News

CAIC supports referendum to replace Privy Council as CARICOM Court of Appeal

Port-of-Spain, Trinidad - On November 6, 2018 Antigua and Barbuda and Grenada will go to the polls to vote in a referendum to determine whether to replace the Privy Council with the Caribbean Court of Justice (CCJ).

Despite calls from the Opposition Parties in Antigua and Barbuda, and Grenada to reject the CCJ, the Caribbean Association of Industry and Commerce (CAIC), encourages the electorate to choose the CCJ. In this regard, a strong regional court, in the form of the CCJ, will strengthen the Caribbean Single Market and help more Caribbean companies to build global business models, and advance the Caribbean as a self-sufficient, self-reliant and mature region.

The CAIC has already signed a Memorandum of Understanding with OHADAC, which seeks to advance the harmonisation of business law in the Caribbean. The CAIC also represents the private sector on the CCJ Trust Fund, as well as it sits as an observer to the Working Group of the United Nations Commission on International Trade Law (UNCITRAL). These representations and lobbies are in line with the strategic vision of the CAIC to build more sustainable, value adding and global enterprises that have strong business ethos.

As a region, we attempt to break the mental bonds of colonisation and while we have faith in and have modelled our governing, legal and judicial institutions after the British systems, we have to adapt these frameworks to be relevant and add value to the Caribbean we have become whilst looking to the future.

The LASCO Chin Foundation - A Sustainable Socio-Economic Intervention Model

The LASCO Chin Foundation (LCF) is a recently established organisation on a mission to intervene with Jamaica's at-risk youths to break the cycle of poverty and crime to become successful members of society.

The activities of the Foundation utilise a Sustainable SocioEconomic Intervention (SSI) model© that relies on effective local and international partnerships to improve outcomes for the most disadvantaged youths over the long-term.

To launch the LCF in the US and to solicit international partnerships and support, we are collaborating with the Jamaican Diaspora Education Task Force in hosting two (2) events in Florida.

LCF invites interested participants to attend either of the Inaugural Benefit Galas which will be held on November 16, 2018 at the Rosen Plaza Hotel, 9700 International Drive, Orlando, and on November 18, 2018 at the Miramar Cultural Center, 2400 Civic Center Pl, Miramar, hosted by Miramar’s Mayor Wayne Messam.

Under the patronage of Hon Lascelles A. Chin, Founder and Executive Chairman of the LASCO Affiliated Companies, the Keynote Speaker at both events will be the Most Honorable PJ Patterson, ON, OCC, PC, QC, former Prime Minister of Jamaica. Senator the Honorable Ruel Reid, Jamaica’s Minister of Education, Youth and Information will be the special Guest in Orlando.

Register to attend CARIF 2018

CARIF 2018 logo

The Caribbean Infrastructure Forum (CARIF 2018), now in its third year, is the largest gathering of the regional infrastructure market on the annual calendar. The Caribbean urgently needs to modernize across its infrastructure sectors, with solutions that support growth and climate resilience.

CAIC is proud to partner with New Energy Events and IJGlobal, the hosts of CARIF 2018.

The forum will convene policymakers, utilities, financiers, and multilaterals to map out the region’s infrastructure needs, build vital relationships, and introduce world-class Caribbean projects to international sources of financing.

For more information and to register to attend visit www.newenergyevents.com/carif/attend

CAIC members qualify for a 10% registration discount. Email us at This email address is being protected from spambots. You need JavaScript enabled to view it. for the discount code.

CAIC to attend United Nations General Assembly Business Summit Events

At the September 2015 regular session of the UN General Assembly of Nations; all 173 members adopted the 2030 Agenda for Sustainable Development; a plan of action for people, planet, peace and prosperity; with an essential role spelled out for business.

Two years after its adoption and the 17 Sustainable Development Goals, the business community is being called upon to deliver greater action and impact.

Several events with a business focus or that engage private sector participation are being organised during and around the 73rd regular session of the UN General Assembly in New York, NY, USA during the period September 18th, 2018 to September 30th, 2018.

