BOJ To Launch New Foreign Exchange Platform in 2020

first_imgKINGSTON, Jamaica – The newly appointed Governor of the Bank of Jamaica (BOJ), Richard Byles, says plans are in place to implement a new foreign exchange trading platform in 2020.Speaking recently at a media briefing, Byles said that the platform will be tested and implemented by February.The platform will be used in trading operations at local commercial banks. It will also enable foreign exchange traders to see all bids on daily offers.Byles said that the new foreign exchange trading platform is designed to create ‘more transparency in the market’.The Central Bank already has an intervention mechanism, the Foreign Exchange Intervention and Trading Tool, B-FXITT, which is tailored to offset market volatility.The announcement comes two weeks after the Jamaican dollar hit its lowest point in history, trading at more than 141- Jamaican dollars to 1 US dollar in mid-November.With a booming stock market and steady inflation rate, Byles reassured the public that the drastic slide in the value of the dollar was not a crisis. The dollar returned to its normal $130-135 to US$1 range at the end of last week.last_img read more

FIFA report details spending of Blatter era

first_imgThe former president largely used the money in his account to fund the “Blatter Foundation” in his home town of Viege, Switzerland.“There appears to have been little oversight over these accounts though they were accounted for in FIFA’s financial records,” says the report.Between 2006 and 2014, “a high-ranking FIFA official”, who was Blatter, gave “over $2.5 million to numerous institutions, charitable organisations, and his home town.”The report also highlights black-market sales of match tickets and the possibility of abusing the unsupervised funding of FIFA’s global development programmes.The report welcomes a series of measures recommended by the reform committee on which Infantino served before his election, adopted by FIFA in February 2016.“Considerable improvements have been made, or are in the process of being made, in the areas of governance, committees, compliance, finance, compensation policy, commercialisation of rights, funding for global football development, selection of the FIFA World Cup host, and ticketing operations,” the report says.Yet FIFA still faces criticism from outside after replacing the leaders of its ethics in committee, Hans Joachim-Eckert and Cornel Borbely, and sacking Miguel Maduro just eight months after he was appointed chairman of the governance committee.Maduro told a British parliamentary committee that Infantino interfered with the committee’s work, ignored rules and ultimately sacked him in order to maintain power.On Wednesday, the Council of Europe in Strasbourg was debating sports governance and a report by MEP Anne Brasseur from Luxembourg, chair of it sports committee, which asserts that FIFA has not changed under Infantino.The BDO report was more optimistic.“These reforms and improvements are still being completed, even though a wide range of measures has already been implemented. Many of the reforms described herein are unique in the world of sports governance and may also serve as a model for other sports organisations,” the report said.Share on: WhatsApp FILE PHOTO: Sepp Blatter looks on with fake dollars note flying around him thrown by a protester during a press conference at the football’s world body headquarter’s on July 20, 2015 in Zurich. AFP PHOTO / FABRICE COFFRINILausanne, Switzerland | AFP | A copy of a report seen by AFP into the state of FIFA commissioned by Gianni Infantino after his election as president shines a light on the murky ways of the old regime at world football’s governing body.The 98-page “Progress at FIFA – Status Report” gives details of lavish spending, particularly by Sepp Blatter, the former president, and Jerome Valcke, his Secretary General, who had a taste for private jets and unjustified expenses.The report covers the period from 2006 to 2015, the year the FIFA corruption scandal exploded, and was put together by Swiss audit company BDO who submitted it in October last year, though it has remained confidential.BDO highlighted the lack of “a clear set of rules and regulations concerning expense reimbursement” resulting in payments “that would not be permitted under today’s guidelines.”Without giving any names, the report says “two former members of the FIFA Executive Committee were reimbursed for expenses in the aggregate amount of over $780,000 (632,000 euros) and $390,000, respectively, incurred during only one year.”Over a five-year period, “a former high-ranking FIFA official was reimbursed for travel expenses in the total amount of over $300,000.” According to a source close to the report who was interviewed by AFP, that official was Worawi Makudi of Thailand, who has been suspended for five years for other misdeeds.The late Chuck Blazer, an American member of the FIFA Executive Committee until he was accused of corruption in 2013 and turned FBI informer, is also singled out.Even though he was skimming millions of dollars from television rights contracts as a US court heard last year, Blazer did not scorn smaller scams. Having attended two FIFA events at the same venue a few days apart, Blazer was reimbursed for two return flights even though he had only made one. The non-existent extra tickets cost $13,000.The son of a former member of the Executive Committee obtained $15,000 in compensation and expenses for a FIFA event which his father did not attend. The source identified the father as the late Isaac Sasso Sasso, from Costa Rica, who, according to FIFA, had one son, Alfredo.– Millions on jets –The audit also highlights the lack of any “approval process for the use of private jets,” particularly by Valcke, who has since been suspended by FIFA.FIFA spent an average of US $4.9 million per year on jets 2010 and 2014, and $7.9 million in 2014 alone.In 2016, the first year of Infantino’s reign, “spending on private jet flights dropped by 88 percent” compared to 2010-14, said the report.Until 2014, Blatter and Valcke each had sole control of an account into which FIFA paid money for them to donate to charities and organisations of their choice.last_img read more

