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Friday, August 6, 2010

BRIDGETOWN, Barbados (BGIS) -- There is a promise from the Barbados government to put systems in place to further enhance the country's reputation as the "business mecca" in the Caribbean. Minister of State in the Ministry of Economic Affairs, Patrick Todd, gave this undertaking last Thursday. read more...



Thursday, August 5, 2010

CARACAS, Venezuela (AFP) -- State-owned oil giant Petroleos de Venezuela (PDVSA) said on Tuesday its 2009 net profits tumbled 52.2 percent in 2009 to 4.498 billion dollars amid a slide in global crude oil prices. PDVSA said the drop came from a 2008 profit of 9.4 billion dollars -- a year when crude oil prices... read more...



Saturday, July 31, 2010

BRIDGETOWN, Barbados -- The Caribbean Development Bank (CDB) disbursed the equivalent of USD124.5 million to its Borrowing Member Countries (BMCs) in the first half of 2010. This is up from the USD105.2 million disbursed for the same period in 2009. At its recently-concluded July meeting... read more...



Wednesday, July 14, 2010

KINGSTON, Jamaica (JIS) -- The Ministry of Agriculture and Fisheries and the Coffee Industry Board on Tuesday signed a Memorandum of Understanding (MoU), with Hangzhou Coffee and Western Food Association from China, which will create another market for the distribution of premium Jamaican coffee. read more...



Thursday, July 8, 2010

NEW YORK, USA (Reuters) --- A federal judge in Houston has denied Allen Stanford's request for bail a third time, saying the Texas financier can while locked up properly prepare his defense against charges he ran a $7 billion Ponzi scheme. US District Judge David Hittner rejected Stanford's argument that... read more...



Saturday, July 3, 2010

GEORGE TOWN, Cayman Islands -- All sixteen members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have renewed their policies for hurricane and earthquake coverage for the 2010/11 year beginning on 1 June – the start of the hurricane season. For 2010/2011, policy pricing was again reduced. read more...



Thursday, June 24, 2010

NEW YORK, USA (Reuters) -- Texas financier Allen Stanford, accused of running a Ponzi scheme, will face trial by himself, a US federal judge said on Wednesday, granting motions by Stanford co-defendants to have a separate trial. Stanford's trial will proceed on Jan. 24, while co-defendants will be tried jointly. read more...



Wednesday, June 23, 2010

OUAGADOUGOU, Burkina Faso (AFP) -- African, Caribbean and Pacific (ACP) nations signed here on Tuesday a revised trade and development agreement with the European Union. The ACP and EU reached agreement in March on revising the 2000 Cotonou Agreement to make improvements in the distribution... read more...



Saturday, June 19, 2010

ROSEAU, Dominica -- The government of Dominica has advised the Branch Manager of Clico International Life Ltd. to discontinue the issuing of new policies in Dominica until further notice. This action is consistent with that taken by member states of the Eastern Caribbean Currency Union (ECCU). read more...



Saturday, June 19, 2010

OUAGADOUGOU, Burkina Faso (AFP) -- African, Caribbean and Pacific (ACP) nations are to sign here on Tuesday a revised development agreement with the European Union, an official said on Friday.  The ACP and EU reached agreement in March on revising the 2000 Cotonou Agreement. read more...



Friday, June 18, 2010

BRIDGETOWN, Barbados (BGIS) -- The Barbados government is keen to expose local entrepreneurs to their counterparts in other countries, particularly the United States, in an effort to encourage interaction and information sharing between them. This disclosure has come from Minister of Youth, Family... read more...



Friday, June 18, 2010

BASSETERRE, St Kitts -- CARIFORUM is in the early stages of opening Caribbean markets to architects, interior designers and engineers in the European Union through negotiation of an Economic Partnership Agreement. A Mutual Recognition Agreement is to be negotiated shortly to allow architects... read more...



Thursday, June 17, 2010

GEORGE TOWN, Cayman Islands -- The Central Bank of Trinidad and Tobago (CBTT), home regulator of Motor and General Insurance Company Limited, has ordered the company to suspend business forthwith for a period of 60 days commencing on 15 June, 2010. In a press statement on Wednesday... read more...



Tuesday, June 15, 2010

CARACAS, Venezuela (AFP) -- Venezuela on Monday seized the assets of Banco Federal, a mid-sized private bank which authorities accused of "irregularities." The head of Banco Federal, Nelson Mezerhane, is a principal stockholder in the Globovision television chain, an opposition news broadcaster. read more...



