Pension sector needs reform, says Trinidad minister
Reform is needed in Trinidad and Tobago's pension sector, as despite the solidness of the country's pension industry, there are still risks.
Minister of Finance Winston Dookeran made the statement on Friday as he addressed a seminar themed 'the future of the pension industry in the Caribbean'.
He said savings, investment and demographic challenges were present in the current industry.
Regarding investment he said the return on investment was lower and regarding demographics, in the United States alone the number of persons receiving pensions had grown from 15 percent to 25 percent.
The minister added that the Central Bank was involved in a new policy document which would enhance governance and enforcement of the local pension regulatory system.
Dookeran said two risks that faced the local industry were "the absence of a workable compact as it relates to labour unrest in the country and management of our future economic direction."
He added that another risk was the investment gap emanating from the public and private sectors which includes the energy sector.
"The Ministry of Finance will aim to close this gap by executing the relevant policies," the minister said.
Despite the challenges, Dookeran said the local pension industry was anchored for the financial sector and described it as solid.
As such, Dookeran said the Ministry of Finance would widen the pension net to include the self employed and daily paid workers. He said this would ultimately improve benefits to widows and orphans.
He said, "Strides are being made by the Ministry of Finance to widen the net of beneficiaries of the National Insurance Programme to include self-employed persons and to improve management of its funds."
Dookeran added that improvements in the survivors’ benefits for widows and orphans are also in the pipeline as well as a pension programme for daily paid workers.
Cayman Islands and Brazil identified as top business partners
A delegation from the Cayman Islands Ministry of Finance (Financial Services), led by Chief Officer Dr Dax Basdeo, recently attended the Brazil Investment Summit in São Paolo, and also met with key players in the private equity and institutional investment sectors during the week of 23 April.
The Cayman Islands is one of the top five jurisdictions in the world for investment in and out of Brazil, according to 2010 data from the International Monetary Fund.
The delegation split into two teams in order to focus on different objectives. One team met with industry stakeholders to reinforce positive business relations and develop a better understanding of business between Cayman and Brazil, while the other hosted the Cayman Islands information booth at the summit.
The meetings with stakeholders provided valuable insights on issues and identified challenges related to how the Cayman Islands are perceived in the Brazilian market, and were useful in pinpointing ways to increase the use of the Cayman Islands as a jurisdiction to facilitate Brazilian investment flows. Meetings were held with members of Brazil’s private sector; key industry associations, including the Brazilian Alternative Investment Managers Association; as well as representatives from the Portuguese and American Chambers of Commerce.
The team that hosted the Cayman Islands booth at the summit offered information on the range of financial services products available in Cayman. This included information from the Department of Commerce and Investment, the Cayman Islands General Registry, the Department of Tourism, Civil Aviation Authority and the Maritime Authority of the Cayman Islands. Other competing international financial centres were also present at the summit.
Commenting on the overall outcomes, Basdeo said, “With inward portfolio and direct investment flows totaling $27 billion, and outward investment flows nearing $40 billion annually between the two countries, it is critical that we gain a better understanding of the Brazilian market for financial services.”
“It was an extremely productive visit, as several issues and challenges we have been facing were clarified. It has not only strengthened ties with our Brazilian partners and stakeholders, but has also provided government with significant information to develop strategies to increase business between the two countries,” he added.
Carib News
Chinese business delegation to visit Cuba
A Chinese business delegation from the city of Shunde will visit Cuba next month with the objective of carrying out exchanges and cooperation in important areas, such as agriculture and tourism.
The secretary general of the Chinese Communist Party in that Shunde, Wang Yong, made the announcement during a meeting with the Cuban Consul in Guangzhou, Felix Raul Rojas Cruz, according to diplomatic courses in the Asian nation.
Shunde is home to a number of important firms, like Kelon and Midea and one of the most prosperous districts in the province of Canton (Guangdong) and of all of China.
Known as the birthplace of Cantonese cooking and the capital of Chinese food, its strategic location in the center of the Pearl River makes the region an attraction for tourism and communicates with keys cities like Dongguan, Guangzhou, Zhongshan and Hong Kong in less than two hours.
The Cuban official explained the current economic transformations underway on the island and highlighted the importance of exchanging experience with Chinese authorities for the island’s current development.
Usher’s Ex, Tameka Told Him: ‘I Will F**( You Up!’
Even though she admitted under oath that she did tell Usher “I will f**k you up,” Tameka Foster insists she wasn’t threatening to kill him.
Usher and Tameka have been going through a bitter legal fight over custody of their two young children — a fight that came to a head in a Georgia courtroom this past week.
