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IMF projects modest growth in the Caribbean

WASHINGTON, CMC - As the Caribbean reels from the global economic crisis, the International Monetary Fund (IMF) predicts that growth will “strengthen gradually” this year. In an update to its World Economic Outlook (WEO), the Washington-based financial institution said the constraints on economic activity will start to ease this year. The IMF projected a 3.6 per cent growth in Latin America and the Caribbean this year, compared to three per cent last year.

United States issues final regulations to combat Caribbean offshore tax evasion

WASHINGTON, CMC - The United States Department of the Treasury and the Internal Revenue Service (IRS) have issued what they describe as “comprehensive final regulations” to combat Caribbean and other offshore tax evasion.
The departments said the reporting and withholding tax provisions, commonly known as the Foreign Account Tax Compliance Act (FATCA), “target non-compliance by US taxpayers using foreign accounts.
“The issuance of the final regulations marks a key step in establishing a common intergovernmental approach to combating tax evasion.

Venezuela’s Chavez Undergoes New Medical Treatment in Cuba

A Venezuelan government spokesman says President Hugo Chavez has begun a new round of medical treatment in Cuba, after battling complications from cancer surgery performed more than a month ago. Information Minister Ernesto Villegas, speaking Saturday, did not offer details of the newest treatment and did not provide new information on the cancer itself. But he said Mr.

Economist: Euro crisis could erupt again this year

DAVOS, Switzerland — Is the euro crisis over? A leading US economist says not by a long shot. Even as the head of the European Central Bank talked of “positive contagion” in the markets and predicted an economic recovery for the recession-hit eurozone later this year, economist Barry Eichengreen warned that the debt crisis that has shaken Europe to its core could easily erupt again this year unless European leaders move faster to solve their problems.

New look for PetroCaribe at this weekend’s summit in Chile

KINGSTON, Jamaica - SIX-and-a-half years ago a historic accord was signed between Venezuela and various member states of the Caribbean Community (Caricom) for the inauguration of an energy-based co-operation venture known as PetroCaribe.
It was to unfold across this region and beyond as manifestation of President Hugo Chavez’s vision of a unique form of co-operation to assist the vulnerable economies of signatory partners to cope with stressful socio-economic challenges resulting from ever-rising oil prices

EDITORIAL - Now that the PM didn’t go to Chile

KINGSTON, Jamaica - It can't have been without compelling reason that Prime Minister Portia Simpson Miller decided to miss the summit of the Community of Latin American and Caribbean States (CELAC) in Chile, to which she has dispatched her foreign minister, Mr A.J. Nicholson.

CELAC summit closes with pledge to strengthen partnership

SANTIAGO, Chile (AFP) — European and Latin American leaders wrapped up a two-day summit here yesterday, pledging to reinvigorate their "strategic partnership" for expanded free trade while shunning protectionism.
But the high-profile meeting attended by some 60 countries from both continents was overshadowed by a nightclub fire that killed at least 232 people in Brazil and forced President Dilma Rousseff to cut short her visit.

Cameron: I don’t want a country called Europe

Switzerland—British Prime Minister David Cameron wants nothing to do with a United States of Europe, an idea that’s gaining currency as the countries that use the euro struggle to fix their debt crisis. A day after he shook up Europe’s political landscape by offering citizens the prospect of a vote on whether to stay in the 27-country European Union, Cameron insisted yesterday he wants Britain to remain an integral part of the bloc but that more unification would not be the answer.

Caribbean urged to strengthen relationship with Europe

SANTIAGO, Chile, CMC – The head of the Economic Commission for Latin America and the Caribbean (ECLAC) has called on the region to build a “more symmetrical, balanced and equitable relationship with Europe.” “We want foreign investment that helps us modernize our production structure, that contributes to employment, that helps us care for the environment and that respects social rights,” said ECLAC’s executive secretary, Alicia Bárcena, in addressing the opening session of the First Community of Latin American and Caribbean States and the European Union (CELAC-EU) Academic Summit here on

Stanford ex-CFO gets five-year prison sentence

HOUSTON (Reuters) – James Davis, the government’s top witness in convicted swindler Allen Stanford’s fraud trial, was sentenced today to five years in prison for his role in a $7 billion Ponzi scheme. Davis, 64, who pleaded guilty in 2009 to three charges and could have been sentenced to 30 years, told the court in a breaking voice, “I am ashamed and I am embarrassed.” He added that he let down his family, co-workers and thousands of investors.

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