BMW expects hit from trade dispute and emissions tests

first_imgFRANKFURT – German luxury automaker BMW said Tuesday that its profits and sales will fall short of its forecasts this year, saying that fear of international trade conflicts has weighed on pricing and citing the impact of new emissions tests on European markets.The profit warning — the second from a major German automaker this year — underlines the difficulties facing the industry in maintaining its record of steadily growing sales and profits.The Munich-based company said that sales revenue in its automotive division would fall slightly compared with last year’s instead of increase, while earnings before tax would be moderately below last year’s 10.66 billion euros ($12.55 billion) instead of roughly in line.A key earnings metric — the operating profit margin — would fall short. BMW predicts a 7 per cent profit margin, below its target range of 8-10 per cent. The figure represents how much the company is making per vehicle, an area that has been a strong point for makers of higher-priced cars.“The continuing international trade conflicts are aggravating the market situation and feeding uncertainty,” the company said in a statement. “These circumstances are distorting demand more than anticipated and leading to pricing pressure in several automotive markets.”The company also said that new, tougher diesel emissions tests in Europe, called WLTP for Worldwide Harmonized Light Vehicle Test Procedure, have led to market and sales distortions, even though BMW has managed to implement the new standard ahead of time. Auto registrations soared in Europe in August as companies unloaded noncompliant vehicles before the new standard came into force on Sept. 1 and made them unsellable, often in the form of fleet or rental sales.The company also cited costs for warranty actions. In August, it announced a recall of 324,000 due to a defect that could cause vehicle fires.BMW is facing some of the same headwinds that led competitor Daimler to issue a profit warning in June. Analysts at Sanford C. Bernstein said that the price pressure from competitors Audi and Daimler’s Mercedes selling off vehicles ahead of the emissions deadline should be temporary. “The fact that some German companies have screwed up WLTP testing and are now offering discounts on pre-registered cars is not a sign of the consumer rolling over,” they wrote in an email. If the testing issue passes “and 2019 demand remains intact, earnings should stabilize.”Shares in BMW dropped about 5 per cent after the announcement.last_img read more

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Lack of formal apology casts shadow over Jallianwala Bagh event in UK

first_imgLondon: The failure of the UK government to tender a formal apology on the centenary of the Jallianwala Bagh massacre was the overwhelming focus of a commemorative event held at the House of Lords complex in London on Saturday. The massacre took place at Jallianwala Bagh in Amritsar during the Baisakhi festival on April 13, 1919, when troops of the British Indian Army under the command of Colonel Reginald Dyer opened fire at a crowd of people holding a pro-independence demonstration, leaving scores dead. Also Read – Saudi Crown Prince ‘snubbed’ Pak PM, recalled jet from USIndian-origin peers Lord Raj Loomba and Lord Meghnad Desai were joined by fellow members of the Jallianwala Bagh Centenary Commemoration Committee (JBCCC) to wrap up a series of events and exhibitions held in the UK to mark the 100th anniversary of the British colonial era massacre. “The Jallianwala Bagh massacre of April 13, 1919, stands out as a very tragic event in history. Hundred years since then, India has come a long way and this why we have heard various mutterings of regret because ultimately India is now a power to reckon with,” said Lord Desai. Also Read – Record number of 35 candidates in fray for SL Presidential polls”I do not understand why the British government has not to this day agreed to say sorry,” said Lord Loomba, who also called for an investigation into whether Colonel Dyer instigated the “huge atrocity” of his own accord or was following orders from higher authorities during the British Raj. The commemorative event included a screening of a short clip from Richard Attenborough’s 1982 epic ‘Gandhi’, re-enacting the fateful day. Unofficial estimates put the death toll into thousands, with the incident being described as a turning point in the Indian national movement. “The pain remains etched in the memory of Punjabi people. An apology will not bring back the dead or give any real comfort to their family and friends. However, it will help to mitigate the pain and bring closure to us all,” said Manjit Singh GK, Patron-in-Chief of the JBCCC. “An apology cannot undo what has been done but it would be a befitting tribute to the martyrs of the Jallianwala Bagh massacre. We on behalf of the JBCCC, strongly demand that the British government tender an official apology,” said Vikramjit Singh Sahney, Patron of JBCC. “Pain and hurt do not have prescribed end dates. It is time to recognise that and for the British government to ask for forgiveness with an unreserved apology,” added JBCC chair Balbir Singh Kakar. Earlier this week, British Prime Minister Theresa May had expressed deep regret over the tragedy in a statement in the House of Commons to mark the 100th anniversary of the tragedy, which she described as a “shameful scar” on British Indian history. However, the government has been criticised for not going far enough to make a formal apology, with the Opposition Labour Party demanding a “full, clear and unequivocal apology”. “The Jallianwala Bagh massacre shook the very soul of a nation. It will be a long while before it fades away. History will keep reminding successive future generations about it,” Indian High Commissioner to the UK Ruchi Ghanashyam said in her address at the event. Indian-origin peer, Lord Jitesh Gadhia, stressed the importance of the tragedy forming part of a compulsory “warts and all” colonial history curriculum to be taught across all British schools. The programme in the House of Lords complex marked a culmination of events being held across the UK to mark the centenary of the massacre. The events included an exhibition titled ‘Jallianwala Bagh 1919: Punjab under Siege’ at Manchester Museum in partnership with Amritsar’s Partition Museum, and a number of book launches on the subject historian Kim Wagner’s Jallianwala Bagh’, Saurav Dutt’s Garden of Bullets’ and journalist Anita Anand’s The Patient Assassin’ tracing the lead up to the massacre as well as its aftermath. British Indian journalist Sathnam Sanghera also added to the widespread calls for an apology as part of a critically-acclaimed documentary, The Massacre that Shook the Empire’, aired in the UK on Saturday night. The issue also found prominence in the UK parliamentary agenda in recent months, as both the House of Lords and Commons held debates in the lead up to the anniversary.last_img read more

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How Tennis Officials Are Trying to Make the Game Fair