Who Will Be Time Magazine’s Person of the Year? Trump or Pelosi?

first_imgChinese President Xi Jinping, New Zealand Prime Minister Jacinda Ardern and Hong Kong protesters also made the list.The title is given annually to a person, group or concept that has influenced the year.Click here to vote for your pick for Time’s Person of the Year. House Speaker Nancy Pelosi and President Trump are on the shortlist for Time Magazine’s Person of the Year.Also on the list revealed on NBC’s “Today” is Facebook CEO Mark Zuckerberg, U.S. soccer player Megan Rapinoe, the Whistleblower, teen activist Greta Thunberg and the President’s attorney Rudy Giuliani. Who will be @TIME’s 2019 Person of the Year? See the shortlist— TODAY (@TODAYshow) December 9, 2019last_img

21-year-old intentionally runs over Vietnam veteran

first_imgAuthorities have arrested a 21-year-old man who told them that he ran over a veteran because he wanted to know what it left like to kill someone.Justyn Pennell was arrested in Pasco County Thursday after he called the sheriff’s department to report that he intentionally ran over an elderly veteran.Pennell told authorities that he left his home with the intention of running someone over and spotted the 75-year-old victim walking down the street with a walking stick. He then made a U-turn and accelerated in the Vietnam veteran’s direction to run him over.During the police interview, the 21-year-old also told investigators that he had been having thoughts of killing someone for months and that he was laughing and smiling as he ran over the victim.When asked why he contacted police, Pennell the car sustained too much damage and was immobile so he could not leave the scene.Pennell has since been charged with first-degree homicide.last_img read more

VIDEO: Student attacks substitute teacher at Miami Central High School

first_imgMiami-Dade County Public Schools officials are conducting an investigation after a video made its way online showing a student attacking a substitute teacher at Miami Central Senior High School.The cellphone video was posted all over social media on Monday.The footage shows the female student throwing punches at the substitute teacher, and then you can see the teacher grabbing the student’s hair and pushing her head down. Students in the background can be seen recording the incident on their phones and laughing.Miami-Dade County Public Schools officials said the student involved was not supposed to be in that classroom, and the teacher has not been identified.M-DCPS spokesperson Daisy Gonzalez-Diego said Miami-Dade Schools Police is investigating.last_img

Op Ed: “Canada is Not a Halfway House for Royals”

first_imgPrince Harry made his first public appearance since he and Meghan Markle announced their plans to step back from senior royal duties.The Queen has given her blessing for the couple to live in Canada part-time during the transition.Canada’s biggest newspaper, The Globe and Mail, out with a scathing editorial, reading in part, “Canada is not a halfway house for anyone looking to get out of Britain while remaining a royal.” The article goes on to say: “If they were ordinary private citizens, plain old Harry and Meghan from Sussex, they would be welcome. But this country’s unique monarchy, and its delicate yet essential place in our constitutional system, means that a royal resident – the Prince is sixth in the line of succession – is not something that Canada can allow. It breaks an unspoken constitutional taboo.”The Royal Family issued a statement on Monday that said there would be a period of transition as the Prince steps back. His wife Meghan Markle is already in Canada with their son, Archie. The Prince also issued two video statements today on mental health and the Invictus Games.The editorial arguing it isn’t appropriate for the country to house senior royals as a member of the Commonwealth, the family of nations where the Queen is head of state. But that might be exactly the reason why it makes sense: in 2018 she made Harry Youth Ambassador for the Commonwealth.By the way Meghan and Harry picked a great place to put down roots because a new global survey says Canada is the world’s best country in which to live behind Switzerland. Canada has moved up to number two in this year’s survey, and Japan has slipped down to number three.last_img read more

San Francisco Public Works Official in Charge of Cleaning up the Filthy Streets arrested by FBI

first_imgThe head of San Francisco Public Works, which is in charge of cleaning up the city’s feces-filled streets, has been arrested by the FBI on suspicion of public corruption.San Francisco Public Works Director Mohammed Nuru was arrested this week alongside Nick Bovis, the owner of a popular sports bar in Fisherman’s Wharf, Lefty O-Doul’s. Sources told NBC Bay Area that Nuru was arrested on suspicion of accepting bribes for airport concession contracts. The schemes involved an envelope of cash, fraudulent city contracts, improper gifts from a Chinese developer and a $2,000 bottle of wine, according to authorities.“Mr Clean may not be so clean” according to the FBI and four mayors allegedly ignored bright red flags about his performance for decades.In the early 2000s, Nuru was accused by Public Works whistle blowers of misappropriating public funds and replacing city workers with employees from a nonprofit he previously led.Both Nuru and Bovis were released on bond following their arrest.As the top official in charge of the $312 million city public works budget since 2012, Nuru was tasked with cleaning up San Francisco streets, which critics note remain cluttered with feces, trash and used needles amid a homelessness crisis.last_img read more

