IEyeNews

iLocal News Archives

iNews Briefs, More & Community Events

iNews-briefs217Community Events

FRI MAY 29

Grand Court Jurors Notice

Grand Court jurors in the 1 APRIL- 30 JUNE 2015 must NOT now report on Friday (29 May) at 9:45am. They must report on Monday, 8 June 2015 at 9:45 a.m. Please call the Jury Information line at 945-5072 for the most up to date information.

Smoking Cessation Classes: ‘I Can Quit’

The Public Health Department urges smokers who wish to quit the habit to sign up for upcoming smoking cessation classes. These classes start on 3 June 2015, and will take place from 5.15pm to 6.45pm, every Wednesday for seven weeks, in the Public Health Waiting Room. Registration deadline is May 29, 2015.

For more info or to sign up, contact the Public Health Department on 244-2889/244-2648, or email [email protected].

Proud of the Them

Nominate Cayman’s Houth for the Proud of the Them campaign. Nomination forms can be found online at gov.ky. The deadline to submit a nomination is Friday (29 May)

Prospect Primary School Exhibition

Prospect Primary School’s Exhibition on Minimizing the Waste Impact to the Environment is Friday (29 May) from 9 until 1

Coral Nurseries Proposal

The Cabinet of the Cayman Islands has approved a policy for managing coral nurseries in the Cayman Islands. The Department of Environment will be accepting proposals to establish nurseries under this policy thru May 29th, with projects to commence October 2015 or later. Proposals should be for establishing nurseries for Acropora corals and eventual outplanting on Cayman’s reefs. Proposals, or requests for information, may be submitted to [email protected].

Bingo Game Night

The Cayman Islands Umpire Association presents a Bingo Game Night on Friday (29 May) at the Smith Road Oval at 6pm.

Warren MacDonald Book Signing

A Test of Will — One Man’s Story of Survival author, Warren MacDonald, hosts a presentation, book signing and dinner on Friday (29 May) with a presentation at 5:15pm at regal cinemas and a book signing at 6:15 at Books and Books. Dinner follows at Abacus at 830pm. Tickets can be purchased at CITA offices or the Town Centre in Camana Bay.

SAT MAY 30

Businessmen’s Breakfast

The Grand Cayman chapter of the Full Gospel Business Men’s Fellowship International is having its monthly breakfast on Saturday May 30th at 7:30am, at The Upper Crust restaurant in Camana Bay. Our speaker is Allan Turner

Come out to hear the how God is making a difference in the life of men like you, right here in Cayman.

St. George’s Anglican Church’s Mothers’ Union Tea Party

The St. George’s Anglican Church’s Mothers’ Union invites you to their Annual Tea Party Delight on Saturday (30 May) at 3:30 p.m.

Fundraiser Family Event

Cayman Islands Baptist Church is holding a Fundraiser Family Event with a Garage Sale — Dinner Sale — Car-Wash-a-Thon — Prayer Station — Silent Auction on Saturday (30 May) from 7am — 4pm on Pedro Castle Road

2nd Annual Outpouring Worship Gathering

Harvest Fellowship Church invites you to their 2nd Annual Outpouring Worship Gathering on Saturday (30 May) at 6pm.

Cayman Brac’s Little Miss and Master 2015

The Lions Club of Cayman Brac’s Little Miss and Master 2015 event is Saturday (30 May) at 7pm at the Aston Rutty Center.

Ride for a Life Bike-a-thon

The Ride for a Life Bike-a-thon is Saturday (30 May) at 630am at the Credit Union parking lot.

Butterfield 800m Sea Swim

The Butterfield 800m Sea Swim is Saturday (30 May) at Governor’s Beach starting at 4pm.

Caywriters

Caywriters is Saturday (30 May) at 530pm at Books & Books.