Tennis pros, and dedicated amateurs, can control just about everything about their rackets. Rackets are measured for weight, stiffness, balance and head size and strung for peak force, deflection and tension loss. Yet the court players run and hit on will always behave unpredictably. Even at most pro tournaments, players don’t know precisely how “fast” or “slow” a given court is playing, an expression of how much speed and height the ball retains after it bounces. Court speed is a fixture of questions at press conferences during the first few days of Grand Slam tournaments such as the French Open, now unfolding in Paris.“It wasn’t bouncing as much as it had actually the last days on the outside courts,” Milos Raonic after winning his match on Sunday.One reason court speed is such a mystery is that it’s been so cumbersome to measure. The International Tennis Federation has helped develop and test machines that do the job, but the best ones are expensive, bulky and difficult to operate. (The equipment is so hard to transport that many court-surface manufacturers ship samples of their product, in half-meter (1.64-foot) squares of paint and sand, to the ITF’s testing laboratory in London.) For the most prominent ITF-organized events — the Davis Cup and Fed Cup — federation employees must fly with their testing devices, or ship them to sites weeks in advance, to keep hosts from giving players too big a home-court advantage.Now, the ITF is trying to find an easier way to ensure courts are fair. On a recent Thursday at a London tennis court,1I’m not disclosing the tennis court’s location at the ITF’s request, to protect client confidentiality. Jamie Capel-Davies, manager of ITF’s science and technical department, was testing a new device that the federation has helped develop. It’s known as SPRite,2Said like the soft drink; the SPR is short for Surface Pace Rating. The official name for the device measures is court-pace rating, though, as Capel-Davies noted, “‘CPRite’ didn’t have the same ring to it.” and this test was of model number 007.The device doesn’t take a vodka martini. Instead, a ball cannon powered by a bicycle pump propels a ball off the court and through the testing chamber. Seconds later, a display shows the court-speed measurement. The measurement device and ball cannon each weigh about 14 pounds and together cost $12,000, compared to the 110-pound, $45,000 behemoth that sets the standard now. The new devices can be carried by hand, and their dimensions fall within most airlines’ carry-on baggage limits. The motivation for the test, Capel-Davies said, was “democratizing court-pace rating.”3In tennis, democracy is relative: At this price the average hacker won’t be carrying the SPRite and cannon to her local public court.The ITF knows it’s traded some precision for lightness and mobility. The question is, how much? Is SPRite accurate enough to replace its forebears? Capel-Davies and his colleagues were testing it alongside the Sestée, which is the current benchmark. Court-speed rating typically runs between 20 and 70 — and must run between 24 and 50 for Davis Cup matches (a higher number means a faster court).4The court-pace rating, or CPR, is calculated based on the coefficient of restitution (COR), which is the ratio of a ball’s vertical velocity after bounce to its pre-bounce vertical velocity; the coefficient of friction (COF), which is the ratio of horizontal velocity lost after the bounce to pre-bounce vertical velocity multiplied by the sum of 1 and COR; and a temperature-adjusted COR, which is the sum of the COR and 0.003 multiplied by 23 minus the mean ball temperature, in Celsius. The formula is: CPR = 100(1-COF)+150(0.81-adjusted COR). The ITF calls courts with CPR of 29 and under slow, courts with CPR between 35 and 39 medium and courts with CPR of 45 and up fast. The ITF wants SPRite to run within two points of Sestée for the same court.Court speed matters in tennis. During a typical match, the ball will bounce off the court hundreds of times. If the ball typically retains much of its speed, it will be harder to play. That encourages more aggressive play — players will charge the net more often to avoid skidding balls and tricky bounces. A slower court lets players camp out behind the baseline and chase down most shots.Court-pace rating takes into account more than speed, though. The ITF tested the court speed perceptions of U.K. players who were good enough to play for their counties5It’s also tried surveying pros, and gotten similar results, but the response rate was poor. and found that the height of ball bounce mattered, too. The lower the bounce, the faster the court seemed. That’s why high-bouncing clay courts like the French Open’s seem slower than hard courts with the same coefficient of restitution, or ratio of the ball’s speed after impact to its speed before the bounce.6One theory for clay’s higher bounce: The ball pushes granules ahead of it as it collides with the surface, creating an incline to bounce off, a “ramp effect” that leads to a higher bounce. And grass courts, with their lower bounce, seem faster to players than similar hard courts. The ITF formula attempts to account for all this.Once a match is underway, players can’t do anything about the court speed. They play the bounces they get. But players can tailor their training and schedules around which courts best suit their games. For instance, clay makes Rafael Nadal’s heavily topspun forehand shots bounce even higher than on other surfaces. He has taken advantage of this throughout his career by playing more clay tournaments than some of his rivals.For the ITF team competitions, court speed is a crucial part of home-court advantage: Host countries get to choose the surface, which is why Andy Murray had to play on his least favorite surface — clay — in Great Britain’s two away Davis Cup ties this year. (Murray and his teammates won in the U.S. but lost in Italy.)With the currently approved devices, the ITF can’t test the courts at every Davis Cup site, especially on busy weekends when dozens of ties are happening around the world. Instead it audits, choosing to test just a few courts. And at tournaments it doesn’t oversee, including the French Open, there’s simply no official court-pace measurement. (Officials at the U.S. Open and Wimbledon said they test their courts for speed, but the results are confidential.)That makes it tough to assess whether court speeds have changed — one of the goals of Capel-Davies’s department. Tennis players and writers often say — or lament — that pro tournaments are using a narrower range of court speeds than they used to, so there’s less variation among them. Indirect indicators, such as rates of aces or service breaks adjusted for tournament fields, don’t corroborate that impression. The ITF hasn’t tested long enough or often enough to settle the debate. “We don’t have that kind of data,” Capel-Davies said. “I don’t know if anyone does.” The International Tennis Federation uses a bulky steel crate, top left, to ship heavy measuring devices to tournament sites. The outsized Sestée, top right, is difficult to transport, so manufacturers often send samples of their courts, bottom right, to the ITF. The latest-generation device is the SPRite, operated here by Jamie Capel-Davies, manager of ITF’s science and technical department. Its accuracy is still being studied. Carl Bialik Watching Capel-Davies test SPRite in London, it was easy to see the advantages of the new device. He easily carried it onto and around the court, to different testing spots. He also let me try, and within a few minutes I got each test down to under a minute: Take a ball out of a coat that’s lying next to the unit, put the coat back in place, put the ball into the cannon, give the bicycle pump a few cranks, prime the measurement unit, put my foot7We’d taken off our shoes to avoid scuffing the court. on it for stability and press the button to fire.Yes, a coat. Needing something to stop the balls after they had fired from the cannon, bounced off the court and gone through the SPRite, Capel-Davies offered up his jacket to science, taking care to first remove his phone. After each test, the ball nestled in the coat. As we conducted our experiment, Capel-Davies’s colleagues were testing the Sestée on another part of the court. At one point, a Sestée-measured ball got loose and whistled past us.Each court test covered a few different spots, always including ones near the baseline, the service line and the net. The speed can vary from one part of the court to the next. It’s often highest near the baseline because players’ shoes wear down the surface and make it slicker. This court was relatively new, though, so we weren’t expecting as much variation.The measurement process has other quirks. Fail to press the button firmly, and the cannon might not fire fast enough for a reliable measurement. This happened a couple of times to us, so we omitted those readings. Capel-Davies decided when to do that, and it wasn’t a double-blind procedure. He checked with the other group and knew what readings they’d gotten, and was following along as our parallel tests produced results. Still, the quest for an accurate reading seemed genuine. The ITF already had achieved its initial goal of agreement within five points between the devices, which is what a typical player can detect. Then it set its sights on even better agreement, of within two points.Capel-Davies and his team have their own testing lab at ITF headquarters in the southwest London neighborhood of Roehampton, in a converted squash court with the original wood floor now scuffed by equipment. Tennis scientists test balls in a wind tunnel and rackets in a serving machine, nicknamed Goran after 2001 Wimbledon champion Goran Ivanišević, in homage to his rocket serves. The apparatus gripping the racket occasionally slips, and there are marks to prove it on the side of the machine. “We have had casualties” — of rackets, not people, Capel-Davies said.The ITF is surrounded by tennis courts. The Bank of England Sports Centre, which hosts next month’s Wimbledon qualifying tournament, is on one side. On the other is the National Tennis Centre. Many ITF employees play tennis during their lunch breaks. But they don’t have their own dedicated full-sized court for testing. So when they get a gig testing a court, like this one, they often take the opportunity to test SPRite.If SPRite passes the test, the ITF, as its seller, will benefit through increased sales, though that’s not the primary motivation, Capel-Davies said. “We’ve had interest, but everyone is waiting” to see what the results are “before putting their hands in their wallets,” he said.Mainly, the organization would like to enable more facilities, including tennis clubs, to test court speed. Having a device on site would allow clubs to measure the effect of temperature and also to track changes in the courts, to know when it’s time to resurface. A manufacturer’s rating, based on a test of a half-meter-long square patch, isn’t good enough because it doesn’t take into account what’s under the surface, how it was attached and how the court has weathered and worn.At tournaments, organizers could test how the speed of a court changes as players play on it — for instance, at grass-court tournaments, as players’ shoes and shots turn the turf near the baseline into dirt. And they could compare speed across different courts; players often say some courts at the same venue play faster than others, something that affects them if they play consecutive matches on different courts.These possibilities haven’t yet arrived. Our test found the SPRite and the Sestée agreed to within 2.7 points — good but not within the desired range of 2.0 points.8The ITF is aiming for agreement at 95 percent confidence of within 2.0 points. The average absolute value of the difference between readings by each device was 1 point for our test. One location, near the service line, was the source of the troubles: The two devices agreed to within 3.2 points, whereas everywhere else was within the limit.“It suggests something odd happened at that location,” Capel-Davies said. “Hopefully, additional testing will determine whether it was an anomaly.” He hopes that the SPRite model we tested, which was first produced last fall, will meet the target by the end of this year.Even if players at every level knew the speed of the courts they were playing on, they’d still have to deal with unpredictable bounces. Court speed can depend on how long the ball your opponent just served was sitting in his pocket: The warmer the ball, the slower the court appears to be. And standard measurements don’t apply when the ball collides with a hill or valley, common on clay courts.Still, broadening access to the court-speed numbers would help further the mission of Capel-Davies’s department, which is, as he articulated it, “to balance technology and tradition in tennis,” and to “make sure the player won because of ability” — and not faulty equipment or a finicky court.CORRECTION (June 2, 4:00 p.m.): An earlier version of this article said the average agreement of the SPRite and the Sestée in a recent test was 2.7 points in court-pace rating, or CPR, and that the two devices’ average agreement was 3.2 points in one location. Those figures were the agreement between the two devices at 95 percent confidence. The average of the absolute value of the differences between the two devices’ measurements was 1 point of CPR. read more

