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Streets named after Garvey, Marley |
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Sunday, 12 October 2008 |
Nigeria will be renaming some 80 roads in its capital shortly and of course, Jamaica’s renowned Black National icon Marcus Garvey and Reggae revolutionary and musical icon Bob Marley are already tapped for streets to be named in their honor.
Federal Capital Territory minister Aliyu Umar, said in addition to Marley and Garvey, US civil rights activists Dr. Martin Luther King Jr. and Malcolm X will also have streets named for them.
The African nation will also be drawing on its continent’s icons such as Nobel laureate Wole Soyinka and Chinua Achebe along with musician Fela Anikulapo-Kuti.
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Sunday, 12 October 2008 |
With America’s credit market, and those internationally, faced with an
escalating crisis on Wednesday the Federal Reserve, along with five
central banks in other countries, made emergency decision to cut is
federal funds interest rate by .5 percent from 2 to 1.5 percent. The
Fed in a statement said the move was necessary because of the worsening
crisis in global financial markets. The Bank of England and the
European Central Bank also lowered their interest rates by .5 percent.
The cuts theoretically will make it less expensive for banks to lend
and borrow money from each other, thus passing on cheaper credit to
their customers and easing the current pressure on the credit market.
Over the past few days credit markets froze because banks were weary of
taking the risks in making loans, creating severe problems for their
customers, especially businesses who quickly experienced problems
securing cash to meet operating expenses like payroll. In an earlier
move to free up credit the Federal Reserve had on Tuesday announced a
new program to purchase commercial paper, which translates as offering
funding to businesses to assist them in meeting operational expenses.
But this move did not soothe the market as the same day the price of
government bonds rose, and more significantly, the London Interbank
Rate (Libor), the rate at which banks make loans to each other, rose to
5.38 percent from 3.94 percent, a sign that international credit was
still frozen.
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Leaders trash trade agreements |
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Monday, 06 October 2008 |
UNITED NATIONS – Every September, Caribbean Community (CARICOM) leaders travel to New York to attend the annual session of the United Nations General Assembly (UNGA) hoping to influence discussions that could affect their socio-economic development.
The leaders have traditionally used the forum as a platform on which to outline their concerns about trade, climate change and other global issues and this past week, when the 63rd session convened, was no exception.
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South African President resigns |
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Sunday, 28 September 2008 |
Thabo Mbeki has formally resigned as the president of South Africa a
day after accepting a call from his governing party, the African
National Congress to quit.
He announced his resignation last weekend in a televised address,
saying that he had handed a resignation letter to the speaker of the
National Assembly.
He said he would leave his post as soon as a new president was chosen.
Up to press time it was unclear who will succeed Mbeki, but the ANC
appears to favor the parliamentary speaker, Baleka Mbete, as acting
president. Mbeki’s term as president was scheduled to expire next year
April. It is widely believed that the popular current ANC leader, Jacob
Zuma, who was once Mbehi’s protégé, will replace him.
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Airline ditches life vests to save fuel |
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Monday, 01 September 2008 |
TORONTO – In a controversial move, Air Canada's regional carrier, Jazz
is getting rid of life vests for all its aircrafts to lighten the
planes and save fuel.
Now, passengers will be instructed to use the seat cushions for flotation.
The airline’s spokeswoman Manon Stuart defends the move, saying that it
is within Transport Canada regulations, which allow airlines to use
floatation devices in place of life vests, as long as the craft stays
within the stipulated 50 nautical miles of shore.
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