2015 South Sound Stride 5K Run/Walk

The 2015 South Sound Stride 5K Run/Walk and Pancake Flip is Saturday (30 May) at 7am with the Pee Wee Fun Run for children 7 and under starting at 8. The event is at the First Baptist Christian School

RCIPS Ride for a Life Bike a Thon

RCIPS Ride for a Life Bike a Thon is Saturday (30 May) at 630am at the Credit Union Parking Lot. For more information, call 525.9395.

SUN MAY 31

Boatswain Bay Presbyterian Church Children’s Day Service

The Boatswain Bay Presbyterian Church is hosting a Children’s Day Service on Sunday (31 May) at 11am.

Canadian’s Urged to Register

As the hurricane season approaches, Canadians living in Cayman are encouraged to register with the consulate by calling 949.9400.

UCCI Fall 2015 Semester Registration

Apply Now for the UCCI Fall 2015 Semester . The deadline to apply is May 31st. For more information, log on to ucci.edu.ky.

MON JUNE 1

National Workforce Development Agency in East End

The National Workforce Development Agency will be at the East End Library on Monday (1 Jun) from 10 — 1pm.

 

Caribbean Utilities Company, Ltd. to Issue Quarterly Dividend of C$0.17 on June 15th (CUP.U)

By Kristian Gore From WKRB

Caribbean Utilities Company (TSE:CUP.U) declared a quarterly dividend on Monday, June 1st, StockRatingsNetwork reports. Investors of record on Monday, June 15th will be paid a dividend of 0.165 per share on Monday, June 15th. This represents a $0.66 dividend on an annualized basis and a yield of Infinity. The ex-dividend date is Monday, June 1st.

Caribbean Utilities Company, Ltd. (TSE:CUP) is engaged in the generation, transmission and distribution of electricity in its license area of Grand Cayman, Cayman Islands. The Company provides this service pursuant to a 20-year transmission and distribution license, and a 21.5-year generation license granted by the Cayman Islands Government, which expires in April 2028 and September 2029, respectively.

For more: http://www.wkrb13.com/markets/615890/caribbean-utilities-company-ltd-to-issue-quarterly-dividend-of-c0-17-on-june-15th-cup-u/

 

Caribbean to increase resilience to climate change through US$10-m grant

From Jamaica Observer

WASHINGTON, DC, USA (CMC) – The Inter-American Development Bank (IDB) says Caribbean countries will increase their resilience to climate change by enhancing the adaptive capacity across the region through a US$10.39-million grant.

The IDB said the funds were approved with support from the Pilot Programme for Climate Resilience (PPCR) of the Climate Investment Funds.

The project is to be executed by the Mona Office of Research and Innovation (MORI) of the University of the West Indies (UWI) in Jamaica and will be co-implemented by regional organisations working on climate change in the region, including the Caribbean Community Climate Change Centre; Caribbean Institute for Meteorology and Hydrology, Climate Change Studies Group of UWI, Caribbean Public Health Agency, Caribbean Agricultural Research and Development Institute, and the Caribbean Regional Fisheries Mechanism.

“The project is the implementation of the PPCR…and it will help the Caribbean region improve regional processes of climate-relevant data acquisition, storage, analysis, access, transfer and dissemination, and pilot and scale up innovative climate-resilient initiatives directly in PPCR countries – Jamaica, Haiti, Dominica, Grenada, St Lucia, and St Vincent and the Grenadines,” the IDB stated.

“However, it is expected that the region as a whole will benefit from the improved capacity and increased information and services related to climate change.”

For more: http://www.jamaicaobserver.com/news/Caribbean-to-increase-resilience-to-climate-change-through-US-10-m-grant_19027760

 

Cayman Islands Rotary Central enhances HSA services

“We are thrilled and most appreciative with this generous contribution” said Lizzette Yearwood, CEO for the Health Services Authority upon receiving 4 Cardiac and Vital Sign monitors for the HSA valued at over US$30,000 from the Rotary Club of Grand Cayman. “The equipment will enhance the speed and quality of services provided by us” noted Accident and Emergency Coordinator Elizabeth McLaughlin.