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Softball No 22 Ohio State finishes 31 in Big TenACC Challenge

Niki Carver throws the ball to first in hopes of tagging out a Wright State runner. Credit:Gretchen Rudolph | For The LanternThe No. 22 Ohio State softball team came into the Big Ten/ ACC Challenge on Friday with plenty of momentum, having began the season with five wins in its opening weekend. However, its early five-game win streak ended Friday in the first game of the challenge after suffering a 5-4 loss to North Carolina State in Raleigh, North Carolina.North Carolina StateThe Buckeyes took an early lead on Saturday when junior infielder Lilli Piper his a two-run home run in the first inning. Ohio State maintained that lead for five innings.North Carolina State responded to Piper’s home run with four runs in one at-bat in the bottom of the sixth inning. Freshman infielder Timberlyn Shurbutt smashed a grand slam to center field to pull ahead 4-2.Ohio State freshman corner infielder Niki Carver hit a two-run home run to tie the game in the bottom of the seventh inning.  North Carolina State took the lead in the top of the eighth inning, however, when senior pinch runner Macauley Prickett scored on an obstruction of home call to give the Wolfpack the 5-4 lead.LouisvilleOhio State bounced back from a disappointing loss in the first game of the weekend with a 6-5 win against Louisville on Saturday.Junior catcher Emily Clark and senior infielder Ashley Goodwin each hit solo home runs in the first inning to give the Buckeyes an early 2-0 lead. Louisville junior pitcher Megan Hensley hit a home run for two RBIs to tie the game at two. With the game tied at five and deep into extra innings, freshman utility Niki Carver laced a single up the middle to score senior Becca Gavin from second to win the game 6-5 for Ohio State.North Carolina StateThe Buckeyes picked up their second win of the day when they defeated North Carolina State 5-4 in their third extra-inning game in two days.After four scoreless innings, North Carolina State got on the board with two runs in the top of the fifth coming from a run-scoring fielder’s choice and a sacrifice flyThe seventh inning brought even more action when North Carolina State freshman outfielder Sam Russ scored off freshman catcher Lily Bishop’s RBI to go up 3-0. Ohio State responded with three runs in the next half-inning to send the game into extra innings once again. Freshman infielder Kallie Boren’s double to left field brought in sophomore outfielder Spencer Sansom and senior Becca Gavin, then Piper’s right-field single brought in sophomore Amy Balich to tie the game. North Carolina State scored a run in the top of the eighth, but Ohio State answered with a two-run, walk-off home run by senior pitcher Shelby McCombs that brought in Clark to seal the win for the Buckeyes.LouisvilleOhio State capped off the weekend by beating Louisville 4-0 on Sunday. This was its first shutout of the 2018 season.The Buckeyes scored first in the top of the third inning when Clark hit a solo home run to center. Then with the bases loaded in the top of the sixth, Clark scored when Louisville third baseman Alison Szydlowski committed a throwing error.In the top of the seventh, the Buckeyes extended their lead to 4-0 to give them a comfortable cushion with only half an inning left to play. Piper and Clark reached base and after a fielding error, a bunt by Goodwin and a single by McCombs, two runs went up on the board for Ohio State.The Buckeyes will take on Virginia Tech, Wichita State and Texas in the Texas Invitational on Feb. 23 and 24. read more

