective and mutually beneficial trade relationship.Mr. Samuda said the MoU will provide a grand opportunity for Jamaica to enter into another business arrangement with a Chinese agency. He noted that this will “open new opportunities for trade with China in the fisheries sector.”He gave the assurance that aquatic products of the highest quality will be exported to China.Noting that Jamaica is governed by global agencies and regulations such as the Codex Alimentarius Commission, World Organization for Animal Health and International Plant Protection Convention, he said country is “unequivocally committed” to the highest principles of food safety and the international standards and agreements to which the island is a signatory.“The MoU we sign has three main objectives: to prevent the entry and spread of pests and epidemic diseases of animals and plants into one country from the other; to protect from disease, the production of agriculture, forestry, animal husbandry and fishery resources; and to strengthen bilateral exchange and cooperation in the field of the entry and exit of animal and plant inspection and quarantine,” the Minister outlined.In this regard, Mr. Samuda said the plan of action to be pursued will include establishing prerequisite conditions under which Jamaica can export fisheries products into China, in accordance with international regulations governing the trade of food.Mr. Shuping, in his address, said the arrangement represented China’s gift to Jamaica in commemoration of its 55th year of Independence.“The signing of this document is (indicative) that Jamaica is equally able to export to China,” Mr. Shuping stated, adding that both countries remained “good friends.”Rainforest Seafoods and B & D Trawling Limited are the first two companies that will export products to China under the agreement.Director of Marketing and Corporate Affairs, Rainforest Seafoods, Roger Lyn, said his company is raring to go.“We’re very excited about this new MoU that the Ministry has signed…between the Government of Jamaica and the Government of China. Currently, we are already exporting live lobster to the region and whole lobster and tails. We’re looking forward with this new development with China, which is a big market, to see growth. We expect our numbers to double regarding export, which can only be good for the country,” Mr. Lyn told JIS News.Chief Executive Officer, B & D Trawling Limited, Roderick Francis, shared similar sentiments.“What this will do is open up access for Jamaicans to ship live lobsters to the second largest market in the world and eventually open up to other products in agriculture which is great for Jamaica on a whole. This first step is really big for Jamaica,” he saidlast_img read more

Millennials feeling pressured to be perfect study

first_imgVANCOUVER (NEWS 1130) — In the age of social media, more Millennials than ever before are striving for perfection.According to a new Canadian study, Millennials have unrealistic standards and if they can’t reach those standards, they are more harsh on themselves than previous generations.Dr. Simon Sherry, one of the study’s authors, says perfectionism can have serious consequences.“It places people at risk for depression, anxiety, suicide, bulimia nervosa, anorexia nervosa, and a host of other difficulties,” he says.Other factors like parental and socio-cultural factors are also to blame, he says.“In particular, researcher points us towards parents who are critical, controlling and demanding as nurturing their children in a perfectionist direction,” he says.But the rise of social media is also playing a big role.“Today’s generation, to compare themselves, others in an upward direction, there are all sorts of idealized, unrealistic images that are being circulated and bombarding today’s youth,” he says.When Millennials can’t achieve perfection, many experience negative emotions like guilt and anxiety, he says.The study involved 2,500 participants ranging from 15 to 49 years old.last_img read more

Lady Gaga Launches Born Brave Bus Tour

first_imgThe Born This Way Foundation (BTWF) has announced yesterday it will launch the Born Brave Bus Tour, which will join Lady Gaga on the road for the U.S. leg of her Born This Way Ball tour.The pre-concert “tailgate” will provide a space for young people, ages 13-25, to gather and celebrate their individuality in a safe arena where everyone is encouraged to be the person they were born to be. The Born Brave Bus Tour will allow youth to get more deeply involved in the Born This Way Foundation movement while also connecting them with local resources in their communities in an effort to inspire bravery and promote self-acceptance. Guests will join like-minded peers as they enjoy food, music by Lady Starlight, and fun, interactive activities.For the tour, BTWF has joined forces with several distinguished frontline partners at a national and local level including Campus Pride, GLSEN, Hive & YOUMedia, the National Association of School Psychologists, the National Council for Behavioral Health, MENTOR, Mentoring USA, The Trevor Project and YSA (Youth Service America). Each organization will have an on-site presence, offering visitors access to resources available in their communities including behavioral and mental health services, school psychologists, mentoring, volunteer opportunities and bullying and suicide prevention resources. Guests to the Born Brave Bus will also have the opportunity to learn new digital media skills and to participate in research supported by BTWF.“Now more than ever, our kids need access to support within their communities, including mental health services,” said Cynthia Germanotta, BTWF President and Co-Founder. “By connecting youth to these local resources, we hope to plant the seeds that will help them deal with today’s challenges and inspire them to continue exercising their strength and bravery well after the Born Brave Bus leaves town. We are incredibly grateful to our partners for helping to make the Born Brave Bus Tour a reality. To have this many reputable, national organizations come together at a local level is revolutionary.”With Viacom as its lead media partner, the foundation has also partnered with the John D. & Catherine T. MacArthur Foundation, The California Endowment and The Berkman Center at Harvard to explore the best ways to reach youth and create a new culture of kindness, bravery, acceptance and empowerment.Connie Yowell, MacArthur’s Director of Education, said, “MacArthur’s support for the Born This Way Foundation will help create opportunities for more youth to engage in learning that is relevant to their lives and prepares them for success in school, the workplace, and their communities. But for this to happen, teens must first feel safe and have access to information and resources to provide for their health and well-being, and the Born Brave Bus Tour will seed opportunities to do so across the country.”“The Born Brave Bus is highlighting the importance of youth service organizations around the country for a celebration of bravery and self-acceptance,” said Dr. Bob Ross , CEO and President of The California Endowment. “Add in a tailgate with music and food to make it cool, Lady Gaga is redefining bravery to mean it’s okay to have fun but also seek out services for anything from behavioral health challenges to safety issues in a youth person’s local community.”Philippe Dauman , President and Chief Executive Officer of Viacom, said, “We are proud to stand among the worthy organizations that have come together for the Born Brave Bus Tour. In the spirit of Viacommunity, we are engaging our partners to connect with youth where they live, through on-the-ground activities to deepen our collective impact.”The first stop of the Born Brave Bus Tour will be January 14th in Tacoma, Washington. For additional U.S. tour dates, click here. Before and after the bus’ arrival, head to the BTWF website for area-specific updates and later this month, youth will be able to pre-register for the Born Brave Bus experience in their area online at www.bornthiswayfoundation.org.To donate to the BTWF movement, please visit www.bornthiswayfoundation.org. Donations will go toward empowering young people, and addressing the issues of self-confidence, well-being, anti-bullying, mentoring and career development. Together we will change our culture, and create a braver and kinder world.Source:PR Newswirelast_img read more