Tameka took the stand and, as you can see in this video, was questioned by Usher’s attorney about her verbal and abusive threat towards the singer — where she allegedly said “I will kill you both,” referring to Usher and his current girlfriend.
Foster went back and forth with her answer before coughing up a half-admission, saying she didn’t threaten to “kill” him … but admitting, “I did probably, out of anger, say ‘I will f**k you up’ and it’s not acceptable.”
Foster claims the menacing statement was a result of Usher gallivanting in and out of town with his new GF, which was “embarrassing” for her in such a tight knit community.
The trial will continue next week.
Michael Jackson Ordered Brother Randy Shot during Drug Binge?
An outrageous story printed in today’s UK tabloid The Sun claims Michael Jackson – in the midst of drug-fueled paranoia – once ordered a hit on his younger brother Randy during a time they were in a vicious feud.
British martial artist Matt Fiddes, who worked as a bodyguard for MJ and recently claimed to be the biological father of Michael’s youngest son Blanket, tells The Sun that Michael became something of a paranoid wreck by 2005, surrounding himself with Nation of Islam bodyguards and even barring members of his family from his Neverland Ranch.
Fiddes was quoted saying the feud came to boiling point when Michael heard “Randy was trying to force his way past the bodyguards to speak to him in one of his rented homes. Michael ordered him to be shot dead.”
Fiddes said no one took him seriously because he was “out of his mind on drugs” at the time.
OWN Reportedly Bleeding $330M, But Ratings are Improving
Oprah Winfrey has a steep financial hill to climb in the struggle to keep her cable channel afloat.
Bloomberg Businessweek reported last week that OWN may have lost a whopping $330 million since it began in 2008. An analyst told the magazine that it was the most “successful failure in television today.”
The report follows a steady stream of setbacks for Winfrey, including low ratings, staff firings and the colossal mishap called “The Rosie Show.”
“If I were writing a book about it, I might call the book ’101 Mistakes,’” Oprah told CBS’s “Early Show” in April.
While Oprah does not have a personal financial stake in the company, it is still undoubtedly a black eye for her. However, in some good news for the network, the Wall Street Journal reported today that ratings for the network have ticked up recently. Part of that is due to “Oprah’s Next Chapter,” the new show that has seen Oprah nab major exclusives, like her sit-down with Whitney Houston’s family.
Moreover, the network will get millions of dollars in new revenues from cable operators.
Mavado fined
Dance Hall artiste Mavado was this morning found guilty on two charges and fined when he appeared in the Montego Bay Resident Magistrates Court.
The artiste, whose real name is David Brooks, was found guilty by Resident Magistrate Wilson Smith and fined $100,000 or six months.
He was fined $80,000 or six months on the charge of assault and another $20,000 or six months for malicious destruction of property.
Both sentences are to run concurrently the RM also ruled.
The conviction came out of an incident that took place in rural St James in July last year.
Brooks had injured a man who he claimed was blocking his way by using the wheel of his Sports Utility Vehicle to squeeze the man between his car door and the car the man was driving, causing swelling to his foot and a cut to his shoulder.
The court also heard that the damage to the car was about $25,000.
Ja.Observer
Next year’s Carnival from April 19 until May 3
St. Maarten Carnival 2013 will run from Friday, April 19 until Friday May 3. “Preparations for Carnival 2013 start now,” President of the St. Maarten Carnival Development Foundation (SCDF) Stuart Johnson proclaimed yesterday, urging the public to “save the dates” for next year’s festivities.
Fresh off what it dubbed a “very successful fete”, the SCDF is wasting no time in laying the groundwork in place for 2013. Preparations for the recently concluded festivities started in June 2011, “But for next year we are not stopping, we are going straight into the preparations while wrapping up some items from Carnival 2012,” Johnson said.
The dates as outlined for 2013 will give Carnival enthusiasts, residents and visitors alike, 15 days of Carnival activities for the official period. However, as Easter 2013 falls on March 31, the SCDF has the entire month of April for pre-Carnival activities and other initiatives currently being looked at. “We will get creative,” assured Johnson.
Johnson added that every Carnival year offers the opportunity to tweak events and policies for the overall improvement of the Carnival product. “We have been at this for quite some time, but the team of the SCDF takes away something from every Carnival year. As usual we will evaluate Carnival 2012, we will change what needs changing and even eliminate what isn’t working. We are constantly improving or adapting the product,” he said.
“One aspect that we will look to expand is our overseas marketing initiatives once funding is received from government. We have a plan in place for Carnival marketing through trade show attendance etc and we are looking forward to exposing our festival to the world through any viable means,” Johnson added.
The SCDF team will host a press avail during the course of next week to provide a public wrap-up of Carnival Festivities and additional insight into Carnival 2013.
