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Senior negotiator says Caribbean region was not prepared for EPA talks
GEORGETOWN, Guyana: The Caribbean was unready for the negotiations on agriculture under the controversial Economic Partnership Agreement (EPA), a senior negotiator said this week at an agriculture conference in Kingstown, St Vincent and the Grenadines.
Source : caribbeannetnews.com | 10-Oct-2008 02:00

Single regional currency advocated by top Caribbean banker
BRIDGETOWN, Barbados: The idea of a regional single currency has long been a topic of discussion, and it was once again brought up by the Managing Director Barbados, OECS and Belize of First Caribbean International Bank, Oliver Jordan while speaking at the Caribbean Gift and Craft Show.
Source : caribbeannetnews.com | 08-Oct-2008 02:00

Economic downturns will affect remittances to the Caribbean
KINGSTON, Jamaica: The Inter American Development Bank (IDB) says the Caribbean is set to get fewer remittances due to the combined effects of economic downturns in the United Sates and Spain, inflation and a weaker dollar. Remittances this year have been up 11 percent.
Source : caribbeannetnews.com | 03-Oct-2008 02:00

CDB official feels US financial meltdown will impact the Caribbean
BRIDGETOWN, Barbados: A senior official of the Caribbean Development Bank (CDB) feels that the global financial meltdown could impact on the economies in the Caribbean. Desmond Brunton, Vice President, Operations at the CDB, made the comment on Wednesday at a conference.
Source : caribbeannetnews.com | 02-Oct-2008 02:00

Cayman Islands reinsurer sees loss in third quarter; shares slump
GEORGE TOWN, Cayman Islands (Reuters): David Einhorn-controlled Greenlight Capital Re Ltd has forecast a third-quarter loss, hurt by negative returns on its investment portfolio, sending the Cayman Islands-based reinsurer's shares down as much as 30 percent to an all-time low.
Source : caribbeannetnews.com | 02-Oct-2008 02:00

European Union warned against hampering ACP economic development
GEORGETOWN, Guyana: The International Trade Union Confederation and its ally, the European Trade Union Confederation, have issued a joint statement strongly warning the European Union against "hampering economic development" in the 79 member African, Caribbean and Pacific (ACP) countries.
Source : caribbeannetnews.com | 30-Sep-2008 02:00

Cable & Wireless expected to change name, cut jobs in the Caribbean
GEORGE TOWN, Cayman Islands: Cable & Wireless has addressed the ongoing speculation that, as a result of its mission to create a single pan-Caribbean telecommunications operator, hundreds of jobs could be lost across the region. According to reports, the telecom giant is planning to announce a US$8 billion demerger.
Source : caribbeannetnews.com | 29-Sep-2008 02:00

IDB promoting financial services in the region
BRIDGETOWN, Barbados: Caribbean countries will soon be involved in a highly innovative project to foster access to financial services that has been initiated by the Inter American Development Bank (IDB). The Barbados Advocate reported that the programme will promote the implementation of mobile banking.
Source : caribbeannetnews.com | 26-Sep-2008 02:00

Barbados is unique for international business
BRIDGETOWN, Barbados: Barbados, which is known as Little England and for a stable government, is also a unique centre for international business. The Barbados Advocate reported that the country is the sixth largest domicile for captive insurance companies worldwide.
Source : caribbeannetnews.com | 25-Sep-2008 02:00

IDB offers grants to jump-start water and sanitation projects in the Caribbean
WASHINGTON, USA: Caribbean and Latin American governments that want to improve water and sanitation services can now apply for grants from the Aquafund, a new source of financing approved by the board of the Inter-American Development Bank (IDB) on Monday.
Source : caribbeannetnews.com | 23-Sep-2008 02:00

Wall Street woes may seriously affect the Caribbean
PORT OF SPAIN, Trinidad: Travel agents, hoteliers, and tourism officials in Trinidad and Tobago are worried that the possible impact of the financial turbulence in the United States could affect Trinidad and Tobago and other Caribbean countries. Wayne Rodriguez, President of the Travel Agents Association...
Source : caribbeannetnews.com | 19-Sep-2008 02:00

Puerto Rico bank to buy mortgage servicing rights
SAN JUAN, Puerto Rico (Reuters): Popular Inc said its Puerto Rican banking unit Banco Popular has agreed to buy the third-party mortgage servicing rights from RG Mortgage Corp, a unit of RG Financial, for about $34 million. San Juan-based Popular said the deal is expected to close in the fourth quarter.
Source : caribbeannetnews.com | 18-Sep-2008 02:00

