Finance Minister Defends Purchase of Hedge

first_imgPhoto: JIS PhotographerMinister of Finance and Planning, Dr. the Hon. Peter Phillips (second right), addresses press briefing, held at the Ministry of Finance and Planning, Heroes Circle, on Friday, March 13. Listening are Minister with responsibility for the Public Sector, Hon. Horace Dalley (right), and Financial Secretary in the Ministry of Finance and Planning, Devon Rowe. Minister of Finance and Planning, Dr. the Hon. Peter Phillips, is defending the Government’s decision to purchase a hedge in the market against the risk of a sharp increase in the price of oil.The Minister had announced on March 12, the imposition of an additional specific Special Consumption Tax (SCT) of $7 per litre to be imposed on petrol, in order to pay for the hedge.“As I explained, the hedge is an insurance policy for the country and for the consumer against the prospect of a possible sharp upward movement in the price of oil.Should oil move from its present value of a little less than US$50 per barrel to say US$80 per barrel, it would have an immediate effect of about US$500 million on the balance of payment,” Dr. Phillips said.“We would be called on to spend more as a country, and that in turn would put enormous pressure on our foreign exchange needs and exchange rates and would threaten a lot of the hard work and stability that we have now achieved,” he explained.The Minister  was speaking at a press briefing, held at the Ministry of Finance and Planning, Heroes Circle, in Kingston,  on  March 13.Dr. Phillips said that hedges are expensive, and the Government will not be able to afford hedging 100 per cent of the country’s oil consumption.“Having paid the financial institution that offers hedging… were the price to move up from what you will call the strike price, that is the price at which you have purchased the hedge,  then what we would get for the premium that we are paying, is the difference for that half of the oil that we purchase, and we will be able to use it to cushion both the price at the pump, and our balance of payments,” he noted.The Minister  urged marketing companies and individual retailers not to use the opportunity to change their margins to the disadvantage of the public and the economy.“We are urging retailers (and) marketing companies not to see this as an opportunity to change their margins to the disadvantage of the public. We believe in free market and competition, but I have no doubt that some, even outside of this, have been adjusting margins in ways that are to the detriment of the public,” Dr. Phillips said.The proposed revenue measure is expected to yield some $6.4 billion and it is to become effective March 18, 2015. Finance Minister Defends Purchase of Hedge Finance & Public ServiceMarch 13, 2015Written by: Latonya Linton RelatedMore Tax Relief for PAYE Workers RelatedFinancial Secretary Welcomes Collaborations RelatedDr. Phillips Outlines Measures to Raise $22.7 Billion for Budgetcenter_img FacebookTwitterWhatsAppEmail Story HighlightsMinister of Finance and Planning, Dr. the Hon. Peter Phillips, is defending the Government’s decision to purchase a hedge in the market against the risk of a sharp increase in the price of oil.The Minister had announced on March 12, the imposition of an additional specific Special Consumption Tax (SCT) of $7 per litre to be imposed on petrol, in order to pay for the hedge.Dr. Phillips said that hedges are expensive, and the Government will not be able to afford hedging 100 per cent of the country’s oil consumption. Finance Minister Defends Purchase of HedgeJIS News | Presented by: PausePlay% buffered00:0000:00UnmuteMuteDisable captionsEnable captionsSettingsCaptionsDisabledQualityundefinedSpeedNormalCaptionsGo back to previous menuQualityGo back to previous menuSpeedGo back to previous menu0.5×0.75×Normal1.25×1.5×1.75×2×Exit fullscreenEnter fullscreenPlay Advertisementslast_img read more

Winning Open further fueled Stenson’s desire

first_imgSOUTHPORT, England – Pete Cowen will explain that Henrik Stenson has three distinct swings – good, very good and excellent. “Two of those [good and very good] he doesn’t like to accept,” Stenson’s longtime swing coach explained following the Swede’s victory last year at The Open. Stenson is a perfectionist, driven to exceedingly high levels by the notion that mediocrity is not an option even though he’s playing a game that is often decided by the thin margins between good and great. Last year Stenson was perfect, at least by any reasonable standard, on his way to his first major victory over Phil Mickelson at Royal Troon, where he closed with a 63 in what was among the greatest major championship duels. He hit 11 of 14 fairways, 16 of 18 greens in regulation and needed just 27 putts, but even that performance comes with an asterisk when Stenson strolls down memory lane. “It was certainly a standout in terms of how we played, but also how I putted that day,” he said. “If I would have hit the same amount of shots, but I wouldn’t have rolled in as many putts from 10, 15 feet, obviously the score would have been a whole lot different.” It’s not as though Stenson is naturally a negative person. It’s just his standards have always been set ridiculously high and that’s not always a good thing. The Open: Full-field tee times | Full coverage Following his tie for 26th last week at the Scottish Open, Stenson was downright dismissive of his chances of defending this week at Royal Birkdale. “It’s always that battle and I don’t feel I have enough game to play the way I want to, and as soon as you go into practice mode you are losing the possibility to play your best,” he said on Sunday. On Tuesday, his outlook was slightly more upbeat but was still a telling example of how hard the world’s eighth-ranked player can be on himself. It’s been that kind of year for Stenson. Outside of a runner-up finish to Sergio Garcia at the Dubai Desert Classic in February, he hasn’t contended and he begins this week after missing five of his last seven cuts on the PGA Tour, including missed weekends at the year’s first two majors.  The double-edged benefit of holding one’s self to such a high standard is that there’s no room for complacency, but there’s also precious little space for anything approaching a benefit of the doubt. “Henrik is a perfectionist,” Cowen said. “Can you play at your best all the time? Who plays at their best all the time? The only person that I know that does that is Usain Bolt, that’s why he wins everything. Winning majors is not easy.” For most players, winning a major at age 40 would have been a license to savor the fruits of decades of work. Henrik isn’t most players. Getting on the Grand Slam board only spurred him to want to do it again, replacing the pressure to win his first major with an even higher standard of collecting more before his career is over.  “Once you win one, obviously that’s off your shoulder,” he said. “And it’s more about putting yourself in contention again and trying to win a second one. Given how long and successful a career I’ve had, I think that’s pretty much what we’re aiming for, a few more chances to win more major championships. That’s really where that extra spark can come from.” Predictably, Stenson has spent this week grinding on the practice tee with Cowen, but then he would be doing the same thing even if he’d won his last three starts. For Henrik, the struggle is real and the search never stops. He can take some competitive solace from last year’s championship, when he admits he also wasn’t feeling great about his game. He can also take into account his history when he commits to a links fortnight. Twice in the last four years he’s played the Scottish Open the week before The Open, in 2016 and ’13, when he finished first and second, respectively. In ’14 and ’15 when he skipped the Scottish he finished in the middle of the pack at The Open. “For me it’s crucial, both to play the week before the major is ideal for me, and also playing links because you just get in kind of that mindset of where you’re going to land the ball and playing the three-quarter shots in the crosswinds,” he said. Or, if Stenson is truly in need of a paradigm of hope heading into his 13th Open he can consider the finality that this week brings. Winning his first major brought a host of new media duties and unfamiliar attention, which only served to remind him of what he’s capable of doing if only he could perform at his absolute best week in and week out. “I feel like it’s a little bit easier to turn the page and look ahead, rather than speaking about what happened three, six, nine, 12 months ago all the time,” he admitted a day after handing the claret jug back to the R&A. “That’s kind of where I feel I’m at.”last_img read more