TIFF 2018 After Dark

first_imgActors John David Washington and Chante Adams have a blast, dancing the night away at the “Monsters and Men” premiere party hosted by Grey Goose Vodka at Soho House Toronto. (Photo by Stefanie Keenan) After long days of interviews and press junkets, sometimes celebrities just need to relax, let loose and hit up some of TIFF‘s hottest parties. See which stars were spotted partying the night away at some of TIFF 2018’s A-list soirees. Ryan Gosling And His Mom – ‘First Man” star Ryan Gosling brought a very special date to the post-screening event hosted by Audi and Nespresso — his mom, Donna Gosling. (Photo by Owen Hoffmann) Claire Foy – Although fans won’t be seeing Claire Foy return to “The Crown”, they can see her on the red carpet at the Audi Canada And Nespresso co-hosted post-screening event For “First Man” during TIFF. (Photo by Owen Hoffmann) Damian Chazelle and Olivia Hamilton strike a pose while attending the Audi Canada and Nespresso co-hosted post-screening event for “First Man” during TIFF (Photo by Owen Hoffmann) Actor Patrick Fugit (“Almost Famous”) attends the post-screening event for “First Man”, co-hosted by Audi Canada And Nespresso during TIFF 2018. Former “Orange Is the New Black” star Pablo Schreiber was among the celebrity attendees at the Audi Canada and Nespresso co-hosted post-screening event for “First Man” During TIFF (Photo by Owen Hoffmann) “Saturday Night Live” alum Jason Sudeikis looks sharp as he’s spotted at the RBC-hosted “Driven” cocktail party during TIFF 2018 – Photo by Sonia Recchia Former “Pushing Daisies” star Lee Pace is all smiles at the “Driven” cocktail party, hosted by RBC, during the 2018 TIFF at RBC House. – Photo by Sonia Recchia Sienna Miller is all smiles at the “American Woman” premiere party at the Bisha Hotel’s Kost. – Photo by Steve Blackburn Canadian actor Will Sasso attends the premiere party for his new film, “American Woman” at Kost. (Photo by Steve Blackburn) Amber Heard hits the “Her Smell” cocktail party at RBC House in Toronto. (Photo by Sonia Recchia) Cara Delevingne attends RBC hosted “Her Smell” cocktail party at RBC House. (Photo by Sonia Recchia) Lady Gaga gets dramatic on the red carpet at the Audi Canada and Links Of London post-premiere party for her TIFF film “A Star Is Born”. (Photo by George Pimentel) After premiering his directorial debut for the Toronto crowd, Bradley Cooper celebrates the Audi Canada and Links Of London party for “A Star Is Born” at Masonic Temple. (Photo by George Pimentel) Darren Criss walks the red carpet for the “A Star Is Born” post-premiere party at Masonic Temple in Toronto. (Photo by George Pimentel) Salma Hayek looks fierce in a one-shouldered leopard print dress as she celebrates “A Star Is Born” at the post-premiere party in Toronto. (Photo by George Pimentel) Elle Fanning celebrates her new film “Teen Spirit” at Love Child Social House in Toronto following the premiere. Olivia Munn is honoured at the 2018 Spotlight Awards Dinner. The actress looked lovely in a dark purple suit. (Photo by Brian Summers) “The Mummy” star Sofia Boutella attends 2018 HFPA and InStyle’s TIFF Celebration at the Four Seasons Hotel. (Photo by George Pimentel) Actor and chair member of Artists For Peace Anc Justice, Ben Stiller attends and takes the role of food server at the organization’s gala where they raised $1.4 million. (Photo by Rebecca Risen) “The Front Runner” actor Hugh Jackman, 49, attends Grey Goose’s SoHo House party celebrating the film’s international premiere with a cocktail in hand. (Photo by Stefanie Keenan) Celebrity couple Bryan Greenberg and Jamie Chung share a picture with Olympian Mark McMorris during McMorris’ “Unbroken” film party hosted by RBC for TIFF (Photo by Ernesto Disefano) “Ben Is Back” actor Chance B. Vance attends Nespresso and Audi’s “Ben Is Back” premiere at the Chase Rooftop to promote the film during TIFF. (Photo by Ernesto Disefano) Actor John C. Reilly looks dapper as he steps out in support of his latest project, “The Sisters Brothers”. (Photo by Anna Purna) “The Kindergarten Teacher” actress Maggie Gyllenhaal was spotted at the Mongrel House presented by Autograph Collection Hotels party during TIFF looking pretty in a pink dress and deep purple jacket. (Photo by Ryan Emberley) Ballers” actor London Brown dons a blue vest with matching pants during the Mongrel House party presented by Autograph Hotel in Toronto. 