The CAIC, through its Head of Secretariat; Mr Dav-Ernan Kowlessar will attend the following events, and invites interested BSOs to indicate if they are attending any of the events or would wish for the CAIC to gather information or engage dialogue at any events. The full list is available at

https://www.unglobalcompact.org/docs/news_events/LeadersSummit2018/UNGA-Week-2018-Business-Guide.pdf

Sep 24

10:30 am - 12 noon New Technology and mobile solutions

Co-hosted by the International Chamber of Commerce (ICC), the GSMA, the International Trade Centre (ITC) and UNDESA, this event brings together global leaders and experts from the public and private sectors to discuss how business and governments can collaborate to:

  • promote the effective and responsible use of new technologies, mobile services and innovation to accelerate the UN Sustainable Development Goals;  
  • close digital divides;  
  • support a sustainable planet;
  • and ensure the digital revolution leaves no one behind.

Sep 25 

4:00 pm Disrupting Climate Change

To address climate change, new technologies will need to be commercialized across a wide array of industries, yet securing the necessary financing to support such development remains a key hurdle in the energy transition. The conversation will be exploring the challenges and opportunities associated with financing new low-carbon technologies. Business leaders will share the work their companies are undertaking to develop new technologies, and discuss ways in which the financial sector and industry are partnering to advance these efforts.

Sep 26

3:00 pm to 7:30 pm Africa: Open for Business Summit 

The African Renaissance and Diaspora Network (ARDN), the UN Senior Africans Group, and the African Union Commission, and the Permanent Mission of the Federal Republic of Nigeria to the United Nations, in collaboration with the United Nations Economic Commission for Africa, the United Nations Sustainable Development Solutions Network (SDSN) and the Global Partnerships Forum (GPF), with support from the United Nations Department of Public Information, will host the Africa: Open for Business Forum at the United Nations during the high-level debate in September to showcase the leadership of the African continent in addressing the 2030 Agenda for Sustainable Development and the African Agenda 2063.

The private sector has been influential in the development of Africa’s economy, particularly in regard to the Sustainable Development Goals. Private equity players invested $3.8 billion in 145 deals across Africa in 2016, supporting initiatives ranging from agriculture and energy to healthcare and financial sectors. Many investment monoliths point out that investing in “social good” creates an even bigger return. Investing in Africa, as many have already realized, creates social good and financial return – the goal of impact investing.

The Africa Open for Business Summit Is a two-part Initiative, starting with the New York launch in September 2018, followed by the First Africa-Diaspora SDGs Summit, to be held later in Banjul, The Gambia. The Africa-Diaspora SDGs Summit will convene mayors and elected officials, youth international intergovernmental organization officials, educators, artists and intellectuals, the private sector and civil society, with a view towards Achieving Public Understanding of the SDGs and Africa Agenda 2063 through Education, building on the outcomes of the Africa: Open for Business Summit.

Sep 27

8:30 am Moody’s Climate Week Briefing

Hosted by Moody’s Investors Service in partnership with the Climate Bond Initiative (CBI), the Climate Week Briefing will focus on the risks that the climate change poses on corporations and governments, and the role of the green bond market in promoting a low carbon economy. Moody’s analysts will address carbon emission mitigation, it’s approach to green bond assessments, and the impacts expected from the green bond issuances which Moody’s has assessed to date.

Senior executives from the industry and Moody’s senior analysts will hold lively discussions on the following:

  • • The credit risks corporate sectors face as a result of carbon transition
    • The impact of physical climate risks on public finance issuers
    • How municipalities are incorporating green infrastructure and sustainability projects into critical programs 

5:30 pm to 9:00 pm Regional Action on Environmental Democracy to fulfill vision of 2030 SDGs

"Regional Action on Environmental Democracy to Fulfill the Vision of the 2030 Sustainable Development Goals Agenda” is an event to enable dialogue and inspire countries to sign and ratify the Escazú Agreement, a historic binding treaty on environmental democracy for countries in Latin America and the Caribbean, emphasizing the rights of vulnerable people and environmental defenders. The Agreement opens for signature on the 73rd session of the United Nations General Assembly. The event is hosted by the Governments of Costa Rica and Chile and United Nations Economic Commission for Latin America and the Caribbean and co-sponsored by The Access Initiative, Amnesty International, Civicus, Derecho, Ambiente y Recursos Naturales (DAR), Namati, Open Society Foundation, and World Resources Institute.

Request for Submissions of Interest

The Caribbean Policy Development Centre is commissioning a research paper under the auspices of the CARIFORUM Consultative Committee of the Economic Partnership Agreement.  This research aims to assess the status of trade in services within the Economic Partnership Agreement with reference to access by Caribbean service providers to European markets. Specific attention will be paid to access to markets by small to medium sized service providers in the CARIFORUM region. 

