Regional financial integration a US$57-billion opportunity
Acting chief executive officer (CEO) of Trinidad and Tobago Stock Exchange Limited Eva Mitchell says with an estimated US$57 billion in investable funds across the Caribbean, integration can strengthen the region's financial services sector and enhance global competitiveness.
Mitchell indicated that given the unique and inherent vulnerabilities that impact the region, improving financial integration, for instance, through more intraregional trade and policy coordination, can help economies build greater resilience and scale, as well as technological innovations.
“The two major economic benefits I see [are] economic growth and risk-sharing. Firstly, mobilising the savings of our regional population to finance the growth of our companies, both large and small, will fuel the growth of our countries and promote the development of the Caribbean financial system,” she said at the virtual launch of the JSE e-Campus Caribbean Securities Trader Professional Certificate programme on Monday.
“Secondly, by allowing cross-border financing and investment, it facilitates portfolio diversification, thereby the sharing of risks across the countries. Such risk-sharing allows income to be assured against country-specific shocks and therefore consumption and income to be smooth and sustainable over time,” she argued.
However, while there is a greater level of cross-border investments, Mitchell noted that if these initiatives are seamless throughout the region it can allow for greater efficiencies and a more diverse range of products.
“… This can only be done if we address the structural deficiencies of our regional economy, which is the lack of linkages across the various countries. And to do this we must come together and position our workforce, talent pool, and financial services, so that we meet investor demand by issuing financial products in one country that would allow regional and international investors from other territories to easily benefit,” she contended.
“We must also enhance our digital capabilities, and COVID-19 has mobilised the entire world into a digitalised society and global economy. Therefore, it is imperative for the financial sectors across the region to seamlessly transition to become more technologically-driven.”
Pope Francis to become first pontiff to visit Iraq
When the pontiff touches down in Baghdad on Friday, it will be the culmination of a Vatican trip decades in the planning.
Pope Francis will be the first pope to ever visit this area of great biblical importance -- home to ancient civilizations. His trip is happening despite escalating violence, rising COVID cases and international concerns.
Questions about the timing of trip were raised repeatedly at a recent Vatican press conference. But it was the pope himself who addressed these concerns on Wednesday before his departure.
"The Iraqi people are waiting for us," the pope said. "They awaited St. John Paul II who was not permitted to go. One cannot disappoint a people for a second time."
St. John Paul II had tried without success to undertake this same trip to only be blocked by concerns of safety and political instability.
The church says the visit, which will last from March 5 to March 8, is to show support to the people of Iraq after years of violence.
The pope wants to use this trip not only to support the Christian Iraqis, but to reach out to all the religious communities in Iraq. In Ur, the birthplace of Abraham, who is a prophet important to Christians, Muslims and Jews, the pope will hold an interfaith meeting that will include readings from the Quran. Members of all the main religious segments have been invited.
Source-ABC
Drake drops Scary Hours 2 EP with features from Rick Ross, Lil Baby
Drake is back!
As promised, the Canadian rapper dropped his EP, Scary Hours 2, on Friday. The new record consists of three lyrically-heavy songs and include guest features from Lil Baby and Rick Ross.
Right off the bat, in the first track, titled "What's Next," Drake addresses the many rumors and speculation surrounding what he's been up to since the release of Dark Lane Demo Tapes in May 2020. As fans may recall, his album Certified Lover Boy was set to be drop in January, however a knee injury has delayed the release.
"Summer, all I did was rest, okay? And New Year's all I did was stretch, okay?" he raps on the record, before telling listeners, "We'll see what's about to happen next, okay?"
On the second track, "Wants and Needs" featuring Lil Baby, the 34-year-old rapper again addresses the media and fan speculation, beginning the song with a demand to "leave me out the comments, leave me out the nonsense." Meanwhile, in the chorus, he sings of the thoughts that run through his mind -- sins, M's, friends, and women.
Drake continues to talk about what it's like to be in the industry on the Rick Ross-assisted "Lemon Pepper Freestyle," confirming the ongoing theme of Scary Hours 2 -- the never-ending expectations of being an influential artist.
Source-ABC
Ambassador Irwin LaRocque ends Cariom duty this year
The Caribbean Community (Caricom) will this year be seeking a secretary general to replace the retiring Ambassador Irwin LaRocque.
In his opening remarks at the recent 32nd Intersessional Meeting of Caricom Heads of Government, the chair, Prime Minister Keith Rowley of Trinidad and Tobago, mentioned that the tenure of the secretary general would end in August, and he commended Ambassador LaRocque for his unwavering commitment to regional integration.
“I would like to put on record today that you, with your quintessential cool, calm and steady manner, have served our community with distinction. Well done.” LaRocque has been in the post since 2011 and has served two five-year terms.