36 of 51 ‘Everybody Knows’ At The RBC House “Everybody Knows” actors Penelope Cruz and Javier Bardem as well as the film’s director Asghar Farhadi attend the “Everybody Knows” Toronto International Film Festival premiere and cocktail party hosted by RBC in Toronto. (Photo by Ernesto Disefano) English actress Gugu Mbatha-Raw attends the “Farming” cocktail party during TIFF at the RBC House in a green, yellow and white dress. (Photo by Sam Santos) Jena Malone and Abbie Cornish attend 2018 HFPA and InStyle’s TIFF Celebration at the Four Seasons Hotel. (Photo by George Pimentel) Amber Heard poses for a quirky snap at the 2018 HFPA and InStyle’s TIFF Celebration at the Four Seasons Hotel. (Photo by George Pimentel) Matthew McConaughey and Camila Alves attend 2018 HFPA and InStyle’s TIFF Celebration. The couple hit the party red carpet in a paired down but Canadian inspired look! (Photo by Matt Winkelmeyer) Sam Elliott, Bradley Cooper and Lady Gaga attend Entertainment Weekly’s Must List Party at the Toronto International Film Festival 2018 at the Thompson Hotel. (Photo by Michael Loccisano) Actor Matthew McConaughey wears a maroon suit to the RBC “White Boy Rick” cocktail party to promote the film at TIFF with his wife Camila Alves. (Photo by Sonia Recchia) Audi Canada entertains “Hotel Mumbai” star Armie Hammer arrives with his wife at the film’s post-screening event at TIFF dressed in a casual grey suit with a pair of white kicks posing for pictures. Canadian actors Katie Boland and Michael Seater share a photo at the Mongrel Media celebration for TIFF. Boland rocks a neon pink dress while Seater goes for a bright pink abstract button-down with a black suit. Jude Law and Natalie Portman at the “Vox Lux” premiere party hosted by Grey Goose Vodka and Soho House at Soho House Toronto. (Photo by Stefanie Keenan) Critically acclaimed documentarian Michael Moore and survivors from the Parkland school shooting get together to celebrate the TIFF 2018 premiere of Moore’s film “Fahrenheit 11/9”. Actors John David Washington and Chante Adams have a blast, dancing the night away at the “Monsters and Men” premiere party hosted by Grey Goose Vodka at Soho House Toronto. (Photo by Stefanie Keenan) Pop-rock sister band Haim — Alana Haim, Este Haim and Danielle Haim — get ready to host a special performance at the RBC House to kick off the first official day of the Toronto International Film Festival. (Photo by Sonia Recchia) Actors Dylan O’Brien and Maika Monroe hug it out while attending the “Monsters and Men” premiere party hosted by GREY GOOSE Vodka at Soho House Toronto. (Photo by Stefanie Keenan) “American Woman” star Aaron Paul hits up the film’s premiere party at the Bisha Hotel’s rooftop restaurant Kost. – Photo by Steve Blackburn The Cast Of ‘Her Smell’ – Amber Heard, Cara Delevingne, Ashley Benson, Elisabeth Moss and Alex Ross Perry get cozy at the “Her Smell” cocktail party at RBC House. (Photo by Sonia Recchia) “Property Brothers” Jonathan And Drew Scott take a picture with actress Susan Sarandon at the Artists For Peace And Justice Gala in Toronto during TIFF. (Photo by Ryan Emberley) Matthew McConaughey and Timothee Chalamet hug it out at the 2018 HFPA and InStyle’s TIFF Celebration. (Photo by George Pimentel) By ALYSSA CROEZEN Login/Register With: LEAVE A REPLY Cancel replyLog in to leave a comment Facebookcenter_img Advertisement Advertisement Twitterlast_img read more