Man arrested after disturbing video shows him abusing a dog in elevator

first_imgA 21-year-old man was caught on video abusing his friend’s dog in a Brickell elevator.Surveillance video footage showed Karim Ellaisy getting into the elevator with the 6-month-old Siberian Husky, shortly after the dog appeared to have had an accident and that’s when Ellaisy grabbed the dog by its leash and slammed him into a wall before throwing punches repeatedly.Ellaisy was arrested during the last week of January, and is being charged with animal cruelty.According to reports Ellaisy bonded out, and is expected back in court on Feb. 28.last_img

Steelers’ Tomlin: On-field foray was ‘inexcusable’

first_imgPittsburgh Steelers head coach Mike Tomlin watches his players warm up before game against the Baltimore Ravens, Nov. 28, 2013, in Baltimore. (AP Photo/Gail Burton)PITTSBURGH (AP) — Pittsburgh Steelers coach Mike Tomlin has plenty of words to describe his ill-timed foray onto the field last week against Baltimore.Intentional is not one of them.Tomlin apologized at length Tuesday for nearly interfering with Ravens kick returner Jacoby Jones in the third quarter of a 22-20 Baltimore victory on Thanksgiving night, calling it “embarrassing, inexcusable, illegal, a blunder.”One that is likely to haunt the 41-year-old for the remainder of his career and take a pretty decent bite out of his wallet and perhaps even his reputation.“There are repercussions of a blunder of that nature and I embrace it,” he said. “With my position comes the charge of preserving and protecting the game of football. … I think my biggest error on Thursday night is not realizing that play jeopardized the game from an integrity standpoint.”Tomlin was standing at the Pittsburgh 35, as is his custom, when the Steelers kicked off after a touchdown that drew them within six points of the Ravens. As the ball settled into Jones’ hands, Tomlin turned his attention to one of the videoboards at M&T Stadium to get a better perspective of the play as it unfolded. He stepped onto a strip of turf painted white that is meant to serve as a barrier between the field of play and the sideline.Jones raced through a hole and down the Steelers sideline while Pittsburgh’s Cortez Allen gave chase. Tomlin didn’t move even as Jones closed in — mostly, he said, because he was “mesmerized” by what was happening on the screen.“I saw myself come into the Jumbotron, it’s a frightening experience,” Tomlin said.Tomlin actually stepped onto the field with his right foot before jumping out of the way as Jones veered right to avoid a collision. Allen tackled Jones a split second later as a potential touchdown ended as a 73-yard return. Tomlin was not flagged on the play, and he pointed out after the game that standing in the white area was commonplace for coaches even if it was technically against the rules.He didn’t use that as an excuse while communicating with NFL Commissioner Roger Goodell and other league officials Monday. Tomlin said he had no plans to fight whatever disciplinary action the league decides to hand out.“I don’t know what a just punishment is,” he said. “I have no idea. I’m not acting in a way to preserve my wallet and my money. My wallet and my money is what it is because of the game of football.”The NFL fined the New York Jets $100,000 in 2010 when cameras caught strength and conditioning coach Sal Alosi tripping a Miami player on the sideline. Alosi was suspended by the Jets and eventually resigned after the season.While Tomlin’s job status is certainly not in jeopardy, he is aware critics believe he was attempting to gain a competitive advantage.“The possibility that my actions could be perceived in that way never crossed my mind,” he said.Which is why he was a little surprised his sons told him the incident kept coming up during the usual Sunday NFL TV coverage. Tomlin understands his ill-timed two-step created “hours” of fodder.“I have no desire to defend my character or things of that nature,” he said. “I’ve become comfortable with the fact in these positions you get judged a certain way.”Tomlin acknowledged there was a memo sent out by the league last week asking coaches to be more mindful of where they stand on the sideline. He said he might have missed it because the Steelers were facing the Ravens on a short week.Regardless, he stressed he will do a better job “policing” himself in the future and stay out of harm’s way.NOTES: DE Brett Keisel will miss Sunday’s game against Miami (6-6) after aggravating a left foot injury against the Ravens. … LB LaMarr Woodley (left calf strain) will be limited in practice. … The remaining players injured against the Ravens, including running back Le’Veon Bell (concussion), offensive linemen Kelvin Beachum (right knee sprain) and David DeCastro (left foot sprain), could play this weekend.___AP NFL website: www.pro32.ap.orglast_img read more