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Mens Volleyball Ohio State splits weekend with McKendree after fiveset loss

Redshirt sophomore Jake Hanes (16) jumps up to an incoming ball at the game against George Mason on Jan. 18 at St. John Arena in Columbus. Credit: Ethan Clewell | Senior ReporterThe Ohio State men’s volleyball team took on McKendree on Sunday, the second of a two-match home series, hoping to build on its Friday victory against the Bearcats. But the Buckeyes came up short, falling in five sets, 25-23, 19-25, 22-25, 25-22 and 10-15. The Buckeyes (6-12, 2-6 MIVA) struggled to keep the ball in play for much of the night, totalling 47 combined errors to McKendree’s 36. Of the five sets, only the first and the third had lead changes, while the final two sets saw just a single tied score. Two aces gave McKendree an early 3-1 advantage in the fifth set, but kills by freshman outside hitter Sean Ryan and sophomore outside hitter Jake Hanes brought the Buckeyes within one, 4-3. The Bearcats responded with a resounding five-point run, featuring an ace and three Ohio State errors, giving McKendree a 9-3 advantage. The Buckeyes used an error and an ace by Hanes to bring the score to 9-5, but the Bearcats wouldn’t relinquish their lead, killing the next two points and adding another ace en-route to a 15-10 set victory and taking the match, 3-2. The Bearcats totalled seven aces on the night, four of which came in the final set. Head coach Pete Hanson said errors kept the Buckeyes from challenging McKendree. “It’s a game of managing your errors as much as anything,” Hanson said. “We just didn’t do a good job of that at times when we needed to.” Not taking errors into account, the Buckeyes performed on par offensively with their performance on Friday, killing 58 balls and serving up six aces. Hanes led the Buckeyes with 22 kills and 10 digs, adding an ace and four block assists. The Bearcats were led by junior opposite hitter Zach Schnittker, who racked up 14 kills, two aces, five digs and four block assists. Ohio State opened the fourth set with an ace by junior setter Andrew Hillman as well as a kill and an ace by Ryan for a 5-1 advantage. Ohio State’s lead ballooned to as many as seven, but a late push by the Bearcats featuring back-to-back kills by sophomore outside hitter Patrick Ross cut the lead to 23-21. Attempting to force a fifth set, the Buckeyes would not be denied, using a kill by redshirt senior Blake Leeson and a block by Hillman and sophomore middle blocker Austin Gerwig to put the set away, 25-22. Hillman finished with 26 assists, two kills and two aces. Hillman spent the beginning of this season out with an injury he sustained in December during training, and he said he felt comfortable in his first match of the season. “The guys were very accepting of me being on the court, especially after being out for two months,” Hillman said. “They definitely picked me up and gave me a lot of energy.” Ohio State jumps back into nonconference play against No. 6 UCLA at 8 p.m. on Friday and USC at 11 p.m. on Saturday in Los Angeles. read more

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Spain vs Argentina Messi out injured

first_imgArgentina have announced that Lionel Messi will not be participating in their upcoming international friendly against Spain after suffering another injury setback, according to 101GreatGoalsThe Argentina captain was notably absent from the side in their 2-0 over Italy at Manchester City’s Etihad Stadium on Friday night with an adductor problem.Messi had resumed training with the rest of the national side at Real Madrid’s training ground, at the beginning of this week, for Argentina friendly against Spain at Atletico Madrid’s Wanda Metropolitano Stadium.However, the 30 year-old has now suffered a further setback and Argentina coach Jorge Sampaoli has decided that it is not worth risking his captain in a friendly and has withdrawn Messi from the final squad.Other notable absentees for Argentina are Angel Di Maria, who is injured himself, and Serie A duo Paulo Dybala and Mauro Icardi, who were not called up by Sampaoli for the national side.David Villa, SpainQuiz: How much do you know about David Villa? Boro Tanchev – September 14, 2019 Time to test your knowledge about Spanish legendary forward David Villa.Manchester City’s David Silva will be absent for Spain due to personal reasons, while Chelsea’s Marcos Alonso is expected to make his international debut for Spain.last_img read more

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Frank Lampard discusses Premier League interest in Bogle

first_imgDerby County manager Frank Lampard insists the club have received no offer from Burnley or any other Premier League club for Jayden Bogle.The 18-year-old has been drawing attention from a host of top-flight teams and Lampard says he’s not surprised.Burnley have been one of the teams linked with a move for the young right-back who has broken into the Derby first team this season, under the tutelage of Lampard.But the former Chelsea midfielder, whose side visit the St. Mary’s to take Southampton in a FA Cup replay on Wednesday night, said Derby have had no contact.Frank Lampard, Chelsea, Premier LeagueFrank Lampard admits Chelsea may struggle for top-six spot Andrew Smyth – September 14, 2019 Chelsea manager Frank Lampard couldn’t offer any guarantees on a top-six finish this season due to the strong competition.Asked if he was aware of any interest in Bogle, Lampard said, according to Lancashire Telegraph: “No, I am not but I wouldn’t be surprised because from the minute I have been here Jayden Bogle has been fantastic.”“I heard he was a talent, and he has shown that he can perform at a top level in the Championship and in our Carabao Cup run at Manchester United and at Chelsea.”“So, of course, people will look at players who are performing that well.”last_img read more