Friday, June 11, 2010

BRIDGETOWN, Barbados (BGIS) -- A challenge has been thrown out to the banking sector in Barbados to be more amenable, when providing financial assistance to help small businesses secure export possibilities, under the Economic Partnership Agreement. Minister of State Patrick Todd, made this suggestion last Tuesday. read more...



Wednesday, June 9, 2010

PORT OF SPAIN, Trinidad -- IFC, a member of the World Bank Group, is helping bankers develop their operations and provide financial services to improve access to finance for small and medium enterprises in the Caribbean. IFC, in collaboration with the government of Japan, the Commonwealth Secretariat... read more...



Wednesday, June 9, 2010

WASHINGTON, USA (AFP) -- The United States said on Tuesday it had signed an agreement with the European Union aimed at ending a longstanding dispute over banana tariffs. Under the pact the EU agreed not to reintroduce measures that discriminate among bananas distributors. read more...



Tuesday, June 8, 2010

CARACAS, Venezuela (Reuters) -- A unit of China Railway Engineering Corp is buying a majority stake in a project to develop the vast Las Cristinas gold deposit in Venezuela's southern jungles, minority partner Crystallex said on Monday. The Chinese company is the latest in a long line of prospectors. read more...



Friday, May 21, 2010

GEORGETOWN, Guyana (GINA) -- The administrative mechanism necessary for the operation of the single parent micro-credit scheme in Guyana has been put in place, Head of the Presidential Secretariat, Dr Roger Luncheon said Thursday. Speaking at his weekly post-Cabinet press briefing, Dr Luncheon... read more...



Thursday, May 20, 2010

SAN JUAN, Puerto Rico (Reuters) -- Pharmaceutical giant Pfizer Inc's decision to eliminate 6,000 jobs at plants in Puerto Rico and elsewhere is a poorly-timed setback for a Caribbean island economy in its fourth year of recession. The Pfizer restructuring includes the shuttering of two Puerto Rico plants. read more...



Thursday, May 20, 2010

NEW YORK, USA (Reuters) -- Allen Stanford, the Texas financier charged with running a $7 billion Ponzi scheme, asked the federal judge overseeing his case to release him pending the start of his criminal trial, saying that his detention violated his constitutional rights. Stanford has also fired one of his lawyers. read more...



Wednesday, May 19, 2010

BRUSSELS, Belgium (AFP) -- Europe agreed the need for "strict" new curbs on the trillion-dollar hedge fund industry on Tuesday, despite stiff resistance from fledgling British finance minister George Osborne. EU finance ministers "agreed a mandate for negotiations with the European parliament". read more...



Monday, May 10, 2010

UNITED NATIONS -- Despite the designation of many Small Island Developing States as upper-middle to high income, poverty and social exclusion still exist and are fuelled by low economic growth, macroeconomic shocks and limited provision of social services, according to Grenada’s Foreign Affairs Minister Peter David. read more...



Monday, May 10, 2010

I had tuned in to one of the local talk shows in The Bahamas, and the host was on about the economic crisis and why hadn't anyone seen it coming -- particularly the economists and business persons. It wasn't the main focus of the show that day -- from what I heard -- but it was a side remark to the main point. read more...



Friday, May 7, 2010

HAVANA, Cuba (Reuters) -- Cuba has given Brazil's state-owned oil company Petrobras a six-month extension on its May deadline to decide whether it will drill a well in Cuban waters, a Petrobras spokesman said. Petrobras has rights to one of 59 exploration blocks in Cuba's part of the Gulf of Mexico. read more...



Friday, May 7, 2010

PEMBROKE PINES, USA -- The Florida-Caribbean Cruise Association is gearing up for the premier event of 2010, the annual FCCA Cruise Conference and Trade Show taking place October 25-29, 2010. This year’s trade show promises to be the main draw of the conference with an expanded number of booths. read more...



Thursday, May 6, 2010

SANTIAGO, Chile (ECLAC) -- Foreign direct investment (FDI) flows to Latin America and the Caribbean will rebound in 2010, rising 40% to 50%, after dropping in 2009 as a result of the global crisis, according to ECLAC’s annual report on FDI released Wednesday. The report, Foreign Direct Investment in Latin... read more...