IDB says the Caribbean could save billions through efficient energy investments
WASHINGTON, USA: Latin American and Caribbean countries could save an estimated US $36 billion over the next decade by adopting affordable and available technologies to improve their energy efficiency, according to a report released Moonday by the Inter-American Development Bank.
Source : caribbeannetnews.com | 16-Sep-2008 02:00

Cable & Wireless to accelerate demerger plan
LONDON, England (Reuters): Cable & Wireless is to accelerate plans to break itself up by announcing the 4.5-billion-pound ($7.9 billion) demerger of its international arm as early as the end of the month, the Sunday Telegraph said. The board of the British telecoms group is due to meet on Sept. 29 to discuss the plan
Source : caribbeannetnews.com | 15-Sep-2008 02:00

Regulatory reforms in the Caribbean show positive trend
WASHINGTON, USA: An International report has said that regulatory reforms across the Caribbean show a positive trend, with five of the 14 regional countries listed in the report being singled out for their adoption of business-friendly reforms. 'Doing Business 2009', the sixth in an annual series of reports.
Source : caribbeannetnews.com | 14-Sep-2008 02:00

Caribbean banks on the lookout for money laundering
BRIDGETOWN, Barbados: The issue of money laundering will be high on the agenda when the Caribbean Association of Indigenous Banks (CAIB) holds its 35th annual general meeting and conference in Barbados in November. The theme of the meeting is, ‘Safeguarding Our Future in the Face of Global Economic Challenges.’
Source : caribbeannetnews.com | 13-Sep-2008 02:00

ECLAC to study economics of climate change in the Caribbean
PORT OF SPAIN, Trinidad: A review of the economics of climate change in the Caribbean will be the subject of a study to be undertaken by ECLAC Sub-regional Headquarters for the Caribbean in Trinidad and Tobago and funded by the United Kingdom’s Department for International Development.
Source : caribbeannetnews.com | 13-Sep-2008 02:00

Economies slowed down in nine CARICOM territories, says CDB report
BRIDGETOWN, Barbados: The Caribbean Development Bank (CDB) reported that economic growth has slowed down in nine territories in the region while only four were able to sustain or increase economic activity. Inflation, slower growth, depreciation of the US dollar, and the cost of regional travel, topped the list of problems.
Source : caribbeannetnews.com | 09-Sep-2008 02:00

Guyana president in consultation with experts on EPA
GEORGETOWN, Guyana: Guyana’s President Bharat Jagdeo has invited a international and local team of top level trade, economics and academia for discussions on the Economic Partnership Agreement with the European Union. Jagdeo is not in favour of some of the clauses in the EPA agreement.
Source : caribbeannetnews.com | 06-Sep-2008 02:00

Investing in the 'Magic of Montserrat'
BRADES, Montserrat: In order to provide sustainable economic activity, the government of Montserrat is supporting and encouraging innovative and creative industries to secure a promising future for the island's people and importantly, the youth. There is a common misconception that Montserrat has not recovered.
Source : caribbeannetnews.com | 05-Sep-2008 02:00

Caribbean Catastrophe Risk Insurance Facility wins industry award
LONDON, England: The world’s first and only multi-nation catastrophe risk fund, the Caribbean Catastrophe Risk Insurance Facility (CCRIF), won the Re/Insurance Initiative of the Year award at The Review Worldwide Reinsurance Awards, presented Wednesday night at The Dorchester in London.
Source : caribbeannetnews.com | 05-Sep-2008 02:00

Caribbean heads to meet on September 10 to discuss EPA
GEORGETOWN, Guyana: Reports from the Caribbean Community’s (CARICOM) communications adviser Leonard Robertson state that Caribbean leaders will meet in Barbados on September 10 to discuss and resolve concerns expressed by some regional leaders on the Economic Partnership Agreement (EPA).
Source : caribbeannetnews.com | 03-Sep-2008 02:00

Curacao rated the best in the world in hedge fund administration
WILLEMSTAD, Curacao: State Secretary of Finance of the Netherlands Antilles, Alex Rosaria, has sent his congratulations to the Curacao financial services industry. For the second year in a row, the Global Custodian Hedge Fund Administration Survey has concluded Curacao outscores all other mutual fund locations.
Source : caribbeannetnews.com | 30-Aug-2008 02:00

