Black Immigrant Daily News
‘Het is altijd weer een avontuur’ Tekst en beeld Ricky Wirjosentono PARAMARIBO — Na twee jaar stilstand wordt in november
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WASHINGTON (AP) — Two principal economists painted very different pictures Thursday of what the global economy will look like in the coming years.
Kristalina Georgieva, managing director of the International Monetary Fund, told an audience at Georgetown University on Thursday that the IMF is once again lowering its projections for global economic growth in 2023, projecting world economic growth lower by $4 trillion through 2026.
“Things are more likely to get worse before it gets better,” she said, adding that the Russian invasion of Ukraine that began in February has dramatically changed the IMF’s outlook on the economy. “The risks of recession are rising,” she said, calling the current economic environment a “period of historic fragility.”
Meanwhile, US Treasury Secretary Janet Yellen, on the other side of town at the Center for Global Development, focused on how the US and its allies could contribute to making longer-term investments to the global economy.
She called for ambitious policy solutions and didn’t use the word “recession” once. But despite Yellen’s more measured view, she said “the global economy faces significant uncertainty.”
Treasury Secretary Janet Yellen speaks about challenges facing the global economy at the Center for Global Development, Thursday, Oct. 6, 2022, in Washington. (AP Photo/Patrick Semansky)
The war in Ukraine has driven up food and energy prices globally — in some places exponentially — with Russia, a key global energy and fertilizer supplier, sharply escalating the conflict and exposing the vulnerabilities to the global food and energy supply.
Additionally, the ongoing COVID-19 pandemic, rising inflation and worsening climate conditions are also impacting world economies and exacerbating other crises, like high debt levels held by lower-income countries.
Georgieva said the IMF estimates that countries making up one-third of the world economy will see at least two consecutive quarters of economic contraction this or next year and added that the institution downgraded its global growth projections already three times. It now expects 3.2 per cent for 2022 and now 2.9 per cent for 2023.
The bleak IMF projections come as central banks around the world raise interest rates in hopes of taming rising inflation. The US Federal Reserve has been the most aggressive in using interest rate hikes as an inflation-cooling tool, and central banks from Asia to England have begun to raise rates this week.
Georgieva said “tightening monetary policy too much and too fast — and doing so in a synchronized manner across countries — could push many economies into prolonged recession.” Maurice Obstfeld, an economist at the University of California, Berkeley, recently wrote that too much tightening by the Federal Reserve could “drive the world economy into an unnecessarily harsh contraction.”
Yellen agreed Thursday that “macroeconomic tightening in advanced countries can have international spillovers.”
The two economists’ speeches come ahead of annual meetings next week of the 190-nation IMF and its sister-lending agency, the World Bank, which intend to address the multitude of risks to the global economy.
Georgieva said the updated World Economic Outlook of the fund set to be released next week downgrades growth figures for next year.
Many countries are already seeing major impacts of the invasion of Ukraine on their economies, and the IMF’s grim projections are in line with other forecasts for declines in growth.
The Organization for Economic Cooperation and Development last week said the global economy is set to lose $2.8 trillion in output in 2023 because of the war.
The projections come after the OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices in a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for US drivers just ahead of key national elections in November.
Yellen said since many developing countries are facing all challenges simultaneously, from debt to hunger to exploding costs, “this is no time for us to retreat.”
“We need ambition in updating our vision for development financing and delivery. And we need ambition in meeting our global challenges,” she said.
By Faitma Hussein
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Black Immigrant Daily News
SOURCE: REAL NEWS- The Police are investigating two incidents of wounding involving a known offender and a Hispanic man.
Reports say the two were involved in an altercation after the Hispanic man, a Villa resident, met the other man, who has previous convictions for larceny, coming out his yard.
As a result of the confrontation, the convict used a machete to inflict a number of chops to the body of the home-owner, who had to be transported to the hospital by the Emergency Medical Service (EMS).
When the Police visited the home of the trespasser, who also lives in Villa, they met him lying in bed with a bleeding wound to his forehead.
Reports are that he told the officers the wound had been inflicted by the Hispanic man with a stone.
The lawmen then transported him to the hospital, where they encountered the other wounded man in the Emergency Room, with bandaged wounds to the left side of his head, his left arm and middle finger.
It is alleged that an anonymous caller telephoned the Criminal Investigations Department (CID) and reported that there had been a wounding incident in Villa.
The offences occurred at about 2 p.m. on October 4.
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Even pre-schools are now being targeted by thieves, with the Police investigating several incidents in both public and private education institutions – in addition to a spate of similar incidents at businesses and homes.
Reports are that the Moravian Preschool, located on St. George’s Street, was broken between October 4 and 5, with electrical items being stolen.
A Cassada Gardens woman reported the matter to the Criminal Investigations Department (CID) and officers later visited the scene.
Police reports say that an unknown person used force to open a western double door, which was closed but not locked. The intruder then entered the building and stole one Daewoo microwave valued at $700 and a standing fan valued at $100.
A search of the surrounding areas did not turn up the items.- REAL NEWS
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The cook shop of a Villa man was broken into and a quantity of drinks and over $200 in cash were stolen.
This offence reportedly occurred between October 3 and October 4 on lower Dickenson Bay Street.
Reports are that the perpetrator used an implement to pry the hasp and staple of a wooden door and gain entry into the business. (REAL NEWS)
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In an incident of larceny, a Freetown man had his outside air conditioning (AC) unit stolen from his business place, Auto Rescue, located on the American Road.
Reportedly the person stole the AC by using a sharp instrument to cut the electrical wires and conduits from the unit, which is reportedly valued at $900.
Officers say that a search was carried out in the surrounding areas for the stolen item, but without success.
This offence reportedly occurred between October 3 and October 4.