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first_img Retrial ordered in Saunders appeal Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 24 Nov 2014 – An announcement today that there is another delay and another tentative date given for the start of the corruption trials of former government ministers and relatives, which keep on costing the country millions of dollars. The Court of Appeal did not meet as it was supposed to today; that means there will be no determination on whether the country will push forward with jury trials or juryless trials and that means the pre-trial hearings set to start next week cannot begin. This process has been plagued with challenges and of the late it is a stand-off between lawyers for the Defendants and the Crown and the Prosecution on whether it is fair to have a trial with the judge making the decision alone. The Court of Appeal reportedly cannot meet before January and a special session to determine the argument of trial without jury never convened this month as had been expected. Both the TCI Sun and the Turks and Caicos Weekly News are reporting the development; explaining also that other issues have been that the attorneys are complaining that the case has seen 60,000 extra pages of evidence submitted, without arrangement for an increase in pay. Some of the UK defense attorneys have withdrawn from the case; relations with the Supreme Court registrar, David Chetwynd have also been strained. Big time Customs Officer fined and fired for theft Recommended for you Facebook Twitter Google+LinkedInPinterestWhatsApp Related Items:corruption trial, court of appeal, david chetwynd, jury trial, supreme court, turks and caicos weekly news Court Of Appeal Hears Major Caseslast_img read more

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CHARGED Christopher Forbes arraigned today for gruesome murders

first_imgFacebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, TCI, September 5, 2016 – Murder accused in court, the 33 year old came in just minutes ago at Magistrate’s Court to a small crowd of onlookers.The man, believed to be behind the murders of Dominicans: Yuneiry Veras and Sorineida Arias in April and July 2016 respectively.Handcuffed and shackled and responding to his name while entering the building is represented by attorney, Arthur Hamilton.The arraignment is being read in a closed court.  All in the courtroom were asked to leave.  Journalist and others were barred from the proceedings.Magistrate is newly appointed Tanya Lobban Jackson, Chief Magistrate. Police Evidence questioned by Murder Accused side Facebook Twitter Google+LinkedInPinterestWhatsApp Recommended for youcenter_img Forbes murder trial pushed to Sept Related Items:33 year old charged in Dominican women murders, Christopher Forbeslast_img read more

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PM Christie dismisses Ingrahams allegations of missing funds

first_img Prime Minister Perry Christie is refuting any claims of missing funds from the Ministry of Finance. On Monday night, the former Prime Minister Hubert Ingraham speaking at an FNM Rally in North Abaco, announced that he was aware of some $860,700 missing from the Ministry of Finance.He then questioned how this was possible under the “watchful eyes or not so watchful eyes of the Prime Minister”.However, in a release, Prime Minister and Finance Minister, Perry Christie is calling on Mr.Ingraham to produce evidence of the alleged misappropriation of funds to the ministry or the Commissioner of police, so that it can be investigated thoroughly.Instead the ministry highlighted its knowledge of ongoing investigations into a matter, where an overpayment to a vendor was done. As a result, the incident has been reported to the Auditor General, and steps have been taken to recover the monies, while disciplinary action has been taken against the officer responsible for the overpayment. However, the ministry says the amount missing is not equivalent to the amount Mr.Ingraham alleged is missing. Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppcenter_img Related Items:last_img read more

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Masked man robs Hillcrest bank at gunpoint uses Big Gulp to collect

first_imgMasked man robs Hillcrest bank at gunpoint, uses Big Gulp to collect stolen cash Updated: 3:12 PM Categories: Local San Diego News SAN DIEGO (KUSI) — A masked gunman held up a credit union in Hillcrest Thursday morning, stashing the stolen cash in a convenience store cup before fleeing on foot, police said.It happened around 9:30 a.m. at the Mission Federal Credit Union branch at 269 West Washington Street, San Diego police public-affairs Officer Billy Hernandez said. Officers were searching for the suspect on the ground and from a police helicopter, and robbery detectives were responding to the credit union to investigate.According to dispatchers who were directing the search, the suspect was armed with a silver handgun and wearing some sort of face mask and sunglasses.Witnesses said he wore a gray hoodie, black gloves, white shoes and a San Diego State University-branded beanie.The FBI official press release reads:On 06/14/2018, a bank robbery occurred at the Mission Federal Credit Union, located at 269 West Washington Street, San Diego, California, 92103.  At approximately 9:30 a.m., the robber entered the bank and approached a teller while holding a large plastic “Big Gulp” cup in his left hand.  While at the teller station, the robber removed a handgun from his pocket with his right hand, pointed the handgun at the teller, and made a verbal demand for money.  The teller provided money to the robber by placing cash from his drawer into the large cup. The robber proceeded to a second teller and made a second verbal demand for money while continuing to brandish his weapon. The second teller also placed a sum of money inside the plastic cup. Thereafter, the robber fled the bank on foot.The robber took significant efforts to disguise his appearance.  For example, the robber wore a rubber mask covering his face and a large grey hooded sweatshirt with the hood worn over a dark grey beanie hat covering his head.   The robber also wore dark colored sunglasses and gloves to cover his eyes and hands. Long dark pants and white running shoes with black soles covered the remainder of his body.  The robber was described as standing approximately 6’0” tall and weighing approximately 200 lbs.If you have information regarding this robber, please contact the San Diego FBI at 858-320-1800 or San Diego Crime Stoppers at  (888) 580-8477; Posted: June 14, 2018 KUSI Newsroom, June 14, 2018 KUSI Newsroom FacebookTwitterlast_img read more

admin September 17, 2019 pcfmtrsomkyv Leave a Comment

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Good Samaritan fatally shot while attempting to help stranded driver

first_imgGood Samaritan fatally shot while attempting to help stranded driver SAN DIEGO (KUSI) — A sailor was shot and killed when he stopped to help an apparently stranded driver early Saturday morning on a freeway in Logan Heights, police said.A woman called police around 2:20 a.m. to report that her boyfriend had been shot on a transition ramp from southbound state Route 15 to northbound Interstate 5, San Diego Police Lt. Anthony Dupree said.The man, identified as 21-year-old Curtis Adams, was taken to a hospital, where he was pronounced dead. Adams was active duty in the U.S. Navy.He was believed to have been driving with his girlfriend when he noticed a stranded car on the SR-15/I-5 transition road and stopped to help, according to Dupree.“The victim exited his vehicle and was immediately shot,” Dupree said.The suspect, described as a man wearing dark clothes, was seen fleeing south on I-5 in a white car.CHP officers later noticed a car matching the suspect vehicle’s description stopped on northbound I-5 near 32nd Street, Dupree said. Police headed to that location and detained the driver, who was being held for questioning by homicide detectives Saturday afternoon.The transition ramp where the shooting occurred was still closed as of 12:45 p.m. Saturday.Police asked anyone with information on the shooting to call San Diego Police Department homicide detectives at (619) 531-2293 or Crime Stoppers at (888) 580-8477. Categories: Local San Diego News FacebookTwitter KUSI Newsroom KUSI Newsroom, Posted: October 27, 2018 October 27, 2018last_img read more

