Bahamas PM says Caribbean will follow demands from France
Prime Minister Hubert Ingraham believes that Caribbean countries named by France as tax havens, will have no choice but to comply with the measures outlined by the Paris-based Financial Action Task Force (FATF).
“The reality is...the developed world has to fund their social systems and revenue becomes less and less available for them to do so, more efforts will be made to find additional sources of revenue and we have to see that places where some of the wealthy of the world hide their monies. The reality is the developed world doesn’t really believe we ought to be in financial services as we are and they are taking every step to drive back on shore the things we are doing on shore, “ he told the Caribbean Media Corporation.
Earlier this month, French President Nicolas Sarkozy, speaking at the end of the G20 summit in France named 11 countries, including Trinidad and Tobago, Antigua and Barbuda and Barbados, as tax havens for failing to meet transparency standards.
The three Caribbean Community (CARICOM) countries have dismissed the French position and former regional diplomat Sir Ronald Sanders said that the Caribbean needed to adopt a united position on the issue.
However, Ingraham told CMC while he was not surprised at the French position, he could recall a similar position in which The Bahamas found itself leaving Nassau in the end with no choice but to comply and sign a tax agreement with the United States.
“I was not surprised by the comments of President Sarkozy in relation to the countries in the region, but i did not he included Switzerland and that gave me some comfort.
“In the Bahamas, for instance, we virtually swore we would never sign a tax information agreement (TIEA), the Americans used their might and we ended up signing with them. We firmly said we will not do so with anybody else in the world, that was a one off deal just because of our relations with them ...we ended up signing with everybody”.
Ingraham said that while Barbados took the view that it has double taxation treaties and had no need for TIEAs and when the OECD issued its black list of countries, Bridgetown was not included, while The Bahamas were.
“So it is ironic that Barbados is now been categorised by the French in that way, but Barbados will do what is necessary to comply and so will all,” he added.
Ingraham told CMC that the economy of his country had improved over the past few months, adding “we are making some progress, there has been some stabilisation...revenue is beginning to climb back up....and the government has been able to stimulate the economy significantly”.
He said the public investment programme has been “huge” in getting the economy moving , with tourism doing “fairly well”.
Haiti gets $50 million IDB grant for education
The Inter-American Development Bank (IDB) announced today the approval of a US$50 million grant to support the education reform Haiti launched in 2010, seeking to expand access to free, quality education for all Haitian children.
“The IDB has offered to support the ambitious five-year plan with US$250 million from its own resources and to raise US$250 million more from other donors,” the bank said in a statement “Among other goals, the reform calls for the construction of thousands of schools, training tens of thousands of teachers and free education for millions of children.”
An initial grant for US$50 million was approved last November and the IDB has worked to enlist other international agencies, bilateral donors, philanthropic institutions and companies interested in supporting education in Haiti after last year’s devastating earthquake.
Counting the financial assistance provided by the IDB and its partners, the support now involves about $150 million.
Haiti’s Ministry of Education (MENFP) and its Economic and Social Assistance Fund (FAES) are the executing agencies of the new grant, which will contribute to expanding children’s access to schools, improve the quality of education, expand vocational training opportunities for young people and strengthen the ministry’s execution and regulation capacities.
IDB resources will be used to finance the construction and equipment of 20 public schools in areas where there are no educational services.
They will also support the rehabilitation of 15 schools damaged by the earthquake and the equipment of eight schools built by the United States Southern Command.
To expand access to education, the grant will support a school tuition waiver programme backed by the Haitian government, the World Bank, the Canadian International Development Agency and the Caribbean Development Bank, among other donors.
The IDB said its contribution would enable 35,000 children to attend classes without paying tuition and would cover the cost of school kits and text books for 30,000 students and 2,000 teachers.
CMC
France and Germany plan changes to EU treaties
Germany's Angela Merkel and France's Nicolas Sarkozy are to propose modifications to EU treaties designed to improve governance of the eurozone.
The announcement came after their first meeting with Italian Prime Minister Mario Monti since he took office.
Mr Sarkozy said they would "propose modification of treaties to improve eurozone confidence so there is more integration and convergence".
Mrs Merkel said they would not change the role of the European Central Bank.