In the communique of the 32nd Intersessional Meeting, held February 24-25, there was no mention of the secretary general demitting office and of the start of a selection process for his successor. Ambassador LaRocque will still be in office, July 5-6, when the 42nd regular conference of Caricom heads will be held, chaired by Antigua and Barbuda, and at that conference, the matter of his departure and replacement should be more formally addressed.
Sir Edwin Carrington, who had been secretary general, demitted office in December 2010. In 2011, Senator Maxine McLean of Barbados, then minister of foreign affairs and foreign trade, was appointed to head a selection committee for the new secretary general and the post was widely advertised. It is likely that deputy secretary general Ambassador Manorma Soeknandan of Suriname will act in the post while there is a search for the new secretary general. This has happened before.
Article 24 of the Revised Treaty of Chaguaramas states that the secretary general shall be appointed by the conference, on the recommendation of the Community Council, for a term not exceeding five years.
Since 1973, there have been eight secretaries general. These were William Demas, Trinidad and Tobago; Sir Alistair McIntyre, Grenada; Joseph Tyndall, Guyana (Acting); Kurleigh King, Barbados; Roderick Rainford, Jamaica; Edwin Carrington, Trinidad and Tobago; Lolita Applewhaite, Barbados (Acting); and, currently, Irwin LaRocque, Dominica.
TURKS AND CAICOS POST CABINET MEETING STATEMENT
Her Excellency the Acting Governor, Anya Williams, chaired the 2nd meeting of Cabinet on Monday 1 March 2021 at the Office of the Premier, Hilly Ewing, Providenciales.
All members were present.
At this meeting Cabinet:
· Approved the revocation of the $200 Household Relief Stimulus Program and agreed on steps to ensure the re-distribution of existing funds in support of new stimulus programs.
· Approved a Citizen Relief Program of $11 million from the Covid-19 Stimulus Program and Contingency fund, enabling income assistance and relief of $1,000 to be paid to all eligible Turks and Caicos Islands Status Holders and British Overseas Territory Citizens permanently resident in the Turks and Caicos Islands within the last 12 months.
· Approved the exemption of Customs Import Duties on the importation of Personal Protective Equipment, Cleaning, Hygiene and Sanitation Supplies for a period of 6 months commencing March 3, 2021.
· Approved the waiving and write off of late fees or penalties through to 28 February 2021 on all outstanding contributions to the National Health Insurance Board owed by subscribers.
· Approved the waiving and write off of additional charges on late payment of National Insurance contributions by employers and self-employed persons, up to and including 28 February 2021.
· Approved contractual terms for Mr. Delton Jones as Director of Ports and noted the need for a review of the steps being taken to implement the recommendations from the Statutory Boards’ Review Report.
· Were updated on progress with the TCI - Bahamas Maritime Law Enforcement MOU and Shiprider Agreement.
· Approved the release of escrowed funds confiscated on behalf of the United States of America from the National Forfeiture Fund for transfer back to the United States Government Department of Treasury.
· Approved an extension of the Chairperson of the Procurement Board to 31 March 2021.
· Were updated on the state of the nation and discussed measures to further address and mitigate against any escalation of Coronavirus (Covid-19).
· Approved funding required for the efficient and effective roll out of the second tranche of the Pfizer BioNTech vaccine to residents of the TCI.
Approved the following extensions or new measures with effect from midnight on Tuesday 2 March until 5am on Wednesday 17 March 2021 unless otherwise stated:
a) Night curfew on all islands from 23.00 (11pm) to 05.00 (5am),
b) All businesses on all islands to be closed by 22.00 (10pm),
c) Bars and restaurants to be limited to 30% of normal capacity both indoors and outdoors for sit-down only. No congregating around bar and restaurant counters allowed,
d) Pleasure craft to be limited to 30% of normal capacity for excursions,
e) Religious places of worship to be limited to 30% of normal capacity,
f) Extended restrictions on Weddings and funerals as follows:
- limited to 20 persons,
- must be held outdoors, and
g) Extended a complete ban on public and private gatherings, sporting or social activity of any description on all islands, including on beaches.
· Approved amendments to the Turks and Caicos Islands Public and Environmental Health (Covid-19) (Control Measures) Regulations 2021 in order to facilitate protocols to be issued by the Ministry of Health for the ceremonial first sitting of the House of Assembly.
· Approved an expanded use of lateral flow devices, with medical oversight, for the use of Covid-19 surveillance purposes in the TCI.
Aston Martin: The billionaire building 'a British Ferrari
This week sees the return of one of the most evocative names in the British car industry to the top level of motorsport.
On Wednesday, Aston Martin will unveil its first Formula 1 car in more than 60 years.
The move into F1 is the keystone of a bold plan to revive the flagging fortunes of the company and turn it into a sporting and commercial brand to rival Ferrari.