admin September 17, 2019 tipstjdveffr Leave a Comment

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Kalmbach Media Expands Modeling Portfolio with International Partnership

first_imgHobby publisher Kalmbach Media and Spanish-based hobby modeling and media company AK-Interactive have entered into a partnership this week where Kalmbach will serve as the exclusive North American publishing partner for AK-Interactive’s Damaged, Weathered & Worn Models magazine. The modeling magazine will have its North American launch in November and Kalmbach will print a total of four issues over the course of the next year. Damaged is a new, quarterly publication from AK-Interactive’s brand Abteilung 502 and is on its fourth issue. At 80 pages, its North American cover price is set at $9.99, compared to the cover price of €4.95 ($5.79) in Europe.In addition to publishing and distributing Damaged in North America, Kalmbach will also develop a digital presence for the magazine’s content as well as promote Damaged and other AK-Interactive products across its print and digital platforms, which see a total reach of 35 million.The new magazine will be a familiar addition to Kalmbach, whose own portfolio of modeling hobby publications include FineScale Modeler, Scale Auto, Model Railroader and Trains. “[AK-Interactive] came to us with the challenge of growing awareness for their brands in the North American market,” said Kalmbach CEO Dan Hickey in a statement. “With our connection to passionate modeling enthusiasts, FineScale Modeler and Scale Auto are the undisputed leaders in that space. Our ability to reach this audience with the content and products they need is unmatched.”According to the Hobby Manufacturers Association, the model hobby industry in the United States alone is expected to exceed $1 billion in annual sales this year.last_img read more

admin September 14, 2019 fghroaytirft Leave a Comment

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Wilmingtons Jack Buckley Appointed Police Chief In Medford

first_imgMEDFORD, MA — Medford Mayor Stephanie M. Burke recently announced the appointment of Detective Lieutenant John D. “Jack” Buckley as the City of Medford’s new Chief of Police.Buckley’s role as Chief follows 20 years of committed service to public safety and an uncompromised devotion to the citizens of Medford. Having been sworn in as a Patrol Officer in 1998, Lieutenant Buckley served as a Patrol Sergeant, Detective Sergeant and most recently a Detective Lieutenant.“I am pleased to appoint and welcome Lieutenant Buckley to his new role as Chief of Police,” said Mayor Stephanie M. Burke. “At the completion of a selection process that included, for the first time, an assessment center, I am impressed with the quality of candidates for the position of Police Chief. That is why I am proud to appoint Lieutenant Buckley as Chief. From this pool of outstanding candidates, he proved himself to be exceptionally qualified to serve and lead the police department. I admire his commitment to ethics, discipline and hard work, which has been demonstrated in every rank he has served. He is well respected in the community and the department.”“I am deeply honored to be named as the next Chief of Police and to follow in the footsteps of Chief Sacco. I want to thank Mayor Burke for her trust and commitment to public safety,” said Lieutenant Jack Buckley. “Under my leadership, the focus of the Medford Police Department will continue to be to strengthen trust, confidence and maintain a partnership with all members of the community. I will uphold the commitment the City has made toward diversity and inclusivity. I hold the men and women of the Department in high esteem and look forward to working alongside them to serve all.”Buckley shared several goals he hopes to bring to the department such as, establishing a new mission statement, appointing a Hate Crime Officer and augmenting diversity within the department by developing a formal recruiting effort to teach potential candidates the Civil Service process.“I am confident that Lieutenant Buckley is prepared and committed to carry forward the work of retired Chief Sacco and forge relations with our growing diverse population as Chief of Police,” said Neil Osborne, Director of Diversity & Inclusion. “The City’s Chief of Police plays a critical role in fulfilling a promise that Medford is a welcoming City to all.”Lieutenant Buckley earned a Bachelor of Arts degree from the University of Massachusetts Boston and a Master of Arts degree in Criminal Justice from Curry College. He is the devoted husband to Dawn Buckley and the proud dad of Allyson and Sara.“We are thoroughly appreciative of all candidates who participated in the assessment center as well as the interviews that took place last week. We thank them for their commitment to public safety and their continued service in the City of Medford,” added Burke.A formal swearing in ceremony will take place on Wednesday, December 19th at 6 p.m. in the Howard Alden Memorial Chambers.Jack Buckley(NOTE: The above press release is from the Medford Mayor’s Office.)Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email You To Our Sponsor:Share this:TwitterFacebookLike this:Like Loading… RelatedMedford Police Officer Jason Montalbano, of Wilmington, Lauded For Saving Man’s LifeIn “Police Log”Lt. Brian Pupa Named Wilmington Deputy Police ChiefIn “Police Log”Joe Desmond Appointed Permanent Wilmington Police ChiefIn “Police Log”last_img read more

admin September 11, 2019 mfkvpfavqhez Leave a Comment

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OBITUARY Daniel M Malonson 28

first_imgWILMINGTON, MA — Daniel M. Malonson, age 28, a life-long resident of Wilmington, passed away unexpectedly on December 7, 2018.Daniel was born on November 7, 1990 in Stoneham, MA; he was the cherished son of Michael G. and Lorraine (Slowe) Malonson. Daniel was raised in Wilmington and graduated from Wilmington High School in 2009. He was an avid athlete who played several sports while growing up but his favorite was playing football for the Wilmington Wildcats.After graduating, Daniel went to work in the family business as a Mechanic for Business Repairs Unlimited. He specialized in working with heavy equipment a trade he learned from his dad.Daniel was known to be “adventurous” and a bit of a dare devil; he was an extreme snow skier who chased after black diamond trails. Daniel also loved to be out in the woods or on a trail riding his dirt bike and looked forward to the time he spent with his family at Lovell Lake in New Hampshire where he enjoyed wake boarding and water skiing.Daniel was a “great kid” with a quick wit and great sense of humor who loved his family and friends with all his heart; he will forever be loved and deeply missed by all.Daniel was the cherished son of Lorraine (Slowe) Malonson & her partner Paul Biase and Michael Malonson & his wife Laurie all of Wilmington, beloved brother of Matthew Malonson and Carlie Malonson both of Wilmington, Danielle Piazza, Amy Fennelly, Bryan Fennelly and the late Christopher Fennelly all of Reading, and Dillon and Danielle Biase of Wilmington. Dear grandson of Joanne & the late Joseph Slowe of Medford and Michael & Rosalie Malonson of Windham, NH. Daniel is also survived by many aunts, uncles, cousins and friends.Family and friends will gather for Visiting Hours at the Nichols Funeral Home, 187 Middlesex Ave. (Rte. 62), Wilmington, on Monday, December 17th from 4:00-8:00 p.m. A Celebration of Life will take place on Tuesday, December 18th at 10:00 a.m. in the Calvary Christian Church, 47 Grove St., Lynnfield, MA.In lieu of flowers, donations in Daniel’s memory may be made to the Massachusetts Association for Mental Health, 50 Federal St., Boston, MA 02110.Daniel M. Malonson(NOTE: The above obituary is from Nichols Funeral Home.)Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email You To Our Sponsor:Share this:TwitterFacebookLike this:Like Loading… RelatedOBITUARY: Dennis M. Fitzgerald, 67In “Obituaries”OBITUARY: Donald R. Donahue, 80In “Obituaries”OBITUARY: Raymond E. Piretti, Jr., 81In “Obituaries”last_img read more

