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S&P’s Jamaica rating remains negative pending IMF agreement

standard-and-poor-275x206WASHINGTON– The Standard & Poor’s ratings agency has raised its short-term sovereign credit ratings on Jamaica from ‘C’ from ‘B’ and has affirmed its ‘B-’ long-term foreign and local currency issuer ratings for the island.

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Bank blames constitutional crisis in TCI for its closure

IBGOfficials from International banking Group (IBG) said the “uncertainty that the constitutional crisis in the Turks & Caicos Islands generated” was one of the reasons why they were forced to close their bank in the Turks and Caicos Islands after a mere 25 months of operation.

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Suriname to sell shares in Gov’t owned companies

Surinam_Airways2PARAMARIBO– Suriname state oil company Staatsolie is considering selling stock through a partial privatization similar to those carried out by state energy firms in Colombia and Brazil, a company official has said.

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Pfizer penalised for corrupt payments in China

PfizerPharma giant Pfizer has agreed to pay US$60.2 million to settle a US government probe of illegal payments to win business overseas including China, government officials said.

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OAS Receives Jamaican Delegation to Discuss Labor and Social Protection Initiatives

jamaica.oas_WASHINGTON DC - The Organization of American States (OAS) received a delegation from Jamaica’s Ministry of Labour and Social Security visiting the United States for a week to exchange ideas on labor and social protection initiatives, particularly regarding youth unemployment, at the organization’s headquarters in Washington, DC.

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GUYANA – Linden’s Bauxite industry on the brink of collapse?

linden_bauxiteThe bauxite industry in Linden is said to be on the verge of collapse because the Chinese-owned BOSAI Minerals has not been producing bauxite for more than two weeks now due to unrest there.

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US reports economic slowdown in T&T after poll

US_State_DeptA report on the country's investment climate prepared by a special bureau in the United States' State Department's says "a change in government after the May 2010 parliamentary elections resulted in a slowdown in the execution of pending and new government contracts".

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GUYANA - Granger is PNCR Leader

Leader of the Opposition and Chairman of the APNU retired Brigadier David Granger has been declared the Leader of the People's National Congress/Reform.

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BARBADOS central bank refuses to devalue despite rating agency pressure

Barbados Central Bank Governor Dr. Delisle Worrell, says the island's currency, pegged at two to one to the US dollar, is in no way threatened because of the downgrade from US-based rating agency Standard & Poor's (S&P).

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CAYMAN - CIMA probes HSBC scandal

The Cayman Islands Monetary Authority (CIMA) has admitted to an “the apparent breakdown of anti-money laundering (AML) procedures” at the Cayman Islands branch of HSBC Bank Mexico (HBMX) in the wake of revelations by a US Senate committee that tens of thousands of accounts at its Cayman branch had possible links to organized crime and were poorly regulated.

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ECCB working to establish credit bureau

ECCB1_330x228ST JOHN’S, Antigua – The Eastern Caribbean Central Bank (ECCB) hosted a one-day credit reporting conference on Friday with a view to establishing a Credit Bureau in the Eastern Caribbean Currency Union (ECCU).

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Cayman’s new tax is a warning for Bermuda, says Richards

Bermuda should heed what is happening in the Cayman Islands, where the Government is being compelled by the UK to raise taxes because of excessive debt.

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T&T - Be careful of your independence says outgoing central bank Governor

There’s the likely chance of T&T having another “small deficit” for the next year, said outgoing Central Bank Governor Ewart Williams. “Chances are for the next year you are likely to have another small deficit.

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TRINIDAD - $150m HYATT BATTLE

Hyatt_TrinidadHyatt Corporation, the international hotel chain and manager of the Government-owned hotel on the Port of Spain waterfront, has initiated arbitration proceedings against the Urban Development Corporation of Trinidad and Tobago (UDeCOTT) at the International Court of Arbitration in Paris, France, for "multiple breaches" in its Hotel Management Agreement.

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Obama killing TCI’s fishing industry

guyanafishingboatSeafood exporters in the Turks and Caicos Islands said this country’s fishing will be dead in the water, because United States President Barak Obama has ordered the United States Congress to terminate the Turks and Caicos Islands from the list of countries that will be allowed to export products to the USA duty-free.

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ANTIGUA - Another attempt to resolve gaming dispute with US gov't.

St. John’s Antigua- Antigua & Barbuda is taking yet another stab at resolving its eight-year-long online gaming dispute with the United States, now by assembling a team to devise solutions to present to both the US and the World Trade Organization (WTO).

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TRINIDAD - No magic wand in next budget—Howai

Finance Minister Larry Howai has cautioned that T&T should not expect miracles in the budget for the next fiscal year, due in September.

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Growth prospects for Latin America and Caribbean could top 5 per cent

IMFSt. John’s Antigua- The International Monetary Fund (IMF) is reporting a “surprising upside” coming out of its recently released World Economic and Financial Survey 2012.

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Trinidad’s Outgoing Central Bank Governor says CLICO was ‘a massive fraud on the people’

PORT OF SPAIN, Trinidad,– Outgoing Central Bank Governor Ewart Williams has described the financial debacle that engulfed the Colonial Life Insurance Company (CLICO) as “a massive fraud on the people” and that the bank has taken action “to charge” certain players with fraud.

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JAMAICA - Minimum Wage Increases to $5,000

The national minimum wage will be increased from $4,500 to $5,000 per 40-hour work week as of Monday, September 3, 2012.

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Trinidadians told ‘don’t panic’

PORT OF SPAIN, Trinidad  – The Bankers Association of Trinidad and Tobago (BATT) today told the public not to panic after banks operating here uncovered a scam involving the illegal removal of cash from their customers through the use of Automatic Teller Machines (ATM).

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