Court document says Olint gave JLP US$5m and PJ denies getting US$1m from OLINT
The Jamaica Labour Party (JLP) has admitted that Olint’s David Smith was one of its contributors for the 2007 election campaign.
But the JLP says it will be investigating the claim made here in the Turks and Caicos Supreme Court document that Smith had donated US$5 million.
The Court has issued a Confiscation Order that mentions the gift to the JLP and other groups and individuals.
Meanwhile, Former Prime Minister of Jamaica P. J. Patterson has denied ever receiving US$1,000,000 from David Smith of Olint.
His comments follow news of a Confiscation Order issued by the Supreme Court of Turks and Caicos that mentions a gift of US$1,000,000 by David Smith to one “P.J Patterson.”
“I deny categorically ever soliciting or receiving any such gift,” Patterson said in a statement a short while ago.
According to Patterson, during the last few days before the 2007 General Elections, he had a telephone conversation with Smith pertaining to reports that in addition to the donations he had already given to both political parties, Smith had made hefty contributions to the Jamaica Labour Party campaign in Central Manchester because he was determined to see the People’s National Party’s (PNP) Peter Bunting defeated.
Patterson says Smith admitted to doing so because he claimed that Bunting had orchestrated the raid on his Kingston offices.
Patterson says Smith also said he had heard that should the PNP win, Bunting could become the Minister of Finance and he feared that Bunting was out to destroy him.
“I told him that to my certain knowledge, Peter Bunting had denied any such involvement and while I was in no position to anticipate where Cabinet members would be assigned, I assured him that in any case, the traditions of the party and the guidelines for Cabinet conduct would not allow any Member to pursue a vendetta or discriminatory treatment against any person or group engaged in business. Anything done would be in accordance with the law.”
Patterson said Smith expressed great relief with that assurance.
“He stated that he had already made contributions to both parties, but he was disposed to increasing what he had previously given to the Party’s Campaign Fund,” said Patterson.
However, the former Prime Minister said Smith did not disclose to him a specific amount.
“I told him that I was not an officer in the Campaign and he was free to contact Comrade Danny Buchanan, the General Secretary and Campaign Director regarding whatever further contribution he desired to make.”
Patterson says he then informed Buchanan of the conversation and the general secretary promised to speak with Smith.
“I do not know what was the outcome of those discussions and how much more if any was contributed to the coffers of the campaign,” the former Prime Minister said.
Patterson concludes: “What I can assert is that no money came into any account owned or controlled by me nor was there any cheque signed by me, nor did any other financial transaction take place which required or obtained my sanction.”
On August 11 last year, former Olint boss, David Smith, was sentenced to 30 years in prison.
He was accused of operating a ponzi scheme which bilked investors out of more than 200 million US dollars.
Smith had pleaded guilty to four charges of wire fraud, one case of conspiracy to commit money laundering and 18 cases of money laundering.
Last August Smith was sentenced to 30 years in prison for operating a ponzi scheme which defrauded investors more than 200 million US dollars.
Source-Gleaner Jamaica
Google breached Oracle's Java copyright, US jury finds
A US jury has found that internet giant Google breached copyright in a case brought by Oracle over its Java programming language.
But the jurors were unable to agree on whether Google's actions constituted "fair use" under copyright law.
Oracle was asking for $1bn (£630m) in compensation in one of the biggest such technology lawsuits to date.
The language is used by many business applications as well as other software, such as the video game Minecraft.
'Zero finding of liability'
The jury in San Francisco were asked to consider four questions on Oracle's claim that Google violated several of its patents and copyrights, but could only agree on three. It found in Google's favour on two of them.
Google was found to have infringed Oracle's copyright on nine lines of Java code that is in Android, its mobile operating system.
But Oracle can only seek statutory damages, ranging from $200 to $150,000.
Google is asking for a mistrial to be declared.
"There has been zero finding of liability on any copyright so far," US District Court Judge William Alsup told lawyers for both firms after the jury left.
"The affirmative defence of fair use is still in play."
The same jury will now hear evidence in the next phase of the trial, covering Oracle's allegations that Android violates two Java patents.
Oracle claimed Google's Android system infringes intellectual property rights relating to the programming language.
Java history
The case did not centre on Google's use of Java itself - which is free for anyone to use without licence - but rather the Android-maker's use of 37 application programming interfaces (APIs) that allow developers to write Java-compatible code.
Java was first released in 1995 and allows software to be run across computer platforms, rather than just being limited to one type of operating system.
Oracle - a business hardware and software provider - inherited the intellectual properties when it took over Java's original developer, Sun Microsystems, in 2009.
Oracle argued that by using its intellectual property, and then giving Android away for free, Google undermined the possibility of it licensing Java to mobile phone makers.