Joey Logano wins Busch Pole Award for Kansas elimination race

first_imgKANSAS CITY, Kan. – Shades of Talladega. Only this time Team Penske—driver Joey Logano in particular—joined the Ford domination party.Saving the fastest lap of the day for the final round of Friday’s knockout qualifying session, Logano navigated 1.5-mile Kansas Speedway in 28.177 seconds (191.646 mph) to claim the pole position for Sunday’s Hollywood Casino 400 (2:30 p.m. ET on NBC, MRN and SiriusXM NASCAR Radio).Logano enters the elimination race in the Monster Energy NASCAR Cup Series Playoffs’ Round of 12 with a 39-point cushion over teammate Brad Keselowski, the first driver below the cutline. But that doesn’t dictate a conservative approach for the No. 22 team come Sunday.RELATED: Qualifying results“I’m not much of a play-it-safe guy,” said Logano, who earned his first Busch Pole Award of the season, his second at Kansas and the 20th of his career. “I’m not good at it, for one… This race, I wouldn’t say it’s a wild card. We’ve raced here a lot, and we tend to know how the race is going to play out.“The plan is to race, like we tend to do. We’ve got a good car, obviously. The car’s got a lot of steam. So it’s a normal race for us. Yes, it’s a cutoff race. Yes, there are points involved. Yes, we’ve got to keep up with that, but it’s just a race. Any time you line up for one of these things, the goal is the same. The goal is to win.”Stewart-Haas Racing driver Kevin Harvick (191.178 mph) qualified second and, in fact, was second fastest in each of the three rounds. Last Friday, the four SHR drivers claimed the top-four starting spots at Talladega and ran 1-2-3-4 for most of Sunday’s race.On Friday, Harvick and Talladega winner Aric Almirola qualified second and third, respectively, but the Team Penske Fords of Ryan Blaney and Keselowski, both of whom face an uphill climb to make the Round of 8, were fourth and fifth.“Days like today are days that really show us all the hard work that comes from the engine shop, and you saw a lot of the same displayed last week at Talladega from the engines to the oils and the preparation of getting the cars up in the front of the field,” said Harvick, who is locked into the Round of 8 on points. “It’s a good start to the weekend. It gets you good pits stalls and allows you to get everything at the start of the race going and allows you to have a little buffer if your car is not handling right.“Qualifying days and superspeedway races are a huge credit to the engine shop and the things they do. Our guys do a great job with the cars, qualifying or race trim. It makes it a lot of fun.”Behind the five Fords were the four Joe Gibbs Racing Toyotas, with Erik Jones qualifying sixth, Kyle Busch seventh, Daniel Suarez eighth and Denny Hamlin ninth. Tenth-place Alex Bowman, who must win on Sunday to advance to the Round of 8, was the only Chevrolet driver in the top 12.“We were the best in class, I guess,” Bowman said. “We wanted to be quite a bit better than that. I got pretty loose in (Turns) 1 and 2 and had to lift. So we should have been a couple of spots better probably, if we wouldn’t have had that happen.“But (crew chief) Greg (Ives) made good adjustments. The car got better every run, and we’ll move on from there. We’ve got some work to do run with that other manufacturer towards the front of the field, but I’m confident we can get better and get there.”Kyle Larson, 11th in the standings and likely in a must-win situation, suffered a setback even before qualifying began. He hit the outside wall on his second lap in opening practice and was forced to a backup car.Larson, who is 36-points out of eighth place, was 27th in time trials but must drop to the rear of the field for the start of the race because of the change to the backup.Martin Truex Jr., who currently occupies the final spot inside the Playoffs cut line, qualified 12th in his No. 78 Toyota, one spot behind SHR driver Kurt Busch.last_img read more