Terms of Reference: http://docdro.id/IpJbJxs

Application Deadline: All applications must be submitted by 5:00 p.m. (UTC/GMT-4) on Wednesday 20 June, 2018.

 

Courtesy: CPDC

Caribbean bankers urge readiness for the EU’s general data protection regulation

CASTRIES, St Lucia — The Caribbean Association of Banks urges Caribbean-based entities that interact with data on European Union (EU) citizens to implement the necessary systems and processes for compliance with the EU’s General Data Protection Regulation (GDPR). All entities that interact, in any way, with EU persons or their data, including (but not limited to) hotels, financial institutions, hospitals, airlines and professional services firms should be assessing whether GDPR applies to them.

GDPR is a comprehensive data privacy law that applies to businesses handling personal data of EU individuals, regardless of the businesses’ location or the occurrence of a transaction. GDPR covers all personal data such as emails, telephone details, ID cards, passport information, website cookies, etc., and this list is non-exhaustive. Entities are expected to be compliant with GDPR by May 25, 2018. Failure to comply has far reaching implications for entities and their business operations.

It is important to note that, if an entity does not comply with GDPR and its requirements, they expose themselves to significant penalties and fines.

If an entity is in breach of highly important data the resultant fines are:

• Up to 4% of its global gross turnover or,
• EUR 20 million (US$24.8 million)

If an entity is in breach of any other data the resultant fines are:

Up to 2% of its global gross turnover or,
EUR 10 million (US$12.4 million)

According to a Deloitte GDPR Benchmarking Survey only 15% of organizations surveyed expect to be fully compliant by May 2018, with many scrambling to implement appropriate measures.

The CAB strongly recommends that Caribbean financial institutions and other entities that interact with EU-citizen data assess their responsibilities under GDPR and put the necessary systems in place to avoid the negative consequences of non-compliance with GDPR.

 

Courtesy: Caribbean News Now

Barbados government seeks bail out from private sector

Barbados' foreign reserves problem is so serious that Government is seeking a US$60 million to US$70 million bail-out from the private sector.

Governor of the Central Bank Cleviston Haynes revealed yesterday that for the first time in 27 years, the bank was requesting the private sector to repatriate some of its overseas funds as Government faced a major foreign loan payment next month.
But the private sector funds will not be enough.

Haynes, who delivered the first-quarter economic review yesterday during a press conference at the bank, said Government’s effort to divest assets, including the Barbados National Terminal Co. Ltd and the Hilton Barbados property, needed to proceed so that the reserves problem could be fixed.

His concerns came as the Central Bank reported that “higher public sector debt service obligations than usual contained the growth of international reserves at the Central Bank to $14 million for the period”.

“As a result, the import cover of 6.9 weeks at the end of March remained below the 12-week minimum holding that the bank considers as adequate,” Haynes said.

Barbados’ reserves were $423 million at the end of March, compared to $709.4 million in the same quarter last year.

Falling reserves

With the island due to service the US$225 Credit Suisse loan next month and in December, Haynes said the authorities could not afford to take any chances with the falling reserves.

“In 1991 as part of the adjustment effort, several private sector entities came together and provided on a voluntary basis, support to the Central Bank to help keep our liquidity at a certain level which we went through the adjustment phase. And once the adjustment was over, we were able to return those funds to those individuals,” he said.

“The bank contemplates that we will do some similar exercise on this occasion. We do so on the understanding that in the early 2000s, the bank allowed some of our corporate entities, particularly in the financial sector which had large investment balances, to invest some of those balances abroad on the condition that should the country need them in the future, that those funds would be returned to assist as they were done in ’91.”

Haynes added that the private sector funds would be sought on the understanding that “we would reciprocate in much the same way as we did once the challenge was over . . . by allowing them to take those funds back out.

“That is what we envisage and therefore in that context we anticipate that we should be able to stabilise the foreign reserves during this second quarter once we start to receive those funds,” he said.

Courtesy: Barbados Nation

Region needs its own bank - Barbados AG

BRIDGETOWN, Barbados, Saturday April 28, 2018 – Barbados’ Attorney General and Minister of Home Affairs, Adriel Brathwaite, is proposing that Caribbean countries unite to either buy or establish an international commercial bank to protect the region from the current threat of pull-outs by foreign-owned financial institutions.