President Larry Tibbetts, who although unable to attend had arranged for a team of members from Rotary Central to make the presentation. “Rotary International has several key areas of focus worldwide and health being one of them” said President Larry. “I and my Board decide after getting information on the HSA needs that we could best support it by arranging for these monitors to be donated to them.”

 

Nasdaq pays $26.5M to settle Facebook IPO case

Facebook's campus at 1601 Willow Road in Menlo Park, CA.  Photo: Jason Doiy/iStockphoto.com.
Facebook’s campus at 1601 Willow Road in Menlo Park, CA. Photo: Jason Doiy/iStockphoto.com.

By Amanda Bronstad, The National Law Journal

The Nasdaq Stock Market LLC has agreed to pay $26.5 million to settle claims that its negligence and misstatements about its technical capabilities contributed to shareholder losses on the day of Facebook Inc.’s 2012 initial public offering.

The settlement in the case brought by Facebook shareholders, announced on Thursday, comes two weeks before the Nasdaq’s lawyers were scheduled to go before the U.S. Court of Appeals for the Second Circuit to reverse a landmark 2013 ruling that denied a motion to dismiss the shareholder claims against the stock exchange.

The settlement is limited to those who bought shares on the day of the IPO.

“This is a very good recovery for a one-day class period case,” said Vincent Cappucci, a lead plaintiffs attorney in the consolidated shareholder class action against the stock exchange stemming from Facebook’s $16 billion IPO. “It was the largest technology initial public offering in the history of the exchange—an offering that presented unprecedented volume and activity—and this is a case where we believe that the exchange really acted outside of what should be commercially expected of them.”

Nasdaq announced the deal in an earnings report with investors.

The settlement doesn’t involve claims against Facebook, its officers or directors, or the underwriters of its IPO. Separate consolidated litigation is pending against those entities over shareholder losses attributable to the IPO.

One of the most anticipated IPOs in recent years, Facebook’s public offering price of $38 per share plummeted soon after its debut on May 18, 2012. Shareholder lawsuits over the IPO were coordinated before U.S. District Judge Robert Sweet of the Southern District of New York. The Nasdaq, its parent, Nasdaq OMX Group Inc., its chief executive officer, Robert Greifeld, and its former chief information officer, Anna Ewing, argued in court that the exchange was immune from liability as a self-regulatory organization.

But in 2013, Sweet refused to dismiss the case. He agreed with the plaintiffs that the Nasdaq could be held negligent for software glitches that caused delays in trading on the first day of the IPO that its officials could have misled investors about the strength of its technology in statements made just prior to the IPO.

“Those claims were sustained in a very significant decision — the first of its kind — and that was the decision that was appealed,” said Cappucci of New York’s Entwistle & Cappucci.

Both the U.S. Chamber of Commerce and the New York Stock Exchange LLC had filed amicus briefs before the Second Circuit to reverse what they called an overly broad and unprecedented ruling.

Oral arguments had been scheduled for May 7.

Thursday’s settlement, Cappucci said, excludes any technical changes to Nasdaq’s system, which were addressed in an agreement with the U.S. Securities and Exchange Commission that included a $10 million fine. It also excludes Nasdaq members who were compensated through a $62 million accommodation program.

In its earnings report, Nasdaq announced a $31 million loss reserve to pay for the settlement plus potential additional costs in reopening the accommodation program to members that didn’t get paid, including UBS Securities. On Oct. 31, the Second Circuit refused to allow UBS Securities, which lost $350 million on Facebook’s IPO, to arbitrate its claim against the Nasdaq.

Still remaining are shareholder cases alleging that Facebook executives and its underwriters failed to disclose enough to investors about anticipated advertising revenue decreases due to the increased use of mobile devices. In 2013, Sweet refused to dismiss that case.

Plaintiffs attorneys moved on Dec. 23 to certify a class of investors, plus subclasses for retail and institutional investors. A hearing on class certification is scheduled for May 20.