SecretaryGeneral calls for bold action to end human trafficking

13 May 2009If an unarmed nun can force rebel militia in Uganda to free over 100 abducted children, it must be within the capacity of United Nations Member States to take “bold and decisive action” against the global threat of human trafficking, Secretary-General Ban Ki-moon said today. Addressing the General Assembly’s thematic debate on human trafficking, Mr. Ban spoke of Grace Akallo, a young high school student who dreamed of being the first person from her village to go to university until she was forcibly taken by the Lord’s Resistance Army (LRA) along with 138 other girls.Mr. Ban said that when Grace told her story to the Security Council last month, he listened with “the heaviest of hearts. ‘My spirit died,’ she said, recounting how she was forced to kill and was repeatedly raped.”The girls were followed into the bush by the school’s headmistress, Sister Rachele, who confronted the rebels, Mr. Ban continued. Instead of leaving after the LRA threatened to kill her in front of the girls, she “faced them down, risking her own safety” and rescued more than 100 girls.“If this seemingly powerless educator from Uganda could face down armed rebels, surely we in this room can stand up to this threat with bold and decisive action.”Mr. Ban noted that trafficking in weapons, drugs and blood diamonds has long been on the UN agenda, but “now we must add people to that list.”Trafficking is not restricted to Africa, “examples could be drawn from any of a number of countries from Asia, across the Americas, to Europe,” stressed Mr. Ban. “Millions are bought and sold like chattel, most of them women and children.”Highlighting the Democratic Republic of the Congo (DRC), where the UN peacekeeping mission (MONUC) has released nearly two dozen children from the integrated armed forces and more 1,300 children have been liberated since January, Mr. Ban said it was possible to stop human trafficking.He underscored the need for collective action to criminalize human trafficking, prevent victimization by teaching people about their rights, reduce demand, end impunity and protect the victims.“We will achieve nothing without uniting and speaking out. We will achieve nothing by offering fine rhetoric not matched by deeds. Moral outrage is all-too-easy. Real action takes real commitment.”Speaking at a star-studded event at UN Headquarters last night to mark the naming of American artist Ross Bleckner as a UN Goodwill Ambassador to Combat Human Trafficking, Mr. Ban urged the Security Council to take action against perpetrators he has “named and shamed” for recruiting children to fight in conflicts and abducting girls as sex slaves. read more

US loosens trade embargo by allowing imports of some privately produced products

by Michael Weissenstein And Andrea Rodriguez, The Associated Press Posted Feb 13, 2015 1:53 pm MDT US loosens trade embargo by allowing imports of some privately produced products from Cuba AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email HAVANA – The Obama administration is announcing that it will allow Cuba’s small private business sector to sell goods to the United States in a potentially important loosening of the half-century trade embargo on the communist island.A list published by the U.S. State Department Friday said Americans will be allowed to import anything produced by Cuban entrepreneurs with the exception of food and agricultural products, alcohol, minerals, chemicals, textiles, machinery, vehicles, arms and ammunition.The imports would have to be produced by a Cuban operating in one of the dozens of categories of private business allowed by the Cuban government. Most of the categories are for services like car maintenance or watch repair, not potentially exportable goods. What’s more, virtually all Cuban exports are produced and shipped by state-controlled enterprises and there is no indication that the government is willing to loosen control and allow private businesses on the island to start trading directly with firms overseas.In short, no one should expect Cuban goods to start flowing to the U.S. in large quantities anytime soon, said Pedro Freyre, head of international practice at Florida-based law firm Akerman LLP.However, the possibility of exporting Cuban goods to a massive market 90 miles away could inspire private businesses to begin developing products designed for export to the U.S., he said.“It sets up the mechanism. It allows things to happen,” he said. “Now folks have got to make things happen, which is an entirely different matter.”Cuba began allowing widespread private enterprise in 2010 as economic stagnation forced the state to weigh large-scale job cuts. The number of people employed in private businesses grew to 483,396 this year and appears to have stalled at roughly that number due to a lack of domestic demand. More than a quarter of private jobs are in food sales, transportation and housing rental.A potential source of exports to the U.S. is the new category of worker-owned co-operatives, which function in many ways like entrepreneur-owned businesses but are more closely integrated with the state bureaucracy and may find it easier to export than entirely private enterprises.____Michael Weissenstein on Twitter: https://twitter.com/mweissenstein read more

Jupiters upper atmosphere is full of water delivered by a comet

first_imgHow did water get into the upper atmosphere of Jupiter? That has been a mystery since 1997, but one that has now been solved with the help of the Herschel Space Observatory.The water in the stratosphere didn’t make sense because it couldn’t have come from a local source. The reason for that being the so-called “cold trap” between the upper atmosphere and the cloud below it on the planet. Other ideas as to what caused it all focused on an external source, such as an ice ring, interplanetary dust particles, or even a comet.Now the mystery has been solved, with the source of the water being the Shoemaker-Levy 9 comet. It broke apart and impacted with Jupiter on July 9, 1994 over the course of a week and scarred the surface with 21 fragments. We didn’t discover the water in the upper atmosphere of the planet until 1997 when the ESA’s Infrared Space Observatory (ISO) had a look.Astronomers have always believed that Shoemaker-Levy 9 was probably the source of the water, but without proof they couldn’t state it as fact. However, in May 2009 the Herschel Space Observatory was launched with a Heterodyne Instrument for the Far Infrared (HIFI) instrument on board.Looking at Jupiter with HIFI, it was found that the planet had up to 3 times more water in its southern hemisphere than the northern hemisphere. The most water was found above the sites where the comet fragments landed. The lack of uniform distribution means that everything except a comet or moon can be ruled out as the delivery system. And as none of Jupiter’s moons are in the right location to perform such a transfer, the water must have come from the comet.last_img read more

