Retailer Wal-Mart Expands Its Bribery Investigation
The world's largest retailer, U.S.-based Wal-Mart Stores, says it is expanding its internal investigation into whether company officials paid bribes to foreign officials to help expand the company's operations abroad.
A year after Wal-Mart revealed that U.S. officials are investigating its Mexican subsidiary, the company said Thursday in a filing with the U.S. Securities and Exchange Commission that it is also looking at its activities in Brazil, China, India and elsewhere.
U.S. law prohibits American companies from engaging in corrupt practices in other countries, such as paying bribes.
Ukraine’s Tymoshenko Ends Hunger Strike
Jailed Ukrainian opposition leader Yulia Tymoshenko is ending the hunger strike she began in protest of alleged fraud in the country's recent elections.
Ukraine's deputy health minister, Raissa Moissenko, says Ms. Tymoshenko agreed to end her 17-day hunger strike on Thursday, after meeting with a group of German doctors at her hospital in Kharkiv.
The opposition leader and former prime minister began her strike on October 29 to protest alleged vote-rigging in the parliamentary elections the day before. International election observers and the U.S. government have also criticized the vote.
Ms. Tymoshenko is currently serving a seven-year prison term for abuse of office, charges she says are the result of President Viktor Yanukovych's efforts to eliminate her as a political rival.
Crime News in the TCI
In Providenciales, the Royal Turks and Caicos Islands Police are investigating the theft of a sum of money from four (4) Gaming machines from a bar in Five Cays.
It was reported that the bar was secured at 11:50pm on Tuesday 13 November 2012 and upon returning at 5:00pm the following day the said machines were noted damaged and the monies missing.
The Royal Turks and Caicos Islands Police are also investigating the theft of a sum of money from a home on Osbourne Road, Grand Turk.
It was reported that the homeowner left the home at 8:45pm on Wednesday 14 November 2012, and upon returning at 9:50pm the same date discovered the monies missing.
A 15year old male was arrested on suspicion of the said report.
Criminal Investigations are on-going into all these matters.
On Tuesday 13 November 2012, a 15year old male of Grand Turk was arrested by the Police for Malicious Damage to Property.
It was reported that on the said date, the 15year old male smashed the windshield of a vehicle with a rock while it was parked in the Helena Jones Robinson High School parking lot.
Police are appealing to the public who may haveany information to call the police on 911 or Crimestoppers on 1-800-8477. Tips can also be left in English, French or Spanish at www.crimestoppers.tc or by becoming a friend of Crimestoppers TCI on Facebook.
Larry N. Lawrence Appointed Country Manager & Head Of Corporate- CIBC First Caribbean
First Caribbean is pleased to announce the appointment of Larry N. Lawrence to the post of Country Manager and Head of Corporate of its operations in the Turks & Caicos Islands (TCI).
Larry, a career banker with CIBC FirstCaribbean for the past 20 years, is looking forward to the challenges of this new assignment.
“I am very pleased to be appointed to this role, which opens a new and exciting chapter in my career. With my experience in Credit Expiries and Credit Writing, I intend to grow not only the Corporate side of the business in TCI, but indeed the entire business. I am excited to be able to share my ideas with the team here in TCI as we chart our course for the future”
A Grenadian by birth, this marks Larry’s second assignment in the TCI.
Prior to this appointment, Larry was Head of Corporate - CIBC FirstCaribbean in Grenada and his first assignment in TCI from 2004-2009 saw him as the Credit Manager of the bank.
It was during his first stint in TCI that Larry really grew into the role of banker and saw many “Credit Manager of the Year” awards during his tenure.
Larry, who holds a Banking Certificate and an MBA (Finance), University of Leicester, relies on the wisdom of his two favourite quotes, “Continuous effort - not strength or intelligence - is the key to unlocking our potential” and “Criticism may not be agreeable, but it is necessary. It fulfills the same function as pain in the human body. It calls attention to an unhealthy state of things.”
During his leisure time, Larry, father of two teenaged daughters, can be found reading fiction and self-development books. He is also passionate about the sport of cricket.
Financial Services Commission facilitates seminar on the Foreign Account Tax Compliance Act
On Wednesday, November 14, 2012, representatives of the Turks and Caicos financial services industry participated to a one-day seminar which provided a comprehensive introduction and critical update on Foreign Account Tax Compliance Act ("FATCA") which was signed into law on March 18th, 2010, in the United States and will become effective January 1st, 2013, as a part of the Hiring Incentives to Restore Employment (“HIRE”) Act.
The seminar was facilitated by the Turks and Caicos Financial Services Commission (FSC) in collaboration with the Bahamas Institute of Financial Services and offered an opportunity for professionals with the financial services industry to hear presentations from experts in the field of accounting, US tax planning, compliance, and international private client and corporate law.