It is the brainchild of Canadian billionaire and executive chairman Lawrence Stroll. His intention, he says, is to build a business that will have "the strongest profile of any luxury automotive brand".
In early 2020, Aston Martin Lagonda was in deep trouble. Sales were poor, and the company was burning through cash. Its shares, launched on the London stock market in 2018, had been haemorrhaging value.
Lawrence Stroll provided a lifeline.
A billionaire who made most of his money through investments in luxury designer brands, notably Tommy Hilfiger and Michael Kors, he led a group of investors who were willing to inject new funds into Aston Martin.
The need for those funds became more acute when the effects of the Covid pandemic emerged and the industry ground to a halt.
The move left Mr Stroll as executive chairman - and in charge of the company. Meanwhile, he had already taken control of an F1 team, after leading a bid for the assets of Force India, which went into administration in 2018.
These elements are now coming together. The F1 team, which spent two seasons competing as Racing Point, has been rebranded as Aston Martin.
When it takes to the track this year, it will be the first time an Aston Martin has competed in F1 since a largely unsuccessful foray in 1959 and 1960.
With four-time world champion Sebastian Vettel and Mr Stroll's son Lance as the team's drivers, it will be used to focus attention on the car company, which has been heavily restructured.
The parallels with Ferrari are evident and Mr Stroll clearly admires his Italian rivals.
"Ferrari has a great business model, and there are a great deal of similarities," he explains.
"But Aston Martin has a British, iconic 108-year history. If I'm not mistaken, about 50 years longer than Ferrari!
"F1, for a luxury performance automotive company, is the greatest platform in the world."
F1, he argues, provides both a marketing platform and an environment in which technology can be developed and refined for the next generation of roadgoing sports cars.
But the car industry is changing, and while policymakers around the world are increasingly forcing manufacturers to look towards electric cars, F1 appears to have no plans to abandon fossil fuels.
"F1 already uses the lowest emission power units in the world, which sadly is the world's best kept secret," says Mr Stroll.
The F1 community, he insists, is well aware of the direction in which the world is going, and has ambitious plans for new technologies to mitigate emissions further, using new engines and special fuels.
Source-BBC
COVID-19 forces company to pivot online
Caribbean Assurance Brokers has gone digital, as it seeks to offer more products online while growing the business seamlessly in this pandemic-struck business environment.
The multi-line insurance broker has been forced to pivot its business towards new digitised product offerings in response to the novel coronavirus pandemic. As such, Caribbean Assurance Brokers is now focusing on e-commerce development for online payment and has developed a suite of new digitised product offerings.
In addition, the brokerage firm, which went public early last year, has also developed a new website, increased its social media presence and has changed the method of operations to virtual meetings and presentations for both internal and external meetings.
Among the new additions to its product line are international insurance and Credit Union New Health Plan. In addition, the brokerage firm has partnered with Sutton Special Risk, a managing general underwriter, Lloyd's coverholder and third party administrator out of Canada.
This partnership has resulted in a number of new services. These include the Credit Union Gold Series, which falls under the Credit Union New Health Plan.
This plan offers local health insurance to credit union members through the Jamaica Cooperative Credit Union League. In addition to pivoting digitally because of COVID-19, the company has also implemented pandemic safety measures.
Source-Ja.Observer
TCI WEATHER FOR WEDNESDAY MARCH 3RD,2021
GENERAL SITUATION: HIGH PRESSURE ACROSS THE BAHAMAS WILL BEGIN TO RETREAT EASTWARD AHEAD OF A COLD FRONT THAT ENTERS THE EXTREME NORTHWESTERN ISLANDS TONIGHT.
BEACH GOERS SHOULD REMAIN VIGILANT DUE TO THE RISK OF RIP CURRENTS ALONG EAST AND SOUTH COAST BEACHES.
NORTHWEST BAHAMAS
WEATHER: PARTLY SUNNY, WARM AND BREEZY WITH INCREASING CLOUDINESS, SHOWERS AND THUNDERSTORM ACTIVITY IN THE EXTREME NORTHWEST BAHAMAS THIS EVENING. PARTLY CLOUDY WITH ISOLATED SHOWERS ELSEWHERE
SMALL CRAFT CAUTION IS IN EFFECT
WINDS: SOUTH TO SOUTHWEST AT 15 TO 20 KNOTS BECOMING SOUTHWEST TO WEST IN THE EXTREME NORTHWEST BAHAMAS TONIGHT
SEAS: 4 TO 6 FEET
TURKS & CAICOS
WEATHER: PARTLY SUNNY, HOT AND BREEZY WITH A QUICK PASSING SHOWER, BECOMING PARTLY CLOUDY WITH ISOLATED SHOWERS TONIGHT
SMALL CRAFT SHOULD EXERCISE CAUTION
WINDS: SOUTHEASTERLY AT 15 TO 20 KNOTS
SEAS: 4 TO 6 FEET
DAYTIME HIGH TEMPERATURE 84°F 29°C
OVERNIGHT LOW TEMPERATURE 66°F 19°C
SUNRISE: 6:30AM MOONSET: 9:36 AM HIGH TIDE: 10:43AM 11:18 PM
SUNSET: 6:11PM MOONRISE: 10:59 PM LOW TIDE: 4:58PM 5:41 AM THUR
EXTENDED FORECAST: THE COLD FRONT ACROSS THE NORTHWEST BAHAMAS WILL DRIFT SOUTHEASTWARD ACROSS THE ARCHIPELAGO BEFORE BECOMING STATIONARY OVER THE SOUTHEAST BAHAMAS ON FRIDAY.