Wales Street parents surveyed about Modern Greek

first_imgParents at Wales Street Primary School have responded to a survey, asking whether they want Modern Greek to be returned to the curriculum.To use an old Greek word, it’s democracy, and that’s what happens, and that’s life.Parent advocate, Angelo Dritsas, said he was pleased with the wording of the survey, issued by independent education consultant Howard Kelly. “It asks people to indicate their preference, whether they’d like just Italian or the three-language program,” he told Neos Kosmos.Parents had until Wednesday December 1 to return the survey and Mr Dritsas said Mr Kelly would then compile a report with a recommendation for the school’s LOTE program for 2011.The school, in Melbourne’s inner north, used to offer students a choice between Italian, Greek and Mandarin, but school council decided to end the Greek and Mandarin programs at the start of this year.While the school council reported positive feedback with the change, the Victorian education department intervened last month, sending Mr Kelly to issue another survey. Wales Street Principal Chris Sexton said, while it was “certainly a reworking” for the school council, the school community seemed to be happy with the process.“To use an old Greek word, it’s democracy, and that’s what happens, and that’s life,” he told Neos Kosmos. Mr Dritsas said he was confident there would be enough parent interest to get Modern Greek returned to the school.”We’re quietly confident we’ll get over the line,” he said.Mr Dritsas said the survey mentioned that the increased LOTE program would attract state government funding, secured by local Labor MPs Jenny Mikakos and Fiona Richardson. Both Mr Dritsas and Mr Sexton said they were confident the change in state government would not affect the funding. Mr Dritsas said he expects the report to be submitted to the school in the coming weeks. Facebook Twitter: @NeosKosmos Instagramlast_img read more

Victorian govt accused of no hospital beds

first_imgThe Northern Hospital is feeling the brunt of Denis Napthine’s $826 million health cuts, according to the member for Northern Metropolitan Region Jenny Mikakos. Despite the rising demand for beds, the Northern Hospital is being forced to cut the number of beds on offer. “Patients are missing out at one of Melbourne’s busiest hospitals because Denis Napthine won’t fund health properly,” stated Ms Mikakos. “Mr Napthine promised to deliver 800 new beds to the state’s health system, but instead the system is contracting, as shown by the plans to close beds and cut staff hours.” Next month, both the Adult Assessment and Child and Adolescent Health Units will be affected, revealed leaked Northern Health Documents, according to a statement released by Ms Mikakos. The Adult Assessment Unit will lose eight beds, from 24 to 16, while the Child and Adolescent Health Unit will go from 20 to 16 beds and is set to remain shut until 30 June 2014. “Hospitals are making cutbacks that are hurting patients because the Liberals always cut health,” said Ms Mikakos. According to the member for the Northern Metropolitan Region, the government has failed to adequately explain the issue regarding the health cuts and is subsequently not doing anything to alleviate the issues being faced by the Northern Hospital, situated in one of Melbourne’s fastest growing suburbs. Facebook Twitter: @NeosKosmos Instagramlast_img read more

MovieBob Reviews Hellboy

first_img MovieBob Reviews: ‘Shadow’MovieBob Reviews: ‘The Curse of La Llorona’ Okay, to get it out of the way: Yes, I am on the side that feels Guillermo del Toro’s two Hellboy movies were highly underappreciated in their day, and that the fact we never got a third one (and thus he never got to finish up the story arc he was telling therein) is a great loss for popular culture and modern film. But it wasn’t caused — at least not directly or with malice — by the people making or starring in this reboot, so it’s unfair to hold the absence of Hellboy 3 in our lives “against” David Harbour, director Neil Marshall etc., or to judge the reboot more harshly for simply existing in its place. This new Hellboy isn’t a bad film because it’s not a continuation of the previous Hellboy… it sucks entirely on its own merits.Playing out like it was very much intended (at least at some point) to be a sort-of psuedo-sequel to the previous films and then awkwardly rewritten into a reboot, the new Hellboy is less a “film” than a pile of producer’s notes, mandatory trailer-moments and “stuff we think will pop in a comic-con sizzle reel” mashed together into something like a story; ostensibly culled from fragments of Mike Mignola’s original Hellboy comics that hew marginally closer to the edgy tone of their inspiration than Del Toro’s penchant for gothic fairytale whimsy but lack the sweeping imagination or narrative skill of either previous creator. It opens in-media-res, seemingly expecting that the superhero/supernatural/horror/alt-history/scifi/pulp-adventure mashup subgenre is now mainstream enough that Hellboy’s basic setup doesn’t require a formal origin story… but then spends the rest of its runtime cramming every other scene with tedious exposition lying out the origin story of other every minor character, scrap of world-building and gratuitous fanservice shout-out to other Mike Mignola comic character that wanders into frame until it starts to feel like a version of Buckaroo Banzai that isn’t joking about how absurd pulp continuity can be.In the story proper, Hellboy (a demon from Hell conjured to Earth as a child and *probably* also some version of The Beast and/or antichrist but raised to be a good-guy beer-drinking wisecracking monster-fighter for the Bureau of Paranormal Research and Defense) is dispatched to the UK to help thwart a shitty version of the storyline from The Kid Who Would Be King from earlier this year: Milla Jovovich’s ancient medieval “Blood Queen,” once sealed away by King Arthur himself, is about to be resurrected and unleash a monster-plague on humanity, so Hellboy has to team up with a young psychic with whom he has history and a boring guy who hates monsters but also has to keep taking weird medicine so guess where that’s going. And yes, he’s also grappling with whether or not he’s fighting on the wrong side because he himself is also technically a monster and also whether or not he’s destined to eventually become The Beast and unleash the end of the world no matter what he does and several other plot beats, character-arcs and entire scenes that anyone who’ll bother trying to watch this will have already seen done better in the previous movies. But now they can drop F-bombs and do mildly-bloody gore FX that are *maybe* a tiny bit more extreme than an average episode of The Walking Dead so… worth it, apparently?Even if that sounds straightforward enough, getting there is a jumble of needless location swaps, conflicting loyalties, flashbacks, betrayals and pointless digressions for gratuitous cameos from The Nazis, Rasputin, “Lobster Johnson,” Baba Yaga and others mainly on hand for no other reason than to unsuccessfully make the whole thing feel less like the small, unimaginative retread that it is on a narrative scale or to justify how often it punches above its weight on the production side and comes off looking shockingly cheap for a theatrical feature in 2019: There’s some interesting set design work and the execution of a mostly-practical half-man/half-pig monster is pretty impressive; but the rest of it calls to mind nothing so much as Mortal Kombat: Annihilation — terrible compositing and weaksauce CGI are the norm, especially in big mostly-animated cutscenes featuring armies of creatures or towering kaiju with no real story presence other than “looking like a thing for the trailers.”The only halfway-notable thing it has going for it are some clever classic-rock needle drops during the action scenes — though the execution doesn’t really fit the tone and mostly feels like an attempt to co-opt the energy of the Guardians of the Galaxy movies. But with apologies to director Neil Marshall (a nice dude who I like and who, despite seeming to have lost control of this one pretty early on can still direct the hell out of people in monster suits punching each other) … he’s no James Gunn. And for that matter, Hellboy actor David Harbour is no Ron Perlman — though he seems to be making a game effort despite an underwhelming makeup prosthetic that renders his features all but immobile and unable to convey any real expression (which you’d think would be important for the title character…)Hellboy is a genuine disaster of a movie. It has a handful of decent monster-makeups lounging around with nothing interesting to do and what passes for almost a plot is equal parts a bad version of things yanked from other genre films and very bad versions of things done better in prior Hellboy films; featuring some of the most uneven special effects and pointlessly bloated runtimes in recent memory. It’s ugly to look at, a chore to try and follow, hard to remember from scene to scene and a dreary slog to even bother with; and for all the talk of it’s “faithfulness” to its comic book origins, the execution puts it much closer to something like the Stallone version of Judge Dredd or the Crow sequels. Avoid like the plague. Stay on targetlast_img read more