The modifications are to be proposed over the next few days, but no details have yet been released.
France and Germany disagree about whether the ECB should act as lender of last resort and whether bonds should be issued by the whole of the eurozone instead of individual countries.
Mr Monti laid out his economic programme to his French and German counterparts, including undertaking to balance Italy's budget in 2013.
At 118% of annual economic output, Italy has a high level of overall debt, but the country has managed to service similarly high debt levels for the past 20 years.
The main problem with the Italian economy is weak growth - the country has averaged 0.75% growth a year over the past 15 years.
The yield on Italian 10-year bonds has jumped back above 7%, which is seen as the point at which the cost of borrowing becomes unsustainable.
It had dropped below that level the day after Silvio Berlusconi stood down.
The three leaders have agreed to meet again in Rome soon.
German bonds
The meeting came a day after a German bond auction failed to raise the target amount.
On Wednesday, Germany sold just 3.6bn euros ($4.8bn; £3bn) worth of 10-year bonds, from 6bn euros on offer.
In an unusual move, Germany's central bank, the Bundesbank, said on Thursday that reports it had bought up some of the remaining bonds were incorrect.
"We do not finance the government, that is absolute rubbish," Bundesbank board member Joachim Nagel told the Reuters news agency.
In an official statement, the bank said: "The Bundesbank serves as a technical service provider in the issuance of federal government bonds and does not hold any German government bonds on its own account.
"Underbiddings have occurred from time to time in recent months and cannot be seen as a general mistrust in government securities".
It said bonds that were not taken up by investors in an auction were sold later on the secondary market.
Eurobonds
"In my conversations with analysts, traders and officials I'm finding more and more of them are talking about the end game for the euro. Not the end, necessarily, but a moment of truth very soon that will either force a big leap forward, or a wrenching break-up," said BBC economics editor Stephanie Flanders.
"Even Germany cannot be a safe haven if this crisis goes critical."
On Wednesday, European Commission president Jose Manuel Barroso launched a consultation on whether the 17 eurozone countries could issue joint stability bonds.
But Mr Barroso stressed that the creation of the bonds would require much greater scrutiny of the budgets and economic policies of individual members.
Germany opposes both the issuing of joint bonds and greater involvement for the European Central Bank (ECB) in bailing out troubled economies.
Its government is concerned that joint bonds would reduce pressure on member states to reduce their debt burdens.
On Thursday, French Foreign Minister Alain Juppe said that it was important that the ECB should be allowed to intervene in the debt crisis.
"It's urgent. It will be discussed this very day in Strasbourg," he told France Inter radio.
Gavin Hewitt, the BBC's Europe editor, said that Mr Sarkozy and Mrs Merkel seem to have made "a truce" on the role of the ECB.
There was, he said, "a deal to agree to disagree. President Sarkozy said that in order to ensure the independence of the ECB 'no positive or negative demands should be made of it.' That seemed to be a temporary declaration of a cease-fire between France and Germany."
Portuguese strikes
Also on Thursday, Portugal had its debt rating cut by Fitch to so-called "junk" status, and warned it could be cut again.
Fitch made the downgrade because of its "large fiscal imbalances, high indebtedness across all sectors and adverse macroeconomic outlook".
Portugal, along with Greece and the Irish Republic, has received bailout funds from the eurozone.
The news came as a 24-hour general strike in Portugal brought the country to a halt in protest against austerity measures.
BBC
AT&T and T-Mobile USA withdraw merger application
US telecoms giant AT&T and Deutsche Telekom have cast doubt over the $39bn (£25bn) sale of T-Mobile USA by withdrawing their merger application to the industry regulator.
AT&T also said it would include a $4bn charge in its fourth-quarter accounts to cover any potential compensation due if the deal does not go ahead.
The US Justice Department moved to block the sale at the end of August.
The two firms said they would focus on clearing the deal with the government.
Seeking approval
AT&T agreed to buy T-Mobile USA from Deutsche Telekom in March, aiming to create the largest US wireless network.
However, the government has said the merger would lead to higher prices and restrict choice, and has requested a court order to block it.
As a result, the two firms have withdrawn their application with the Federal Communications Commission (FCC).