Participants shared information on the compliance act’s continuing developments, an action plan for foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs) to become FATCA compliant, an extensive understanding of the act Requirements as well as Legal and Practical Considerations within Intergovernmental Agreements.
Commenting on the success of the seminar, Mr Marlon Joseph, Head of Banking & Trust at the FSC said: “Today’s seminar was certainly a great example of private sector/public sector partnership. With any new initiative such as FACTA there will be challenges and we have to continue engaging in capacity building and preparing our organisations to rise to these challenges that are driven internationally”
While noting that the Commission had been doing a tremendous amount of work as it related to international best standards and practices, Mr Joseph further added: “Our brand as a transparent, professional cooperative and well regulated jurisdiction is extremely important to our financial sustainability and we must place ourselves in a position to meet on-going challenges.”
FATCA potentially imposes a series of customer due diligence, tax reporting, and withholding tax payment obligations on Foreign Financial Institutions (FFIs) and Non-financial Foreign Entities (“NFFEs”) with tremendous cost-benefit, risk management, and legal effect on banks, investment firms, insurance companies, financial and corporate service providers, trust companies, foundations, and family offices.
CIBC First Caribbean Rewards Visa Credit Card Clients
Clients of CIBC FirstCaribbean have much to smile about this holiday season as the bank unveiled its ‘CIBC FirstCaribbean Rewards’, a programme that allows Visa Gold and Visa Classic credit card clients to earn loyalty points with every purchase they make.
Managing Director, Customer Relationship Management & Strategy, Trevor Torzsas, lauded the initiative as a significant benefit for the bank’s credit card clients.
“Our brand promise is to be there “For What Matters” and our Visa Gold and Visa Classic cardholders will experience the extent of this promise through this incentive. From today all purchases made by existing cardholders will earn points, which can be redeemed for cash back to your credit card account, merchandise, or airline tickets and other travel rewards – more choices than any other card.”
CHARITIES TO BENEFIT FROM REWARDS PROGRAMME
All cardholders will earn one point for each US $1 spent, or the local equivalent, and can redeem their points with a vast number of online international retailers. CIBC FirstCaribbean Visa Classic and Visa Gold cardholders are also able to donate their points to notable local charities or receive cash back toward their credit card balance. Gold cardholders will soon also be able to redeem their points for travel on any airline with no blackout dates.
Country Manager and Head of Corporate of the bank’s TCI business, Larry N. Lawrence, stated that CIBC FirstCaribbean was pleased to partner with its clients in this act of giving, adding that a growing number of charities have endorsed the programme.
“We already have a relationship with most of the charities affiliated with the programme and we are excited that our clients are now able to support these worthy causes. Once the points have been donated, the affiliate charities will be able to redeem these points for cash, providing a universal way to invest in their respective causes.”
Ben Affleck to receive Modern Master honour
US actor Ben Affleck is to receive the Modern Master award from the Santa Barbara International Film Festival, the highest honour the event bestows.
Organisers described the 40-year-old as "a multi-dimensional artist" who had "come into his own" with the release of Argo, his third film as director.
It tells of a secret mission to spirit American diplomats out of Iran in 1979.
Its star and director will be honoured on 26 January at the Californian city's historic Arlington Theatre.
Affleck first made his name as the co-writer of Good Will Hunting, for which he and co-star Matt Damon won an Oscar for best original screenplay.
He went on to star in such big-budget blockbusters as Armageddon and Pearl Harbor before turning his hand to directing.
First presented in 1995, the Modern Master Award aims to honour "an individual who has enriched our culture through his/her multi-faceted accomplishments in the motion picture industry".
Previous recipients of the accolade include James Cameron, Clint Eastwood, Peter Jackson and Christopher Nolan.
Argo was released in the UK and Ireland last week and earned £1.28 million from its first five days in cinemas.
However, that was not enough to dislodge the latest James Bond film Skyfall from the top of the chart.
The latest 007 adventure has now made £72m at the UK box office since its release on 26 October.
The film opened in the US and Canada on Friday, taking a spectacular $87.8m (£55m) in its first three days.
Haitian government seeks close to $40 million in aid in wake of Hurricane Sandy
The United Nations and the government of Haiti are seeking close to $40 million in extra funding for humanitarian needs in the Caribbean nation in the wake of the devastation caused by Hurricane Sandy.
“An additional $39.9 million is required to address rising food insecurity, and provide shelter, health services and potable water for more than a million people,” the UN Office for the Coordination of Humanitarian Affairs (OCHA) stated, citing the amount added to more than $110 million sought before Hurricane Sandy struck.
“Of this, $23.2 million is needed to meet the most urgent needs in 2012,” the agency added.
The increase brings the total amount sought to meet Haiti’s humanitarian needs over the next year to a little more than $151 million, according to the Emergency Revision of the Haiti Consolidated Appeal: Needs Arising from the Impact of Hurricane Sandy, released on Monday in Geneva.