Coats agrees £74m settlement in pension scheme antiavoidance case

first_imgIndustrial thread manufacturing organisation Coats Group has agreed a £74 million settlement for one of its defined benefit (DB) pension schemes, which will bring an anti-avoidance case brought by The Pensions Regulator (TPR) to an end.The settlement relates to the Staveley Industries Retirement Benefits Scheme (SIRBS), which is one of three DB pension schemes sponsored by employers within the Coats group, two of which the organisation inherited from business acquisitions.Coats has signed a binding settlement agreement with the trustees of SIRBS, which includes an upfront payment of £74 million into the pension scheme, inclusive of recovery plan contributions of £39.5 million that have already been paid into the scheme since 1 January 2016. The agreement also involves a change in the statutory employer to Coats instead of a non-trading subsidiary of Coats, and a full buy-out guarantee from Coats to cover the liabilities of the DB scheme. The settlement also features annual deficit contributions of £2.2 million, as well as payment of administration expenses and levies, to be paid until 2028.The scheme has approximately 3,700 members and an estimated ongoing deficit of £85 million.The settlement is due to be completed by early July 2017.The agreement follows an anti-avoidance investigation that TPR brought against Coats with regards to its three DB pension schemes. In addition to SIRBS, this includes the Brunel Holdings Pension Scheme (BHPS), which has 3,000 members, and the Coats Pension Plan (CPP), which has approximately 24,000 members.TPR found that the schemes’ employers were insufficiently resourced to maintain the pension arrangements due to substantial deficits on a buy-out basis. TPR issued warning notices for SIRBS and BHPS in December 2013, and for CPP in December 2014 regarding its intention to use financial support directions (FSDs).Coats presented its original settlement offer for the three schemes in September 2016. The organisation came to an agreement with trustees for CPP and BHPS in December 2016, which included upfront payments totalling £255.5 million, and a change in the statutory employer to Coates.As a result of the agreement for SIRBS, confirmed in June 2017, TPR will cease regulatory action against Coats.Mike Clasper, chairman at Coats, said: “Reaching this settlement with Staveley is a good outcome for all parties involved and following our announcement earlier this year, it now completes settlement with all three of our UK pension schemes. This, together with our recent entry to the FTSE 250, means Coats can continue to focus on growing the business to the benefit of all our stakeholders.”Nicola Parish, executive director of frontline regulation at TPR, added: “The use of our powers in this case has led to an extremely positive outcome for pension savers and the group. The ongoing trading operations of Coats have improved and are sufficient to provide ongoing funding for the schemes. This is an excellent result for scheme members, bringing greater certainty that future benefits will be paid in full.“Today’s report shows that even though our concerns about the funding of the schemes were enough to launch anti-avoidance action and issue warning notices, we maintained a strong working relationship with Coats and the trustee, allowing us to be flexible and achieve a fair resolution.“We will not hesitate to use our financial support direction powers where we see member benefits put at risk, even where the sponsoring employer is solvent.”last_img read more

Interview Names EditorinChief

first_imgA little more than a month after longtime Interview editor-in-chief Ingrid Sischy left the magazine, parent company Brant Publications has named former V magazine and V Man editor Christopher Bollen as her replacement. Bollen will report to co-editorial directors Fabien Baron and Glenn O’Brien, who were appointed shortly after Sischy’s departure.Brant also announced Alan Katz as group publisher. Most recently, Katz served as president of sales and marketing of MyTime.com, a start-up company formed with tech private equity group Shelter Capital Partners. Previously, he served as a president and publisher at Condé Nast, and spent 14 years at New York magazine where he served as publisher.Also as part of the announcement, senior editor Stephen Mooallem was promoted to executive editor. Sischy, who served as Interview editor-in-chief since 1990, left the magazine in late January after former Brant Publications co-owner Sandra Brant decided to sell her stake in the company.last_img read more