This would allow them to "focus their continuing efforts on obtaining antitrust clearance for the transaction from the Department of Justice", the companies said.
They would then focus on seeking approval from the FCC, they added.
The deal needs the approval of both the Justice Department and the FCC to go ahead.
AT&T's bid to buy T-Mobile would give the US telecoms firm about 43% of the US mobile phone market.
Barbados steps up business competitiveness with free Wi-Fi
The vision of Barbados as a 24-hour work hub has moved closer to reality as the Barbados Entrepreneurship Foundation (BEF) reports that almost 60 per cent of the island is now wireless fidelity (Wi-Fi) accessible. This was the position achieved by November 11, the target date initially set one year ago by the BEF to achieve full island-wide free internet access.
While acknowledging that they had fallen short of this ambitious target, the private sector-led foundation was pleased to report that their concerted efforts had transformed the island from a position of about 1 per cent free wireless access to almost 60 per cent access. Chief executive officer of the BEF, Damian McKinney, noted that the target was a critical one in the development of Barbados as a business hub.
He said: “The project is fundamental to propelling Barbados to the center of global business with the incremental proliferation of free Wi-fi hotspots, which in turn will enable new business opportunities and innovations.” He highlighted that while Barbados enjoys a literacy rate of an estimated 99.7 per cent, it is now an indisputable fact that Internet literacy is the new necessary paradigm. Indeed, information technology capability and capacity is the single most important transformational force that Barbados can harness, now, when seeking to compete for the lifeblood that is global market share.
The initiative, branded: 11.11.11 Wi-Fi Barbados—Wi Not, was made possible through the collaboration of government, private sector, public sector, labour and telecommunications providers. It was a project of the BEF’s business facilitation pillar led by Melanie Jones, a partner at regional law firm Lex Caribbean and the first vice-president of the Barbados International Business Association.
Lex Caribbean was one of the keys to the success of the initiative when in May this year it created a guest network accessible up to one kilometre west and north of their offices in Worthing, Christ Church. With Lex Caribbean, the issue of security was extensively researched. They confirmed they have had no compromises to their own internal speeds and functionality since doing this. Moreover, they are throwing a signal that can be accessed some distance from their office.
They have received no complaints or concerns about any adverse impact upon other operators within the same band. The BEF stated it is also working to Wi-Fi enable all of the island’s community centres, and so far 15 of them have been furnished with the necessary equipment and now have fully operational free Wi-Fi networks. (Caribbean360)
N&M CEO warns business sector: T&T in for ‘a storm’
Gervase Warner president and group chief executive officer of Neal and Massy Holdings Ltd is warning all businessmen to get their act together as the country is in for more troubled times. Describing the troubling time ahead as “a storm,” Warner advised businessmen to take the lead role and desist from depending on the Government. Speaking during yesterday’s American Chamber of Commerce of T&T’s tenth annual trade and investment conference on governance, Warner said, “A storm is brewing and businessmen in T&T need to step to the forefront and stop shirking their responsibility and begin to prepare for the troubling times that are ahead.”
The conference, titled, Sustainable Economic Development: The Onshore Economy, was held at the T&T Chamber of Industry and Commerce head office, Westmoorings. “Many businesses have been accused of being either too passive because they do not want to rock the boat, while, on the other hand, some have been accused of being anti-Government. But its time to pick up the mantle and join forces to develop a ten- to 15-year long-term sustainable plan.”
He said businessmen in T&T have been able to weather the rough economic times, and some large organisations have even managed to come out with healthy balances, but it is not over. T&T, by extension, the Caribbean, is connected to the most troubled economies, he said. Pointing to the United States and its current financial crisis—high unemployment and a large deficit—and failing economies in Europe, Warner said businessmen must begin to act with a higher level of urgency, which they are not doing.
He stated while some large businesses continue to survive, it is not the same for small and medium entrepreneurs. The banking sector has also tightened on its lending policies and little borrowing is taking place. Indicating that there are telltale signs all around, Warner said some of T&T’s neighbouring islands have made the top ten list for the most indebted nations.
Barbados, he said, has a 172 per cent debt to gross domestic product (GDP) ratio, Jamaica 136 per cent, Guyana 120 per cent and St Kitts 196 per cent. Warner said the unfortunate thing was that these countries look to T&T, “but we have been operating in our own bubble.”