Beginning as a tropical storm in late October in the Atlantic Ocean and then evolving as it progressed, Hurricane Sandy grew into what some media reports described as a “once in a generation” storm, causing death and destruction across the Caribbean region and the eastern seaboard of the United States.
In the Caribbean, five million people were affected and 72 people died. In Haiti alone, 54 people died, and hundreds of thousands of people were hit by floods and heavy winds. Along the US eastern coastline and the New York metropolitan area, more than 100 people lost their lives and many families are still without power.
The annual Consolidated Appeals Process (CAP) for Haiti sees government ministries, UN agencies and non-governmental organizations develop a collective action plan to respond to the extensive humanitarian needs in the country. Haiti is still in the throes of recovering from the devastating 2010 earthquake that left millions homeless. It was also stuck by Tropical Storm Isaac in August, while parts of the country have suffered a prolonged drought.
Haiti’s government says that Haiti’s agricultural sector has “lost a third of its annual production” because of the combination of impacts by Sandy, Isaac and the drought, according to OCHA.
“This is a major blow to Haiti’s reconstruction effort, making life for the most vulnerable Haitians even more precarious,” said the humanitarian coordinator in Haiti Nigel Fisher, who also serves as deputy special representative of the UN secretary-general in Haiti. “In the meantime, international partners’ ability to respond has been reduced by dwindling donor support.”
According to Fisher, the increased CAP funding is urgently required “to meet both immediate humanitarian needs and recovery efforts.”
The UN deputy emergency relief coordinator, Catherine Bragg, and the chargé d’affaires at the Haitian Permanent Mission to the UN in Geneva, Jean-Bony Alexandre, joined Fisher in Geneva on Monday in releasing the revised CAP appeal, which follows the UN’s allocation of $4 million in emergency funding for Haiti in Hurricane Sandy’s immediate aftermath.
“The impact of the hurricane has generated a number of critical needs and exacerbated existing ones,” the executive summary of the revised appeal states of Hurricane Sandy, which arrived in Haiti as a tropical storm on 23 October.
“Of utmost concern are the 1.5 million people living in severe food insecurity in rural areas most affected by the hurricane,” it adds.
In addition to the impact of Hurricane Sandy, Haiti suffered a further setback on 9 November when heavy rainfall in the northern city of Cap Haïtien left at least 10 people dead and drove thousands from their homes, OCHA noted.
“The hurricane and rainy season in the region lasts until the end of November and pre-positioned stocks to respond to emergencies have been largely depleted,” the humanitarian agency warned.
According to government figures cited by OCHA, 2,300 people are in shelters after Hurricane Sandy destroyed or damaged 27,701 homes. The storm also destroyed 61 cholera treatment centres at a time when new cases of the water-borne disease are being reported.
Woman dies after swallowing cocaine to avoid arrest - Autopsy result 'NO COCAINE FOUND IN HER SYSTEM
There are now more questions than answers in the death of 32 yar old Stacy Ramdeen who was was reported to have died shortly after ingesting cocaine after police raided her home last Thursday.
At the Forensic Science Centre, yesterday, the autopsy report revealed that there were no traces of cocaine in her stomach and lungs after a spot test was done, but that she died asphyxiation.
Ramdeen died at the Eric Williams Medical Sciences Complex, Mt Hope, after officers of the Central Division Task Force raided her home armed with a warrant to search for narcotics and ammunition.
Ramdeen's sister-in-law, Allison Petamber police did not do the proper thing by ensuring a female police officer was present during the search as the officers would have known that there were women in the house before rushing in.
"It was only when she start catching fits that they throw her into the back of their van like a dog and drive off. She was dead before she even reach hospital," Petamber said.
Police said the house was heavily burglar-proofed and while attempting to enter they heard the toilet being flushed.
Officers said when they entered the house, they found the woman who suddenly became ill and collapsed.
One of the officers attempted to revive her and she was taken to the Mt Hope hospital. She died shortly thereafter.
Eight year old boy found hanging
What triggered an eight year old to take his own life? Or is too soon to say he did take his own life, since police in Trinidad has started their investigations into this latest tragic incident?
Demario Ragoonanan, was found unconscious, hanging by a curtain in a bedroom, hours after a close female relative complained to doctors that she was hearing voices in her head.
The female relative also attempted to hang herself with a piece of rope, but escaped death after the rope broke, police said.
Relatives took the child for medical attention but he was pronounced dead at hospital.
An autopsy conducted at the Forensic Science Centre, concluded that the child died of ligature strangulation, which was consistent with death by hanging.
Police has detained the female relative and she was taken her for psychiatric evaluation at the San Fernando General Hospital.
By afternoon, doctors deemed her fit to be interviewed by police.