admin September 11, 2019 xzatoksixeja Leave a Comment

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Thanks to Samsung and Verizon 5G is about to all get up

first_img We tested Verizon’s new 5G network Ready or not, 5G data is at your doorstep. Samsung and Verizon made that fact crystal clear last week. First, Verizon lit up its 5G network, claiming it to be the world’s first. Two days later, the largest phone maker on the planet began selling the Galaxy S10 5G, its first 5G device, in Samsung’s home country of South Korea. These two events prove that 5G is off to a very real, if slow, start. I tested Verizon’s days-old 5G network in Chicago, one of its two launch cities. Some results were encouraging, but mostly my experience revealed how far Verizon has to go to make its newborn network stable enough to support phones like the Moto Z3 with a 5G Moto Mod, and the Galaxy S10 5G, when that device eventually makes it to the US.Samsung’s exact US launch date is unconfirmed, but the S10 5G is rumored to go on preorder sale April 18, with a May 16 launch. It’ll come exclusively to Verizon before heading to AT&T, Sprint and T-Mobile.  $833 8:24 Speeds will come at a costSamsung and Verizon haven’t announced pricing for the Galaxy S10 5G, but we do know it’ll cost more than the $1,000 Galaxy S10 Plus. My educated guess puts it at $1,100 or $1,200 all in. Verizon’s 5G service also costs $10 more per month on top of your regular data plan. At a time when phone costs are rising, the advent of 5G is one more burden, or barrier, for people on a budget trying to keep up with the times. While we know costs will come down at least some after the new technology settles in, that could still be years away.Verizon and Motorola both point to price as a main reason you might want the Moto Z3 and 5G Mod. With the total cost of ownership under $440 with both elements currently on sale and $830 at full retail price, Motorola’s option may be the only midprice 5G choice until other phonemakers ramp up their own portfolios.Read: Meet the 5G phones headed your wayYou can actually swivel this player on the Galaxy S10 5G to catch a different angle. Andrew Hoyle/CNET Samsung gets another chanceFor Samsung, the Galaxy S10 5G is another opportunity to turn a profit and keep its spot at the top. Samsung’s felt the chill of a slowing smartphone market, expecting revenue far below this same time last year, despite strong Galaxy S10 Plus preorders. It could be that customers are waiting for 5G and foldable phones to debut before making the decision to upgrade to a “flat” 4G phone. On that note, Samsung’s foldable Galaxy Fold arrives April 26 for 4G networks, with a 5G variation coming out sometime after.That said, CNET doesn’t recommend rushing out to buy a first-wave 5G phone. Verizon’s shaky 5G start is one deterrent. Higher prices for both the phone and 5G data service are another. But there’s one more good reason to wait, too, and that’s a new chip that can make 5G phones slimmer and more efficient. Those devices will be ready by the end of the year.So while 5G is ready for you, you might not quite be ready for it.  Abt Electronics Phones I did get a chance to go hands-on with the Galaxy S10 5G in February. A little larger than the Galaxy S10 Plus — it’s a kind of an S10 Plus Plus — the S10 5G has a 6.7-inch screen, a total of six cameras and Qualcomm’s Snapdragon 855 chipset. It’s absolutely a premium phone, though we’ll need to see how some of its features, like its depth-sensing front and rear cameras, will work on the phone day to day. I did get an early demo of portrait video, which gives the background a blurred Bokeh effect, but it did need a little work to keep a moving subject separated from the background. Samsung also showed off a live demo of manipulating players in a baseball game being streamed over 5G. You could actually rotate them to take a look. That’s not something a 4G phone can do.Read: Motorola defends Mod attachment as the best 5G platform. I disagree 56 Photos Review • Galaxy S10 Plus braces for Galaxy Note 10 impact Samsung’s exact US launch date is unconfirmed, but the S10 5G is rumored to go on preorder sale April 18, with a May 16 launch. It’ll come exclusively to Verizon before heading to AT&T, Sprint and T-Mobile. It’s possible that Samsung is deliberately holding back the S10 5G launch until Verizon’s new 5G network becomes a little more stable, and perhaps more widespread. Right now it’s available only in Chicago and Minneapolis (and in mere downtown hotspots at that), but Verizon says its 5G service will come to 30 cities by the end of 2019.  Verizon declined to comment and Samsung didn’t respond to a request for comment on my theory.Read also: Verizon gets sassy over 5G data speeds, then smack-talks AT&T and T-Mobile $999 5:18 Galaxy S10 5G camera, 5G demo at MWC 2019 CNET may get a commission from retail offers. Comment 1 Mentioned Above Samsung Galaxy S10 Plus (128GB, prism black) Originally published April 6 at 3:16 p.m. PT. See Itcenter_img $999 See It See It Samsung Galaxy S10 Plus Sprint Now playing: Watch this: Now playing: Watch this: How To • How to take badass car photos with your Galaxy S10 Plus $999 Best hidden Galaxy S10 features you need to know now 64 Photos News • Samsung Galaxy S10 Plus to be used to film entire Tonight Show episode Share your voice Galaxy S10, S10 Plus, S10E: Every camera lens and curve Best Buy Tags See it 5G AT&T Motorola Samsung Sprint T-Mobile Verizonlast_img read more

admin September 10, 2019 zuocuueupbyr Leave a Comment

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Exclusive Bigg Boss 13 contestants list leaked here are the names of