Digicel’s 4G network goes live
DIGICEL’S 4G network officially went live on Wednesday night and by December 7 its customers will be able to access the Internet at faster speeds.
The full range of benefits of the HSPA+ (4G) were revealed at the official launch of DIGICEL’s 4G and Informational Technology Communication update at a grand launch ceremony held at the Hilton Barbados.
Digicel’s Commercial Manager, Alex Tasker, told specially invited guests that these developments follow last year’s announced plans to further diversify into the broader telecoms and information technology sector. As such, he noted that the evolution of GSM, to EDGE and now 4G will revolutionise mobile and Internet technology in Barbados. “And is in keeping with the promise we made to our customers from day one, to be the number one provider of technology, customer care and value.”
It was explained that 4G will enable Digicel customers to access the Internet at faster speeds either via mobile devices, smartphones and tablets or with laptops and PCs. This can be done with an Internet dongle or Wifi hotspot, both of which will soon be available at Digicel retail stores.
Chief Executive Officer Digicel Barbados, Barry O’Brien, told the large audience that it is Digicel’s ambition to move from being considered a Mobile Services company to a full services ICT company. “ICT is fundamental to every country’s business and Barbados is no different,” he said.
O’Brien alluded to his birthplace Ireland, which also suffered following the collapse of the housing market and is going through the throes of the global recession. However, he remarked that the ICT sector grew and the country saw a six per cent increase in exports despite the economic downturn. He explained that ICT is a “sturdy business” that can enable growth in Barbados, allowing small island economies to reap the benefits of globalization.
According to O’Brien, key achievements over the last year include the launch of Digicel’s WiMax network, which is providing fixed Internet broadband and the acquisition of Netxar, one of the largest and best qualified system integrators in the Caribbean. Services now being provided include Dedicated Internet Access, Contended Wireless Broadband, Unified Communications, PBX Switches, Video Security systems, GPS tracking, IP Networking solutions and Structured Cabling to name a few.
-The Advocate
CONFERENCE JOY FOR INTERHEALTH
A HUGE success!
That’s how organisers have described one of the biggest medical conferences ever held in TCI.
Infection Control in Paradise saw scores of delegates gather for the two-day event at Brayton Hall in Provo.
Hosts InterHealth Canada put together a packed itinerary featuring guest speakers, workshops and presentations.
One of those speakers was Professor John Oxford, a world authority on disease control, while others included Caribbean expert, Dr Terese Maitland, and Alison Pyper, InterHealth Canada’s highly experienced infection control nurse.
And judging by the response from those who took part, medical conferences such as these are set to become regular occurrences in TCI.
Conference organizer, Susan Borden, said: “Infection Control in Paradise was definitely a big success. The workshops, with hands on demonstrations and interaction, were met with huge enthusiasm and interest.
“The lectures and speeches, particularly Professor Oxford’s, were fantastic too and everyone left enriched by his and the others’ amazing knowledge and experience in the world of infection control.”
Ms Borden thanked those who contributed to the success of the conference.
“Lots of people put a lot of hard work into this conference and, on behalf of InterHealth Canada, I thank them all”, she added.
“Thanks to our speakers and presenters, our delegates, sponsors and all those donated prizes.
“And thanks also to all at Brayton Hall and to Beaches for hosting our fantastic evening events.”
Yound Men found guilty in the TCI for various crimes
The Royal Turks & Caicos Police has been tightening the screws on those that believe that they are above the law.
On Monday 21st November 2011 Rubin Campbell, 25, and Amichaud Velyn, 28 were found guilty in the Providencials Supreme Court on charges which stemmed from a robbery at TCI Lotto on Friday April 16th 2010.
Campbell, was found guilty of Robbery, Wounding and Conspiracy to Rob. He was sentenced to 12 months incarceration for Robbery, 5 years for Wounding and 12 years for Conspiracy to Rob.
Velyn, was found guilty and received 27 Months incarceration for Robbery and a Deportation Order was recommended.