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Krystal Long
A 39-year-old Arima man was charged with murdering his girlfriend after her autopsy revealed she was beaten to death, and did not fall after a night of drinking.
Jason Clarke was charged on Thursday with killing Krystal Long.
Long, 37, the mother of three, of Santa Rosa Heights, Arima, was found dead at Sapodilla Drive Crescent in Arima on September 9.
Her autopsy, done on September 19, said the cause of death was multiple blunt force injuries.
Long was buried on September 23.
On September 28 relatives of Long spoke with Newsday and called on police to close the case.
Clarke was arrested a day later and handed over to the Homicide Bureau, which took over the case from Arima police after the autopsy.
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COURT WIN: Gymnast Thema Williams with her attorneys Martin Daly, SC, and Keith Scotland, left, at the Hall of Justice in Port of Spain in November 2018. File photo/Sureash Cholai
FORMER national gymnast Thema Williams has initiated garnishee proceedings against the TT Gymnastics Federation (TTGF) for the judgment debt still owed to her four years after a High Court judge ordered the federation to compensate her.
On November 26, 2018, Justice Frank Seepersad said Williams was entitled to $200,000 for loss of endorsements and other opportunities because of the federation’s “biased” and flawed decision to withdraw her from representing this country in the 2016 Rio Olympics. She was replaced with Canadian-born alternate Marisa Dick.
The court-ordered compensation was a fraction of what Williams asked for – her claim was for $11 million – but Seepersad ordered $150,000 in exemplary damages and $50,000 for loss of opportunity to earn promotional income.
Four years on the money is yet to be paid, and the sum owed to Williams has ballooned to $238,490.90 by virtue of the five per cent interest from the date of judgment.
On October 3, Williams’s attorneys, Darrell Allahar and Reza Ramjohn began the garnishee proceedings against the TTGF and sought a provisional order – which the judge granted – for a temporary freeze on at least one of the federation’s accounts at Republic Bank Ltd (RBL) to cover the judgment debt, interest and costs.
If granted, the garnishee order will allow the federation’s bankers to surrender money to settle the debt.
The bank is represented by attorney Tonya Rowley and affidavits are expected to be filed by the institution on the funds in the federation’s account to satisfy the judgment debt.
On Thursday, the federation’s attorney Farai Hove Maisasai asked Seepersad not to finalise the provisional order, as his clients wanted to put in an affidavit to account for the funds in the RBL account. Maisasai said preliminary instructions from the federation are that the money in the account was given by the State as funding for a specific purpose and “not to be paid at will.”
The attorney also said there was no need for the bank to put in evidence, but the judge rejected this, saying the court preferred the evidence of the federation’s financial status to come from its bankers.
“I am not on the issue of the purpose of the money. They can say how much money is in the account. The onus is on the federation to say it shouldn’t be subject to the court’s order,” the judge said.
Named as defendants in the proceedings are the TTGF, its former directors, and the bank.
Seepersad said he was quite alarmed that a decision given in November 2018 had not yet been satisfied.
“Compliance with the rule of law is mandatory. For the defendant and particularly the first defendant (TTGF) (to) be in default of a court judgment for nearly four years is unacceptable.”
He gave the federation a week to file its affidavit and until October 21 to file submissions of law and facts, before the next hearing on October 27, when the judge is expected to rule.
Until then, his provisional order remains in effect.
Allahar and Rowley also told the judge they will both be making a cost application.
In her legal battle with the federation, Williams said the decision to withdraw her from the Olympic test event was harsh and oppressive, flawed and biased against her.
Williams, by virtue of her higher score at the World Championships in Glasgow, was given the nod over Marisa Dick to compete at the Olympic Test event – Aquece Final Gymnastics Qualifier – in April 2016. She and her coach John Geddert were in Brazil preparing for the Olympic qualifier when the TTGF decided to replace her with Dick.
Williams claimed the federation told Geddert she was withdrawn because she was injured, a claim she denied.
Dick was flown in from Canada and eventually qualified as the first person to represent TT in gymnastics at the Olympics.
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Standard and Poor’s Global Ratings has affirmed the Government of Jamaica’s Long-Term Foreign and Local Currency Issuer Default Rating (IDR) at ‘B+’ with the outlook remaining stable.
The S&P rating reflects the agency’s notion that Jamaica’s economy will continue to recover, with expected Gross Domestic Product (GDP) growth of four per cent in 2022, the Ministry of Finance and Public Service shared in a press release.
It is also expected that the government will remain committed to sustainable public finances, including the achievement of the current year’s budgeted fiscal targets.
The outlook is grounded in the expectation that Jamaica will remain committed to macroeconomic and fiscal discipline with a continued downward trajectory of the debt burden.
S&P noted that the country continues to face downside risks from slowing global growth, lower-than-expected domestic growth, a potential recession in the US, and the impact of global inflation.
In commenting on the rating action Dr Nigel Clarke, Minister of Finance and the Public Service said, “This affirmation by S&P, which comes at a time of great uncertainty in the world economy, is yet another sign that Jamaica’s strategy of reducing vulnerability and strengthening resilience is paying off.”
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Antigua and Barbuda Red Cross (ABRC) :
At a meeting of the General Assembly on October 1, 2022, the General Assembly, the highest body of the organisation, overwhelmingly reconfirms Dr. Jose Humphreys as President for the continuation of the present Governing Board members of the Antigua and Barbuda Red Cross.
Volunteers who served tirelessly were presented with certificates of appreciation for their hard work and dedication to the Antigua and Barbuda Red Cross.
Special mention goes out to Mrs. Sherilyn Anthony who received a certificate for being the ABRC’s longest-standing and active member.
The ABRC also expresses a great thank you to Nurse Cavell Morris-Willis for speaking to our volunteers and members about stress management. It was well received.
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