Puerto Rico's Popular to sell US mortgage assets to Goldman
BANGALORE (Reuters): Puerto Rico's largest bank Popular Inc said it will sell the loan and servicing assets of its US mortgage unit worth $1.17 billion to Goldman Sachs to improve liquidity and reduce risky assets, sending its shares up as much as 27 percent. The transaction is expected to close in the fourth quarter.
Source : caribbeannetnews.com | 30-Aug-2008 02:00

Trinidad Scotia Bank makes more than $300 million profits
PORT OF SPAIN, Trinidad: Scotia Bank in Trinidad and Tobago has made an after tax profit of $329.2 million for the nine months ended July 31. According to a report published in the Trinidad Express the performance has given shareholders earnings per share of 186.7 cents for the year to date.
Source : caribbeannetnews.com | 30-Aug-2008 02:00

Notice to readers: Caribbean Net News website upgrade
Increased traffic to the Caribbean Net News website means that we have to upgrade our server capacity and this changeover will be implemented on Saturday, August 30, 2008. Readers may therefore notice some occasional disruption in the availability of our website over the weekend, while this is taking place.
Source : caribbeannetnews.com | 30-Aug-2008 02:00

Regional policy centre happy that some countries have refused to sign EPA
BRIDGETOWN, Barbados: The Caribbean Policy Development Centre (CPDC) is happy that some governments are reluctant to sign the Economic Partnership Agreement (EPA) with the European Union, scheduled for September 2. CPDC urged the governments not to be satisfied with a flawed and imperfect agreement.
Source : caribbeannetnews.com | 23-Aug-2008 02:00

Cable & Wireless to invest $400 million regionally
GEORGE TOWN, Cayman Islands: Richard Dodd, Chief Executive Officer of Cable & Wireless (Caribbean), has disclosed that the firm will invest over US$400 million in telecommunications development in the Caribbean region over the next three years, with its transformation programme officially launched in May.
Source : caribbeannetnews.com | 18-Aug-2008 02:00

Cayman Islands service providers sued by liquidators of bankrupt hedge funds
GEORGE TOWN, Cayman Islands: Financial newsletter Offshore Alert has reported that a civil suit has been filed at the United States District Court for the Southern District of New York against four individuals and companies in the Cayman Islands. The suit, filed on June 30, 2008, is an amended complaint.
Source : caribbeannetnews.com | 08-Aug-2008 02:00

New trade blow to once mighty Latin American banana
QUITO, Ecuador (Reuters): Bananas hold a unique place in Latin American history, entwined with swashbuckling invasions, CIA plots and huge fortunes, but failed world trade talks may mean the industry is outshone by rivals in other poor nations. A historic deal struck to slash tariffs for Latin American bananas was scrapped.
Source : caribbeannetnews.com | 01-Aug-2008 02:00

Long dispute at Jamaica alumina plant settled
KINGSTON, Jamaica (Reuters): Jamalco and a group of workers at the company's alumina refinery in Clarendon parish settled a long-running dispute on Wednesday, lifting the threat of a crippling work stoppage in Jamaica's bauxite sector. The workers will be paid in two parts on January 28 and June 28 next year.
Source : caribbeannetnews.com | 31-Jul-2008 02:00

EU, Latin America close to banana trade deal
GENEVA, Switzerland (AFP): European and Latin American negotiators closed in on a deal to end a quarter of a century of "banana wars" as part of mammoth trade talks here, sources close to the negotiations said Sunday. "The two sides are busy putting the final touches to an agreement," a source told AFP.
Source : caribbeannetnews.com | 28-Jul-2008 02:00

Caribbean tax havens under attack in US Senate
WASHINGTON, USA: Caribbean tax havens came under attack in the US Senate on Thursday during a hearing by the Finance Committee on the Cayman Islands and offshore tax issues.  Senators as well as witnesses had much to say about tax avoidance and evasion by US individuals and corporations.
Source : caribbeannetnews.com | 24-Jul-2008 02:00

No deal on bananas means no deal on WTO, says Mandelson
BRUSSELS, Belgium (AFP): European Trade Commissioner Peter Mandelson warned Thursday that if there was no accord with banana producers on imports in Europe, then there could be no wider deal on global trade liberalisation. Mandelson said a deal worked out by WTO head Pascal Lamy had to be accepted,
Source : caribbeannetnews.com | 18-Jul-2008 02:00

