When Skies Are Grey

Grey clouds in Dookeran's 'blue skies'

THE “blue skies” of economic recovery which Finance Minister Winston Dookeran has told the country about are becoming obscured at home by looming grey clouds of industrial action by trade unions and by equally ominous clouds overseas in the form of turbulence in global financial markets following the downgrade of the United States (US) economy by Standard and Poors from AAA to AA+.

Against this background, Central Bank Governor Ewart Williams presented the Bank’s July 2011 Economic Bulletin at a news conference at the Eric Williams Financial Complex on Monday.

As he noted the local and foreign challenges which the country faces to achieve a projected 1.2 percent growth in Gross Domestic Product (GDP) and strengthen its fragile economy, Williams said while there is a projection for a 1.2 percent growth in GDP, “there are a number of difficult decisions that we have been putting off and we are going to have to face them.”

In the bulletin, the Bank noted its presentation took place in the aftermath of heightened nervousness in the international economy. "For weeks, uncertainty about a United States Congressional agreement to lift the country's debt ceiling and avoid a possible default coupled with the Euro's area debt rescheduling challenges threatened to disrupt the world's financial markets, undermine business and investor confidence and lead to a sharp rise in short term interest rates."

The Bank observed, "Though an agreement was arrived at on the verge of the August 2 deadline, uncertainty persists about a possible sovereign rating downgrade and the likely impact which this action would have on international financial markets.

Noting that world financial markets have been further destabilised by the spread of the debt crisis from the peripheral countries of the Euro area to Italy and Spain, the Bank said, "These developments against the background of weakening growth in the US, the Euro area and Japan, have raised new fears about a double dip recession."

With respect to TT, the Bank said preliminary data suggests a decline in real GDP of 1.7 percent (year on year) in the first quarter of 2011, following two consecutive years of negative growth. Indicators suggest weaker performance in both the energy and the non-energy sectors.

Grey Skies Clear Up To Make Way For Glider Flights « Iowa Wing News

Northwest Iowa Composite Squadron

AMES, IA – An overcast morning didn’t dampen the spirits of four members of the NWICS IA-007. They patiently waited for the magical 1000’ ceiling to occur, then took to the skies for their first glider orientation flights of 2011.

Cadet A/1C Jacob Ulicki had his initial o-flight that day, stating, “This was even better than the powered!” C/MSgt Jacob Lewandowski has had a few flights before, but was still all smiles this day.

Capt Darrel Mullins- glider instructor pilot, and Capt Kim Kirschman- tow pilot, kept the flights moving as cadets learned the basics of glider flying and ground operations.

C/A1C Barry Jensen experienced his second glider flight since he joined CAP in 2010. He is considering attending the Glider Flight Academy in 2012. Because of the time used while waiting for the ceiling to be at a safe level, C/Maj Adam Wachholz was unable to have a glider o-flight. Wachholz said, “I couldn’t fly this time, but it was fun working together on wing running and flight-line.

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