Psychologist Follows SlowRoasted Highly Caffeinated Dream

first_imgTucked among the summer crop of food trucks in Anchorage is a vintage bus, a frying pan, and an exceptionally mellow public school psychologist following a highly-caffeinated dream.Download AudioUncle Leroy’s Coffee parked at the Muldoon Farmers Market. Hillman/KSKAThe inside of the bus is open and simple. A few of the original 1960s era benches flank the sides of a coffee counter where a teakettle sits on one corner. A two-burner propane stove stands against a wall.Austin Schwartz pours green coffee beans into a pan and sets a timer. For the next 8 minutes, he slowly shuffles them around.“Never try to rush the roast,” he says as he slowly swirls his wooden spoon. “It will all happen. In the eight minutes for the first crack. And then just a few extra minutes.”From his demeanor, it’s unclear if Schwartz has ever actually tasted coffee. “I think people usually regard me as an easy-going person who has a lot of patience,” he says. “I work in the schools with teachers and kids, so I have a lot of practice with patience.”But he didn’t exhibit that quality when jumping into his new summer venture – Uncle Leroy’s Coffee. Schwartz says he’s always loved a good cup of joe. Then, last December, he had his first cup of small batch roasted coffee, and his adoration bumped up a notch. He bought some green beans and started roasting at home. Less than a month later he saw an old bus on Craigslist, and by June, he had opened up his new mobile coffee roasting shop.“I’m a day dreamer, so I have ideas. And when I have an idea, sometimes I like to see if I can actualize it. Kind of follow through on it,” he pauses, looking down at the pan. “Because I don’t want to live with regret.”Now, he drives his aging bus slowly around the city, hoping not to stall in traffic. He pulls into farmers markets, parking lots and food carnivals, roasting and serving simple, black pour-over coffee. No espresso, no lattes.Austin Schwartz roasts coffee in the back of his vintage bus. Hillman/KSKA“The bus is actually really nice for roasting because there’s so many windows,” he explains as the bus begins to fill with smoke, coffee smell filling the air.The beans start to turn different shades of brown, bouncing about the pan like low-key popcorn.Schwartz says he can roast about four pounds per hour, then he grinds it up, one cup at a time, serving it like was done 150 years ago. Slowly, patiently, yet still buzzing.last_img read more

Finance ministry working on stimulus package to pull economy from brink of

first_img IBTimes VideoRelated VideosMore videos Play VideoPauseMute0:00/1:28Loaded: 0%0:01Progress: 0%Stream TypeLIVE-1:28?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading … Workers stand around a crane as it loads wheat onto a ship at Mundhra Port in Gujarat in this file photo. REUTERS/Amit DaveThe slowdown-hit economy may soon get a booster dose from the government with Finance Ministry working on a stimulus package for the industry may include a slew of financial measures ranging from tax cuts, subsidies and other incentives.Official sources said the package would not only aim to reduce the cost for the industry but would also lay out procedures that would further provide impetus to ease of doing business.The economy requires a critical intervention by introducing a stimulus package. We have suggested a package of over Rs 1 lakh croreThis could also include measures by the revenue department to ensure honest taxpayers are not harassed and those who commit minor or procedural violations are not subjected to excessive action. The Prime Minister has indicated about these measures in a recent media interview.As concerned voices rise in India Inc over a consistent fall in demand, the measures would also try to address the issues of raising consumption by providing more money into the hands of consumers & reducing the prices of consumables by reducing indirect tax rates of a host of consumption items.”The economy requires a critical intervention by introducing a stimulus package. We have suggested a package of over Rs 1 lakh crore,” said B.K. Goenka, president Assocham.Already, a separate package is being looked for the auto sector that met Finance Minister Nirmala Sitharaman last week. The industry has sought lower GST rates on automobiles and introduction of a scrappage policy that incentivises new purchase. This is expected to beat the slowdown that has resulted in passenger car sales plunging 35.95 per cent in July.The Government will, however, have to weigh the size of the stimulus package given less than encouraging revenue position and and a fiscal deficit that has risen to 3.4 per cent in FY19The collapse of some large NBFCs has been cited as a major factor for the sales downturn as these companies used to provide the bulk of automobile financing.”We hope the government would come out very soon with a revival package of a sort to arrest the de-growth and to bring the industry back to growth path,” SIAM’s Director General Vishnu Mathur said.Fiscal deficitThe Government will, however, have to weigh the size of the stimulus package given less than encouraging revenue position and and a fiscal deficit that has risen to 3.4 per cent in FY19 due to expansionary policies of the previous governments. It has also been kept at a high of 3.3 per cent of GDP in FY 20 as well meaning that this number would again have to be breached to offer a stimulus. Union Finance and Corporate Affairs Minister Nirmala Sitharaman chairs the 36th GST Council meeting, in New Delhi on July 27, 2019. Also seen Union MoS Finance and Corporate Affairs Anurag Singh Thakur.IANSThe Finance Minister has held meetings with different segments of the industry to understand their concerns and get inputs on path to be taken to come of slowdown. Based on these, a package is being considered that may be announced soon,” sources quoted earlier said.The stimulus is also likely to cover the financial markets that have shown big volatility in recent weeks and particularly after the presentation of Union Budget on July 5 that raised tax surcharge on FPIs.While Finance Ministry officials are not indicating what changes could be made, sources said the matter has been discussed internally and certain changes in taxation on share markets could be announced. Sitharaman met representatives of the financial sector on Friday.In the financial sector, there is a possibility to relook at the long-term capital gains tax (LTCG). Sources said Finance Ministry is studying implications of withdrawing LTCG after the three year holding period. The other taxation on the market transactions such as tax on dividend distribution may also rejigged and so is the case with tax on share buybacks introduced in Budget this year.The Finance Ministry is working overtime to see that economy does not shrink any further as it might lead to a crisis situations where lakhs may lose their jobs. Already, auto sector is seeing job losses and this might soon spread to other sectors that are on the brink of a recession.(Inputs from IANS) Closecenter_img Vision for the decade | 10 Key points – Budget 2019 – 2020last_img read more