EU ready to yield on banana trade dispute
BRUSSELS, Belgium (AFP): The European Commission said Wednesday it was ready to make concessions in a long-running trade dispute with Latin America over bananas in order to advance struggling WTO negotiations. The commission said it was prepared to accept a settlement proposed by WTO chief Pascal Lamy.
Source : caribbeannetnews.com | 17-Jul-2008 02:00

FirstCaribbean wins best bank award
BRIDGETOWN, Barbados: FirstCaribbean continues to be recognised among industry analysts for its leading role in the financial services industry. It has copped the award for Best Bank in Barbados in the Euromoney Awards for Excellence 2008 by Euromoney Magazine.
Source : caribbeannetnews.com | 15-Jul-2008 02:00

Region to benefit from EPA agreement
KINGSTON, Jamaica (JIS): Jamaica and its CARIFORUM partners are set to benefit from one of the most comprehensive and complex trade agreements that the region has ever undertaken. This opportunity is being presented in the form of the soon to be signed Economic Partnership Agreement (EPA).
Source : caribbeannetnews.com | 01-Jul-2008 02:00

More time for EU banana talks
GENEVA, Switzerland (Reuters): US and European negotiators have been given more time for World Trade Organisation-brokered talks to resolve a long-running clash over bananas, Geneva trade diplomats said on Tuesday. Brussels said last month it planned to appeal a WTO ruling.
Source : caribbeannetnews.com | 25-Jun-2008 02:00

Digicel announces 39 percent subscriber growth over previous year
KINGSTON, Jamaica: Caribbean telecommunications operator Digicel on Tuesday announced that it has ended its fiscal year (March 31,2008) with 6.54 million customers, representing a 39 percent increase compared to the same quarter in the previous fiscal year.
Source : caribbeannetnews.com | 25-Jun-2008 02:00

Cheap money available for investment in renewable energy
KINGSTON, Jamaica (JIS): Funds are now available at a subsidised interest rate of three per cent, through the European Investment Bank (EIB), for investments in renewable energy. Jamaica's Minister of Finance and the Public Service, Audley Shaw informed that there are funds available through several channels.
Source : caribbeannetnews.com | 25-Jun-2008 02:00

EU and CARIFORUM countries to deepen integration in intellectual property rights
KINGSTON, Jamaica (JIS): The European Union and CARIFORUM states, under the Economic Partnership Agreement (EPA), have agreed to continue to consider steps towards deeper integration in the field of intellectual property rights in their respective regions. This process is expected to cover further harmonisation.
Source : caribbeannetnews.com | 25-Jun-2008 02:00

Experts to offer insight on investment at first annual Caribbean summit
WASHINGTON, USA: Leading industry authorities from around the world will discuss Caribbean innovation investment opportunities during a prominent panel on June 23 at the inaugural Annual Caribbean Tourism Summit (ACTS) in Washington, DC, to be held from June 21 to June 24, 2008.
Source : caribbeannetnews.com | 12-Jun-2008 02:00

St Kitts-Nevis Carib Brewery reports nearly six million dollars in profit
BASSETERRE, St Kitts (CUOPM): Carib Brewery (St Kitts & Nevis) Limited is reporting an EC$5.8 million profit before tax for 2007, up EC$1.6 million compared to the previous year. According to the Annual Report released at the company’s 48th Annual General Meeting, sales in 2007 increased by 10 percent.
Source : caribbeannetnews.com | 06-Jun-2008 02:00

Investment banks show interest in the Caribbean
PORT-OF-SPAIN, Trinidad: Global credit markets may be depressed, but the investment banking community continues to show strong interest in doing business in the Caribbean. JPMorgan has confirmed that it is sending a senior delegation to the Euromoney/Latinfinance 2008 Caribbean Investment Forum
Source : caribbeannetnews.com | 24-May-2008 02:00

EU to appeal against WTO banana ruling
BRUSSELS, Belgium (AFP): The European Commission will appeal against a recent WTO ruling that the European Union's banana import duty regime breaks international trade rules, a spokesman said on Tuesday. "It is our intention to appeal this particular decision," commission spokesman Peter Power told journalists.
Source : caribbeannetnews.com | 21-May-2008 02:00

Caribbean, Latin America and EU work to bridge trade divide
LIMA, Peru (Bloomberg): Leaders from Latin America, Europe and the Caribbean wrapped up a one-day meeting in Lima promising to tighten trade ties even as some Andean nations balked at signing new free-trade agreements. The Lima Declaration reached on Friday called for trade ties to be solidified.
Source : caribbeannetnews.com | 19-May-2008 02:00