Then, on Wednesday 23rd November 2011 George Munroe a 21 year old male, was found guilty in the Grand Turk Supreme Court for Attempted Murder, Possession of Unlicensed Firearm, Robbery and Assault Occasioning Actual Bodily Harm. Those charges were as a result of a Robbery which occurred on Tuesday 24th August 2010 at B & S Variety Store Five Cays Road Providenciales.
Munroe was remanded in custody at Her Majesty Prison, Grand Turk until Tuesday 6th December 2011, when he is schedule to appear in the Grand Turk Supreme Court for sentencing.
Also occurring on Wednesday 23rd November 2011, two male subjects appeared in Magistrate court on firearm related charges. Joseph Lewis, 26 years old and John Spencer Jerad Missick Jr., 23 years old, are charged with possession of an Unlicensed Firearm. This is in relation to a Firearm found in their possession on Wednesday 16th November 2011 in Providenciales.
Both subjects were remanded in custody until the 6th January 2012 when they are scheduled to appear in the Grand Turk Supreme Court for a Sufficiency hearing.
David Ferrer beats Novak Djokovic at World Tour Finals
David Ferrer caused his second big shock of the ATP World Tour Finals with victory over world number one Novak Djokovic at London's O2 Arena.
The fifth seed from Spain got the better of British number one Andy Murray on Monday, and two days on he managed to repeat the trick against an even more illustrious opponent.
While Djokovic entered the tournament with question marks hanging over his fitness, he showed few signs of discomfort in battling past Tomas Berdych earlier in the week.
But the Serb looked terribly flat - almost uninterested - against Ferrer and deservedly suffered only his fifth defeat in 75 matches this season, losing 6-3 6-1 in an hour and 15 minutes.
"All the credit to David, he played a great match but I just wasn't there. It was the worst match I've played this season so far with so many unforced errors." said Djokovic.
"It's hard to find something that I did well really. My movement, my feel for the ball, my anticipation on the court, nothing. Just a terrible, terrible match.
"David was playing well, but I did not give him any resistance."
Ferrer advances to the knockout stage with a match to spare, against Berdych on Friday, while Djokovic may well have to beat good friend Janko Tipsarevic - a replacement for the injured Murray - to join him there.
"If I don't play at least 50% better than I did tonight, I don't think I'll have any chance," Djokovic said when asked about his hopes of making the last four.
The right-hander from Belgrade has compiled one of the most memorable seasons in tennis history, but this was a night he will certainly want to forget.
Ferrer had won just one of their previous six hard-court meetings but that came at the 2007 year-end championship in Shanghai as the Spaniard went on to reach the final.
And he came into their 11th career encounter on a high after Monday's unexpected triumph over Murray, the world number three and home favourite.
Ferrer was again the firm underdog but that seemed to fire him up and in the early stages he showed the crowd exactly why many refer to him as 'The Wall'.
The 5ft 9in right-hander was scurrying to all parts of the court, returning everything Djokovic offered and refusing to let the Serb breach his serve.
He saved a break point en route to a gritty hold for 2-2 and then drew rapturous applause with two deft drop-volleys for 3-3.
That set him up nicely to have a real go at his opponent's serve in game seven and a forehand winner followed by two errors from Djokovic brought up a couple of break points.
At the first time of asking, Ferrer lashed an unreturnable forehand pass and the spectators rose to their feet in celebration.
The 41-minute first set was sealed with a second break as Djokovic netted a routine forehand, his 17th unforced error to Ferrer's six.
If that was bad for Djokovic, it was soon to get a lot worse. Four more mistakes gave Ferrer break points early in the second set and a blistering off-forehand winner made it 2-0.
Ferrer conceded only two points in his next two service games, finishing both with booming aces, and more carelessness saw Djokovic fall 5-1 behind.
He was looking to his player box in the stands for inspiration but it was too late, a long forehand for his 33rd unforced error gifting Ferrer the match.
"It is a surprise to me that I won and am in the semi-finals," admitted Ferrer.
"I beat Murray and Djokovic in straight sets so I want to enjoy this moment."
In the evening's Group A doubles match, top seeded brothers Bob and Mike Bryan beat sixth seeds Robert Lindstedt and Horia Tecau 6-1 6-2.
The American pair have won the season-ending championship title three times before, and their straight-forward victory means they have won both their group matches at this year's event.