Regional News

Bahamas eyes beauty boost Officials in the Bahamas are hoping this year’s Miss Universe pageant will add some beauty to an ugly year for tourism.

Receiver seeks Stanford ease The court-appointed receiver in charge of the operations and assets of the Stanford Financial Group has asked a federal judge to release some client brokerage accounts that contain $250,000 or less.

(Barbados Nation) – The region has not co-operated enough in terms of how each country regulates its financial matters, and the Clico crisis has painfully exposed this.

CARACAS (Reuters) – Venezuela said yesterday it has no plans to take over any additional holdings of US food giant Cargill after socialist President Hugo Chavez ordered the seizure of the rice plant, renewing his nationalization drive.

(Trinidad Express) – The collapse of a large financial conglomerate and continued exposure to plunging oil and gas prices make Trinidad and Tobago’s economy vulnerable, a new report from the International Monetary Report has shown.

(Antigua Sun) – Prime Ministers Baldwin Spencer and Dr Ralph Gonsalves of St Vincent and the Grenadines, have attempted to further reassure the public of the soundness of Bank of Antigua Ltd (BOA) by opening, and reactivating personal chequing accounts there.

Council set for Haiti The UN Security Council is heading to Haiti next week to assess the country’s progress.

WASHINGTON (Reuters) – The International Monetary Fund on Tuesday warned that the global crisis had shifted to the world’s poorest nations and 22 countries may need as much as $25 billion in additional funding in 2009 to cope with the downturn.

(Trinidad Guardian) – There was a complete shutdown of the Port-of-Spain Port on Tuesday as rumours spread throughout the country that a container with missing children had been discovered.

RIO DE JANEIRO (Reuters) – US Secretary of State Hillary Clinton urged the Brazilian government yesterday to push for the return of an 8-year-old boy to his US father, who says his son was abducted illegally more than four years ago.

(Barbados Nation) – In a new twist to the CLICO saga, the life insurance arm of the group could be sold.

Governor consults over corruption report The governor of the Turks and Caicos Islands says he needs to consult with British ministers before releasing any findings by a commission which investigated allegations of widespread corruption.

(Jamaica Gleaner) – Pushing to clear the backlog of files received from the Bureau of Special Investigations (BSI), Director of Public Prosecutions (DPP) Paula Llewellyn has instructed detectives to arrest 14 of their colleagues for criminal offences, ranging from murder to assault.

(Trinidad Express) – Mounting demand for United States dollars has caused a foreign currency shortage in the local financial system.

CARACAS (Reuters) – It’s something few people can tell Venezuelan President Hugo Chavez: stop talking.

(Jamaica Observer) China, once among the least liked countries by the West, is rapidly becoming best friends, at least of the Latin America and Caribbean (LAC) region.

(Trinidad Guardian) Lawyers and auditors are working feverishly to find out what has happened to more than TT$5 billion from Clico’s Statutory Fund.

(Jamaica Gleaner) First Global Bank has signed a US$20 million agreement with the International Finance Corporation (IFC), a member of the World Bank group, to expand its capital base and to provide funding for on-lending to Jamaican businesses.

(Trinidad Guardian) The US company which sold 6,000 acres of land in Florida to British American has sued the insurance company, a subsidiary of the beleaguered CL Financial group, to recover US$38.2 million in a move which could end with the lender owning British American Trinidad.

(Trinidad Guardian) – CL Financial chairman Lawrence Duprey went on a shopping spree in south Florida in the last five years, buying or developing up to a dozen properties and spending an estimated US$1.5 billion—some of which would have come from local pensioners who were lured by promises of high returns from his insurance companies.