On April 27, the Second Circuit also will hear several appeals of shareholders whose derivative claims over the Facebook IPO were dismissed.

IMAGE: Facebook’s campus at 1601 Willow Road in Menlo Park, CA. Photo: Jason Doiy/iStockphoto.com

For more: http://www.nationallawjournal.com/id=1202724420694/Nasdaq-Pays-265M-to-Settle-Facebook-IPO-Case-#ixzz3YFU8lMCw

 

Cayman Islands drug dealer turns over a new leaf

Cleve Borden (28), who is serving a four year jail sentence for dealing in cocaine and ganja received a further three months when 162 grams of the weed were found in his cell. This was the second time he has been caught with ganja at the prison.

However, when Magistrate Valdis Foldats was told Borden had admitted his guilt, a drug test had found him clean and his effort now to turn his life around and give up drugs, she had reduced the additional sentencing by three months.

The magistrate urged Borden to stay clean and focus on a release plan and a future out of jail with his young family and applauded him on his effort in getting clean.

 

CIBC profits nearly triple in Q2 after Caribbean troubles a year ago

From The Chronicle Journal

TORONTO — Canadian Imperial Bank of Commerce (TSX:CM) says profits nearly tripled in the second quarter as its wholesale banking and wealth management divisions led growth.

The bank reported net income of $911 million, or $2.25 per share, compared to $306 million or 73 cents a year ago when the bank logged a $543-million impairment charge linked to a prolonged recession that affected its Caribbean banking subsidiary.

Adjusted net income, which filters out one-time items, was $2.28 per share, five cents better than analysts expected, according to a survey by Thomson Reuters.

CIBC’s retail and business banking operations boosted net income by seven per cent to $583 million as revenue grew from more transactions and higher fees.

Wholesale banking net income increased 17 per cent to $250 million on higher revenue from commodities and foreign exchange trading. Wealth management net income grew 10 per cent to $129 million.

CIBC also increased its dividend by three cents to $1.09.

For more: http://www.chroniclejournal.com/business/national_business/cibc-profits-nearly-triple-in-q-after-caribbean-troubles-a/article_6d8f81a9-3e4f-526c-b2e4-bd84f2dc91de.html

 

Tracy Morgan gets Walmart payout

iNews b Tracy_Morgan_3_Shankbone_2009_NYC-e1412349101180.jpg.pagespeed.ic.Rtoz-uc71RFrom Blacknet.co.uk

Comedian Tracy Morgan has received an undisclosed amount in compensation from Walmart after he and others were injured and one man died in a crash with a Walmart truck.

Morgan’s friend a fellow comedian Jimmy Mack was killed in the collision last June. It was alleged that the driver of the truck had not slept in 24 hours and so should not have been on the road where he was 20mph over the speed limit.

“Wal-Mart did right by me and my family, and for my associates and their families. I am grateful that the case was resolved amicably,” Morgan said, he has recovered from brain injury and several broken bones.

SOURCE: http://thenubiantimes.com/tracy-morgan-gets-walmart-payout/

 

NYT: Obama does about-face on Netanyahu to limit damage to Dems

WASHINGTON, DC - MARCH 3:  (AFP OUT) Israel Prime Minister Benjamin Netanyahu (R) sits with U.S. President Barack Obama during a meeting in the Oval Office of the White House March 3, 2014 in Washington, D.C. Obama urged Netanyahu to "seize the moment" to make peace, saying time is running out of time to negotiate an Israeli-Palestinian agreement. (Photo by Andrew Harrer-Pool/Getty Images)
WASHINGTON, DC – MARCH 3: (AFP OUT) Israel Prime Minister Benjamin Netanyahu (R) sits with U.S. President Barack Obama during a meeting in the Oval Office of the White House March 3, 2014 in Washington, D.C. Obama urged Netanyahu to “seize the moment” to make peace, saying time is running out of time to negotiate an Israeli-Palestinian agreement. (Photo by Andrew Harrer-Pool/Getty Images)

By Melissa Clyne From Newsmax

President Barack Obama is making overtures to repair his long-strained relationship with Israeli Prime Minister Benjamin Netanyahu, but the efforts have more to do with currying favor with pro-Israel members of Congress and American Jews than with the Jewish State, according to The New York Times.