Tropical Storm Rosa heads for Baja US Southwest

first_img Monday, October 1, 2018 By: The Associated Press MEXICO CITY — Tropical Storm Rosa neared Mexico’s Baja California on Monday, spreading heavy rains that were projected to extend into a drenching of the U.S. Southwest.The U.S. National Hurricane Center said the centre of Rosa, which was a hurricane until late Sunday, was should hit Baja California and Sonora state late Monday, bringing 3 to 6 inches (7.5 to 15 centimetres) of rain.It’s then expected to move quickly northwestward as it weakens, bringing 2 to 4 inches (5-10 centimetres) of rain to central and southern Arizona and 1 to 2 inches (2.5-5 centimetres) to the rest of the desert Southwest, Central Rockies and Great Basin. Some isolated areas might be more.Rosa had maximum sustained winds of 50 mph (85 kph) early Monday and was centred about 105 miles (170 kilometres) west-southwest of Punta Eugenia in Mexico. It was heading northeast at 12 mph (19 kph).The National Weather Service earlier announced flash flood watches through Wednesday for areas including southern Nevada, southeastern California, southwestern and central Utah and the western two-thirds of Arizona.More news:  Visit Orlando unveils new travel trade tools & agent perksForecasts call for heavy rainfall in the watch areas, which include Las Vegas, Phoenix and Salt Lake City, with possible flooding in slot canyons and normally dry washes and a potential for landslides and debris flows from recent wildfire burn scars.Meanwhile, Tropical Storm Sergio was growing in the Pacific and could become a hurricane force Monday, though it posed no immediate threat to land.Sergio had winds of 70 mph (110 kph) early Monday and was centred about 590 miles (950 kilometres) south-southwest of Manzanillo, Mexico. The storm was moving west at 14 mph (22 kph). Tropical Storm Rosa heads for Baja, US Southwestcenter_img Tags: Mexico, Rosa, Tropical Storm, Weather << Previous PostNext Post >>last_img read more

Costa Rica exchange rate to stay at ₡500 into 2013

first_imgThe flood of dollars into Costa Rica will accelerate in 2012 and 2013.Private sector direct investment in the country is at $1.5 billion for the first half of 2012, according to the Costa Rican Central Bank, and should easily top the target figure of $2.3 billion for 2012. But added to this will be approximately $2 billion in public sector financing, including $924 million in funds yet to be disbursed to the government and government entities under multilateral loans, and another $1 billion of Eurobonds recently approved by Costa Rica’s Legislative Assembly to refinance existing government debt and substitute lower interest rate dollar credit for more expensive colón-denominated government bonds.Some of these dollars will go to refinance existing dollar-denominated Costa Rican foreign debt and will not be changed into colones, but nearly all the foreign direct investment and some of the government Eurobond money will. The Central Bank administers the exchange rate using “bands”: floor and ceiling exchange rates that will trigger the Central Bank’s entering the exchange market to buy or sell dollars to maintain the rate between the bands. Currently, the irrelevant upper band exchange rate is set at ₡700 to the dollar, and the very relevant lower band at ₡500 to the dollar. Because there is an up to ₡10 spread between buy and sell rates, the lower buy rate can fall below 500. On Oct. 9, the Central Bank’s buy and sell rates were ₡492.39 and ₡503.11 per dollar, respectively.Dollars exchanged for colones put downward pressure on the exchange rate. The Central Bank, with dollar reserves of $4.86 billion, has approval to buy up to $1.5 billion to build up a bigger dollar reserve cushion. These dollar purchases also are very useful to defend the ₡500 to the dollar lower band exchange rate. Since September, the Central Bank has purchased $260 million under this facility. At this rate, the Central Bank would fill up its reserve increase target in about five months. After that, if the Central bank wants to keep buying more dollars, it would face a choice between further increasing its dollar reserves (and becoming a bigger creditor of the United States) or issuing colón bonds to buy back the colones it generates when it buys the dollars, to hold down inflation. This latter approach would be inflationary in itself, because the bonds would have to pay high colón interest rates, but less so than putting the colones into the economy.Six months into the future is a long time for exchange rate projections. There are too many economic wild cards – national and international – that make projections educated guesses at best. But it is clear that for the rest of 2012 and into 2013, pressure on the Costa Rican colón’s exchange rate versus the dollar will be downwards. The Central Bank can hold the ₡500 to the dollar exchange rate easily into 2013. But if nothing happens to reduce the flow of dollars into Costa Rica, that exchange rate could come under downward pressure next year, when the Central Bank and the country will have to either keep piling up dollar reserves or pay a colón inflation price to prevent the colón-dollar exchange rate from falling. Facebook Comments No related posts.last_img read more