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Caribbean currencies absorbing shocks from global environment-World Bank

WASHINGTON, CMC – The World Bank says that for the first time currencies in Latin America and the Caribbean (LAC) are absorbing some of the shocks derived from a “less friendly” global environment.
According to the latest report by the World Bank’s Chief Economist in the  office for Latin America and the Caribbean, depreciated currencies not only lower the cost of exports but also raise the cost of imports, making the export and local industries more competitive and boosting job creation.

IMF warns that polictical showdown in the US could damage global economy

WASHINGTON, USA -The International Monetary Fund warned Washington that the political showdown over the budget could damage the global economy, as it cut its US growth forecast.
The Fund, in its new World Economic Outlook, projected the US economy would grow 1.6 per cent this year and accelerate to 2.6 per cent in 2014, down respectively 0.1 and 0.2 percentage points from its July forecast.

US Supreme Court hears arguments in Stanford class action suits

WASHINGTON, CMC – The United States Supreme Court has begun debate on the reach of the federal securities laws by questioning whether investors can sue law firms and outside companies for their alleged roles in jailed Texas financier Allen Stanford’s US $7 billion Ponzi scheme.
Stanford is currently serving a 110-year sentence in a US federal prison for masterminding the scheme for more than two decades, offering fraudulent high-interest certificates of deposit at his Antigua-based Stanford International Bank (SIB).

Regional countries urged to abolish death penalty

WASHINGTON, CMC – The Inter- American Commission on Human Rights (IACHR) Wednesday urged Caribbean countries that still have the death penalty to abolish it or at least to impose a moratorium on its application.
In a message marking International Day against the Death Penalty on Thursday, the IACHR said regional instruments for protection of human rights do not prohibit per se the imposition of the death penalty, but they establish specific restrictions and prohibitions regarding its application.

US Supreme Court hears arguments in Stanford class action suits

WASHINGTON, CMC - The United States Supreme Court has begun debate on the reach of the fede ral securities laws by questioning whether investors can sue law firms and outside companies for their alleged roles in jailed Texas financier Allen Stanford’s US$7 billion Ponzi scheme.
Stanford is currently serving a 110-year sentence in a US federal prison for masterminding the scheme for more than two decades, offering fraudulent high-interest certificates of deposit at his Antigua-based Stanford International Bank (SIB).

Four killed as US contracted counter-drug aircraft crashes in Caribbean

MIAMI, CMC - The United States Southern Command, which overseas US military operations in the Caribbean and Latin America, says a US-contracted detection and monitoring aircraft has crashed into the Caribbean Sea, killing four of its six crewmembers.
The Southern Command, otherwise known as Southcom, said that the crash took place near the Colombia-Panama border, killing three Americans and a Panamanian Air National Guardsman.
It said two Americans survived the crash, and were rescued by Colombian military forces and taken to a hospital in Bogota, the capital.

IMF predicts modest growth in 2013

WASHINGTON, CMC – After registering “disappointing growth" in 2012, Trinidad and Tobago is poised for a modest recovery in 2013, the International Monetary Fund (IMF) has said.
In a statement, the Washington said the economy is reviving and that maintenance-related outages would continue to hamper the energy sector. It said the non-energy sector should grow around 2.5 per cent and core inflation remains moderate.
The IMF said it estimates considerable slack in the economy and that policy should support the economy in the short run.

Developing countries to receive over US$410 billion in remittances in 2013

WASHINGTON, CMC – The World Bank says remittances to the developing world, including the Caribbean, are expected to grow by 6.3 percent this year to US$414 billion.
In its revised estimates and forecasts, issued here on Wednesday, the World Bank also projected that remittances to the developing world will cross the half-trillion mark by 2016.
The bank said remittance volumes to developing countries, as a whole, are projected to “continue growing strongly over the medium term,” averaging an annual growth rate of 9 percent to reach US$540 billion in 2016.

Outside US, Ripple Effects Of Budget Battle Feared

Top European officials are keeping a worried eye on the United States (US) government shutdown, saying it could pose a risk for the continent's fledgling recovery.
The US has the world's largest economy and close business ties with Europe. So the shutdown, which has seen some 800,000 federal employees put on furlough, could hurt growth in the region if Congress does not agree on a new budget deal within days.

Caribbean American legislator outraged over shutting down of US federal government

NEW YORK, CMC - A Caribbean American legislator Tuesday expressed outrage over the first shutdown of the United States government in 17 years.
“I am appalled that extremist, tea-party Republican politicians in Washington, D.C. are preparing to shut down the federal government and cause further economic damage to this nation,” Grenadian American New York City Councilman Jumaane Williams told the Caribbean Media Corporation (CMC).

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