first_imgBigg Boss 13 contestants list leaked.ColorsAt a time when a lot of speculations are being made regarding the names of Bigg Boss 13 contestants, we have dug out the list of celebrities who are most likely to be part of the show this season.A source close to the show has revealed the names of the celebrity contestants, who have been approached for the show, and have also agreed to be a part of Bigg Boss 13.As many as 23 people, including some well-known celebs, have been shortlisted for the controversial show. Out of these 23, the final 13 contestants will be signed after July 30.Although some of the celebrities mentioned in the list denied being approached or being part of the show, it is apparently because they are not allowed to announce their participation as per their contract.”Zareen Khan recently tweeted saying that she is not joining Bigg Boss 13, but actually she will be a part of it. She had to deny the rumours as BB makers do not want the names to be out so soon,” the source said.Bigg Boss 13 will witness contestants hailing from Bollywood to Television industry, from modelling to fashion hub and others too. Below is the list of Bigg Boss 13 contestants, whom you will most probably see this season on the show:1. Zareen khan (Bollywood actress)2. Chunky Pandey (Bollywood actor)3. Rajpal Yadav (Bollywood actor)4. Warina Hussain (Indian model)5. Devoleena Bhattacharjee (Female television star)6. Ankita Lokhande (Indian actress)7. Rakesh Vashisth (Television actor)8. Mahika Sharma (controversial actress)9. Danny D (Male porn star)10. Jeet (Bengali super star, Bigg Boss Bangla host)11. Chirag Paswan (Politician, former actor)12. Vijender Singh (Boxer, actor)13. Rahul Khandelwal (Model)14. Himansh Kohli (Model and actor)15. Mahima Chaudhary (Former Bollywood actress)16. Meghna Malik (TV actress)17. Mahaakshay Chakraborty (Mithun Chakraborty’s son, actor)18. Dayanand Shetty (CID fame actor)19. Faizy Boo (makeup artist/LGBTQ)20. Ritu Beri (Fashion designer)21. Sonal Chauhan (Singer, model)22. Fazilpuria Rahul Yadav (Singer)23. Siddharth Shukla (Actor)The makers of Bigg Boss 13, that will be hosted by Salman Khan, have done away with the previous format of including a mix of celebs and commoners on the show. They decided to have only popular celebrities on board this time, which might be a good thing for the show. Bigg Boss 13 is expected to start in September.last_img read more

admin September 5, 2019 pjggpwitpvxx Leave a Comment

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With World Cup over what can cricket fans look forward to Here

first_imgEngland team celebrate their victoryTwitterThose who love the game of cricket enjoyed a sumptuous feast of high-quality action that lasted for around one-and-a-half-months. The cricketing extravaganza that the 2019 Cricket World Cup was, got capped off by a final that will be remembered for ages as, possibly, the greatest game of ODI cricket ever played. Controversies, and there were plenty, aside, the 2019 edition of limited-overs cricket’s biggest show lived up to the hype and left a huge collection of memories for fans to cherish for years to come.But now that the event has ended, many cricket fans are feeling the withdrawal symptoms. They are waiting for the action to recommence, albeit in a different form. So, if you are a cricket fan who is waiting for high-quality cricket to return on his or her television screens, let us inform you about what to look forward to in the coming weeks. Test cricket is set to get an overhaulIANSWorld Test ChampionshipThe best team in the world of ODI cricket may have been decided but the contest to become the no. 1 side in Test cricket is going to commence very shortly. World Test Championship is a new idea that has resulted after years of deliberation. ICC wanted a tournament which will provide context to every Test series. This is the answer they have come up with. The tournament will run over the course of two years and would require all Test-playing nations, except Afghanistan and Ireland, to play three series each, home and away. The two teams at the top of the points table will play a final at the end of the cycle. Hopefully, this would provide the much-needed boost that Test matches have been craving for. The Ashes would again generate great excitementThe AshesNo matter how badly these two teams are performing, an Ashes series still generates a huge amount of excitement among fans in both nations. The fact that England have become world champions and Australia also showed glimpses of great form in the World Cup, suggests we would see a tight contest. The return of Steve Smith and David Warner will add more drama to the 5-match contest. Smith, especially, would be keenly watched as he was the leading batsman before getting banned. How he copes with the English attack would be one of the interesting mini-battles within the larger context of the series. India will tour West Indies nextJewel Samad/AFP/Getty ImagesIndia vs West IndiesWill Chris Gayle get another chance to play for West Indies or will selectors ignore his withdrawal of retirement? That would be one of the biggest questions posed during India’s tour to West Indies. Considering the impressive performance at home against England earlier this year and then the disappointing campaign in the World Cup, it’s hard to predict what West Indies would produce. However, their victory in the Test series against the Poms suggests that, at least in this format, the Caribbean side has rapidly improved. If this improvement stays, India may not find it easy to conquer the home side. The Black Caps won’t play any ODIsReutersNew Zealand vs Sri LankaTwo Tests and three T20Is would feature in this rather small tour. But still, it should be an interesting contest. New Zealand won their last series in Asia, against Pakistan in UAE. They would fancy their chances against a weak-looking Sri Lanka team. However, in their last series, the Lankan side had defeated South Africa in South Africa, the first Asian side to do so. Hence, this could turn out to be a much tighter contest than it currently is..last_img read more

admin September 5, 2019 xzatoksixeja Leave a Comment

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Govt cautions on investing in Bitcoin says virtual currencies are like ponzi

first_imgIs Bitcoin really a bubble?Creative CommonsThe Union finance ministry on Friday cautioned the citizens who are investing in virtual currencies such as Bitcoin and compared the virtual currencies (VCs) with the ponzi schemes.”There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs, therefore, is entirely a matter of mere speculation resulting in spurt and volatility in their prices. Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes,” read the statement released by the ministry.The announcement came in the wake of the South Korean government cracking down on Bitcoin trading. Bitcoin and other virtual currencies tanked substantially on Thursday after the South Korean government said it is exploring options to ban exchanges that allow trading of cryptocurrencies.Bitcoin’s value dropped as much as 8 percent on Thursday. Currently, the value of Bitcoin is around $14,000.The ministry further said in a statement that there is a real and heightened risk of investment bubble of the type seen in the ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money.The finance ministry explained that cryptocurrencies are stored in electronic format, making them vulnerable to hacking, loss of password, and virus attack, which may also result in permanent loss of money.”As transactions of VCs are encrypted they are also likely being used to carry out illegal/subversive activities, such as terror funding, smuggling, drug trafficking and other money-laundering Acts,” the statement noted.Earlier this month, the Reserve Bank of India (RBI) warned public that it has not given any licence to anyone to operate such virtual currencies.In a notification, the central bank said, “users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs.”The finance ministry further said, “VCs are not backed by government fiat. These are also not legal tender. Hence, VCs are not currencies.”last_img read more

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