FORECAST FOR THURSDAY
WEATHER: PARTLY CLOUDY TO CLOUDY WITH SCATTERED SHOWERS AND ISOLATED THUNDERSTORMS IN THE NORTHWEST AND CENTRAL BAHAMAS, PARTLY SUNNY AND HOT WITH ISOLATED SHOWERS IN THE TURKS & CAICOS AND SOUTHEAST BAHAMAS.
WINDS: NORTHWEST TO NORTH AT 10 TO 15 KNOT FALLING LIGHT AND VARIABLE AT TIMES IN THE NORTHWEST BAHAMAS, LIGHT AND VARIABLE OCCASIONALLY WEST AT 10 KNOTS IN THE CENTRAL AND SOUTHEAST BAHAMAS
SEAS: 2 TO 4 FEET IN THE NORTHWEST BAHAMAS AND 1 TO 3 FEET IN THE TURKS & CAICOS.
Dominican Republic plans to build a wall to keep out Haitian migrants
Experts have hit out at a plan by the Dominican Republic government to build a wall on its border with Haiti to reduce illegal immigration, claiming it won't work unless accompanied by development.
The Dominican Republic and Haiti share the island of Hispaniola, which was the site of the first European colony in the Americas. They are separated by a 380-kilometre (240-mile) border.
Dominican President Luis Abinador announced on Saturday that work on a border wall would begin in the second half of the year.
"Within two years we want to end the serious problems of illegal immigration, drug-trafficking and the transport of stolen vehicles that we've suffered from for two years," said Abinader.
The relationship between the neighbouring countries has historically been difficult and every time there is a new government in Spanish-speaking Dominican Republic, it makes tackling illegal migration from French-speaking Haiti a priority.
Almost half a million Haitians live in the Dominican Republic, which has a population of 10.5 million.
On January 14, Abinader and his Haitian counterpart Jovenel Moise signed an agreement that included a commitment to take measures against "the wave of illegal migration" and "to reinforce border security and vigilance".
Source-AFP
Amazon changes app logo that 'resembles Hitler'
Amazon has quickly changed its main shopping-app logo, after commentators said the recent redesign made it look like Adolf Hitler.
Launched in January, the icon depicts a strip of blue tape over an Amazon "smile" logo.
But some observers said it resembled a toothbrush moustache, associated with the Nazi dictator.
The technology giant has now changed the design to a folded blue tape, following customer feedback.
Amazon told BBC News the first icon had been trialled in a few countries before the change had been made.
The app logo - which appears on smartphones and tablets - previously showed a graphic of a shopping trolley.
The new design appears to be based on a brown Amazon parcel, with the company's signature smile and blue tape.
Amazon said: “We designed the new icon to spark anticipation, excitement, and joy when customers start their shopping journey on their phone, just as they do when they see our boxes on their doorstep.”
One customer had tweeted: “My parents use Amazon nearly every day.
"They’re going to be lost for the next few days.
"When they ask where Amazon’s gone, I’ll tell them to look for the cardboard Hitler."
Another customer had said: “It’s not just a ripped Scotch tape, it’s a ripped Scotch tape that has a similar shape and is right on top of a smiling mouth - Looks like a happy little cardboard Adolf to me.”
Brand designer Studio LWD founder Laura Weldon said: "Brands change and tweak their logos all the time.
"It reflects well on Amazon that they listened to their customers.
"It's clear they care about what their customers say and put the customer at the heart of what they do.
"That can only be a good thing."
Hitler's face is so recognisable many people claim to "see" it in inanimate objects.
In 2011, an image of a Swansea house that resembled the dictator went viral.
A few years later, a man was "completely horrified" to find his new passport photo made him look like Hitler.
And brand errors related to the Nazis are also not unheard of.
In 2002, sports brand Umbro was criticised after one of its trainers was found to have the same name as the toxic gas the Nazis used to murder millions of people across Europe.
Source-BBC Tech