Delivering a lunchtime lecture yesterday, he pointed to the recent decision by the Canadian Imperial Bank of Commerce (CIBC) to sell its majority shares in FirstCaribbean International – which was later rescinded – as an example of the need for such an institution.

“We are going to have to take the bull by the horn, as it were, and address the whole issue of how do we ensure that there will be banking in this region for our people. And it is my recommendation that heads of this region consider either investing in one of the existing international banks; taking a majority shareholding and/or buying one; and/or forming one and taking it as international as possible,” Brathwaite said, adding that this would protect the region from having to depend on foreign shareholders or directors whose sole interest was profitability in their backyards.

He admitted that there were issues with operating in the region, but was insistent that the threat of pull-out by foreign commercial banks must be addressed.

“From a regional perspective . . . we should form, and/or acquire an international bank, so that when these issues arise, some shareholder or some director outside of Barbados [doesn’t] make a decision to move the bank, sell the assets and disappear and then we are scrambling because our people don’t have any banking resources,” Brathwaite stressed.

His comments come on the heels of the announcement by FirstCaribbean, earlier this month, that it had withdrawn its recent public offering made in the United States and was no longer pursuing a listing of its shares on the New York Stock Exchange (NYSE).

Back in December 2017, the Barbados-based regional financial institution announced that it had filed a registration statement with the US Securities and Exchange Commission relating to the proposed initial public offering (IPO) in the US of FCIB’s common shares in addition to seeking a listing on the NYSE. However, it subsequently said that “in view of market conditions” it would no longer pursue the US public offering and NYSE listing at this juncture.

The development came on the heels of a recent announcement by its parent company, CIBC, that it was pulling out of Barbados and the rest of the region.

In view of those developments, Brathwaite was adamant that the region could not take any chances, although he warned of naysayers who would point to the collapsed CLICO International Life Insurance Company.

At the same time, he pointed out that regional central banks which were responsible for regulating the sector were not known to have breached any international best practices.

“So I am not afraid of a regional bank being regulated by our central banks and being managed by us here in the region,” Brathwaite said. (Barbados Today)

 

Courtesy: Caribbean 360

CARICOM calls for new joint regulatory standards ahead of UK parliament debate

GEORGETOWN, Guyana — In a statement on Saturday, ahead of a UK Parliamentary debate on Tuesday on a Sanctions and Anti-Money Laundering Bill that will have an effect on the financial services of the Overseas Countries and Territories, the Caribbean Community (CARICOM) called on members of the FATF and OECD Global Forum to work together to establish new international regulatory standards in areas such as beneficial ownership and tax information exchange, as opposed to unilateral measures.

“Such co-operation would be in the best interest of all in the pursuit of a more economically prosperous future, underpinned by international institutions, and where all societies, their internal institutions and peoples are respected,” the statement read.

 

CARICOM associate members, which include Anguilla, Bermuda, British Virgin Islands, Cayman Islands and the Turks and Caicos Islands, are an integral part of the Caribbean Community family whose circumstances, self-governance and democratic rights should not be disregarded, the statement noted.

“In that context, we are deeply concerned about the potential impact on their economies by any impositions that would go against the spirit of democracy and diminish their standard of living. A number of our associate members have for some time run successful financial centres that meet the high standards of regulation set by international standard setting bodies such as the Financial Action Task Force (FATF) and OECD Global Forum,” CARICOM said.

CARICOM recognises that global security and financial crime are increasingly intertwined and therefore supports the work of the FATF and its regional bodies in developing international AML/CFT standards to combat money laundering and terrorist financing.

“Within the Community, our member states and associate members have expended considerable resources towards achieving compliance with AML/CFT standards. Countries in the region have also supported global initiatives led by the OECD Global Forum and have entered the necessary international agreements to facilitate the sharing of information on beneficial ownership,” the statement added.

Courtesy: Caribbean News Now

DAIC Business Recovery Expo

Interested in investing or selling to Dominica?
Explore the opportunity at the Dominica Association of Industry and Commerce (DAIC) Business Recovery Expo.

Date: February 21, 2018
Venue: Palm Cottage, Corner Victoria and High Streets, Roseau, Dominica
Time: 9:00am to 1:00pm

Contact This email address is being protected from spambots. You need JavaScript enabled to view it. for more information

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