July 8, 2014
Vatican bank clean-up wipes out profit for 2013
The Vatican bank has seen its 2013 profit almost wiped out largely due to a clean-up process which has seen it end relationships with 3,000 customers. The bank, known officially as the Institute for Religious Works, reported a 2.9m euro (£2.3m)…
July 8, 2014
Dubai to build world’s biggest shopping centre
The shopping-loving city that is home to one of the world's largest shopping malls wants to build one even bigger. Dubai ruler Sheik Mohammed bin Rashid Al Maktoum has laid out plans for a sprawling real-estate project known as Mall of the World…
July 8, 2014
Samsung forecasts 25% drop in profit
Samsung Electronics has forecast a 25% drop in profit for the second quarter due to a slowdown in the smartphone market and a strong Korean currency. It expects to make an operating profit of 7.2 trillion won ($7.1bn; £4.2bn) in the April-to-June…
July 5, 2014
World Bank funds for Grenada
The Grenada government says the World Bank has approved a US$15 million disbursement for the island. It follows last week's approval by the International Monetary Fund (IMF) of a US$21.9 million structural adjustment programme. A government…
July 4, 2014
World Bank commits US$10.2 billion to boost Caribbean economic growth
The World Bank says it has committed US$10.2 billion this year to support Latin America and the Caribbean efforts to boost economic growth and maintain historic social gains. The Washington-based financial institution said that the amount included…
July 2, 2014
TURKS AND CAICOS SECURES FIRST S&P CREDIT RATING OF BBB+
The Turks and Caicos Islands Government (TCIG) is pleased to announce its first sovereign credit rating of BBB+ from international ratings agency Standard and Poor’s (S&P), today, Tuesday, 1 July 2014. S&P’s rating highlights that the…
June 20, 2014
IMF in warning over Argentina ruling at US Supreme Court
The International Monetary Fund (IMF) has warned that Argentina's legal defeat in its fight against hedge fund investors may have wider implications. On Monday, a US Supreme Court ruling sided with bondholders demanding Argentina pay them $1.3bn…
June 20, 2014
US Feds cuts growth forecast
The US Federal Reserve has cut its growth forecast for 2014 due to the harsh winter weather. The central bank is now predicting growth of between 2.1% and 2.3% for this year, down from its March forecast of 2.8% to 3%. However in its accompanying…
June 20, 2014
Sandals cuts communication costs by 44%
Sandals Resorts International (SRI) reported a 44 per cent decrease in its communication costs just one year after implementing a Pan-Caribbean closed-user group (CUG) solution from Digicel Business. The communication solution enables unlimited…
June 14, 2014
Crude Oil Spikes
The price of Brent crude spiked on Friday over concerns about the ongoing insurgency in Iraq. Oil prices settled down, but at $4 per barrel higher than at the beginning of the week. Reassurances about the flow of oil supplies went some way to…