Wednesday, May 5, 2010

SAN JUAN, Puerto Rico (Reuters) -- As US banking regulators move to clean up the financial mess in Puerto Rico and put the island's ailing economy back on track, another major local lender, First BanCorp, could emerge as a blip on the takeover radar. In such a case, Bank of Nova Scotia could be the perfect suitor. read more...



Tuesday, May 4, 2010

SINGAPORE (Reuters) -- The US government expects to probe thousands more cases of wealthy individuals dodging taxes through offshore bank accounts, on top of the high profile case against UBS AG, a US tax attorney said on Monday. Some private banking clients are choosing to take cash from Swiss accounts. read more...



Tuesday, May 4, 2010

MIAMI, USA (Reuters) -- A former private banker at Julius Baer in the Cayman Islands, who alleges the Swiss bank knowingly helped rich clients dodge taxes, said on Monday that US clients have long paid a premium for Swiss firms' tax advantages. Rudolf Elme told his story in public for the first time. read more...



Saturday, May 1, 2010

WASHINGTON/NEW YORK, USA (Reuters) -- US regulators seized three Puerto Rican banks on Friday and sold their deposits to other banks, costing the Federal Deposit Insurance Corp insurance fund $5.3 billion -- one of the largest hits in the banking crisis. The FDIC said regulators had seized the banking operations... read more...



Wednesday, April 28, 2010

CASTRIES, St Lucia (CMMB) -- A weekly recap of the major financial highlights on the regional and international markets. Eastern Caribbean:  On the ECSE, the RGSM auctioned an oversubscribed 91-day EC$20 million Treasury Bill for the Government of St Vincent & the Grenadines. Bidding closed at 4.75%. read more...



Tuesday, April 27, 2010

HOUSTON, USA (Bloomberg) -- Antigua’s former top banking regulator, Leroy King, has been ordered extradited to the US to face charges he helped financier Allen Stanford conceal a $7 billion fraud scheme, Antigua’s top prosecutor said. Chief Magistrate Ivan Walters ordered King removed to the US. read more...



Monday, April 26, 2010

PEMBROKE PINES, USA -- The Florida-Caribbean Cruise Association (FCCA) is proud to announce today (April 23) it has named Kevin Sheehan as Chairman of its Executive Committee. Sheehan, who is also Chief Executive Officer of Norwegian Cruise Line, replaces Micky Arison, Chairman of Carnival Corp. read more...



Saturday, April 24, 2010

LONDON, England (Reuters) -- Cable & Wireless Communications will be reimbursed for costs incurred defending itself in a competition case that it won last week, the company said on Friday. The telecoms firm said it expected to recover most of the 15.5 million pounds ($23.97 million) it had run up read more...



Thursday, April 22, 2010

NEW YORK, USA (Bloomberg) -- The Dominican Republic plans to sell dollar bonds in the country’s first international dollar offering in more than three years. The country, which hired Barclays Plc and Citigroup Inc. to arrange the offering, will begin meeting with bond investors April 23, said the person, who declined to be identified. read more...



Thursday, April 22, 2010

NEW YORK, USA (Bloomberg) -- Puerto Rico Electric Power Authority increased its debt sale by 67 percent to about $963 million of tax-exempt and Build America bonds and lowered its borrowing costs in an issue on Wednesday. PREPA had planned to sell $575 million in debt. It more than doubled the  bonds. read more...



Thursday, April 22, 2010

KINGSTON, Jamaica (Reuters) -- Jamaica's government plans to sell its stake in bauxite producer and alumina refiner Clarendon Alumina Production Limited (CAP) to a Chinese company, the prime minister said. Bruce Golding told parliament late on Tuesday that negotiations were advanced. read more...



Thursday, April 22, 2010

KINGSTON, Jamaica (Reuters) -- Jamaica has reached a forward sale export agreement with Tate & Lyle PLC to provide the British firm with 100,000 raw tonnes of sugar, according to Prime Minister Bruce Golding. The deal was outlined by Golding during a budget debate in the Caribbean nation's parliament on Tuesday. read more...



Wednesday, April 21, 2010

CASTRIES, St Lucia (CMMB) -- A weekly recap of the major financial highlights on the regional and international markets. Eastern Caribbean: The secondary market of the ECSE recorded little movement, with less than 6,000 units trading. St Kitts Nevis Anguilla National Bank led activity, with 5,000 shares... read more...



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