“The White House is engaged in an aggressive effort to assuage the concerns of American Jewish groups and pro-Israel members of Congress over the nuclear agreement with Iran, and to limit the potential political fallout for Democrats of what has become a bitter rift in the American and Israeli relationship,” according to the Times.

The Obama administration “is nothing if not pragmatic, and the issue on the table now is creating conditions for a reasonable outcome should the Iran agreement be reached,” former U.S. Ambassador to Israel and Egypt and Princeton professor Daniel C. Kurtzer told the newspaper.

“There was a moment in the midst of this where you wonder if anger was replacing policy, but they came to their senses and said, ‘O.K., anger is not a policy, now we’ve made our point, it’s time to move on,'” he said.

The already tense leaders’ relationship further unraveled following Netanyahu’s address to Congress on March 3 voicing strong opposition to the Obama administration’s proposed deal with Iran.

Just last month, The Wall Street Journal reported Obama succinctly stated that he did not expect a peace accord between the Israelis and the Palestinians to take place on his watch.

“What we can’t do is pretend that there’s a possibility for something that’s not there,” Obama said at a news conference. “And we can’t continue to premise our public diplomacy based on something that everybody knows is not going to happen at least in the next several years.”

But since then, the White House has stepped up its efforts to extend itself to Israel by doing things like sending Vice President Joe Biden to speak at an Israeli Independence Day celebration in Washington on Thursday, marking Israel’s 67 years of independence.

Israel’s Ambassador to the United States Ron Dermer, a Netanyahu insider who the White House blamed for “orchestrating” the prime minister’s address to Congress, took to Twitter to laud the move.

After his relationship with Netanyahu went from “simmering tensions” to “open hostility,” Obama in the past weeks has publicly put aside his animus and spoken of his “strong devotion to Israel” while logging hours of meetings with Jewish leaders, the Times reports.

Though Obama used the meetings to impart “his deep commitment to Israel,” he said that he has no current plans to meet with Netanyahu in person, according to the Times.

“He told the group that a face-to-face meeting at the White House would probably end with Mr. Netanyahu publicly venting his complaints about the president’s policies, particularly his efforts to forge a nuclear agreement with Iran,” the Times reported.

Obama reportedly said he would wait to meet with the prime minister until after June 30, the deadline for a deal with Iran.

The president’s about-face can be attributed to concerns by some senior members of the administration that the “public feuding … had become excessive and unseemly, threatening to undermine efforts to build support for a potential Iran deal and to erode Democrats’ political advantage with Jewish voters,” according to the newspaper.

Image: NYT: Obama Does About-Face on Netanyahu to Limit Damage to Dems (Andrew Harrer/Pool/Getty Images; Debbie Hill/UPI/Landov)

For more: http://www.newsmax.com/Newsfront/US-Israel-relations-Barack-Obama/2015/04/23/id/640301/#ixzz3YC7l0YRv

 

A super-buff kangaroo has been stalking an Australian suburb

By Ariel Bogle From Mashable

A surprisingly buff kangaroo has been hanging out in a neighbourhood of Brisbane, Australia, intimidating locals on the golf course, flexing and generally impressing everyone with his massive physique.

Nicknamed “Big Buck,” the animal looks to be around 2 metres tall and could weigh up to 95 kilograms — in other words, this guy is super swoll.

“He’s very intimidating, he’s a big boy,” Linda Hellyer, who spotted the grey roo when walking her dogs, told Seven News on Friday. “We turned the corner and old mate jumped out. He’s very big and I don’t want to take him on. He’s got massive, massive muscles, big pecs and everything.”

In general, kangaroos are timid creatures, but they can fight by leaning back on their tails and boxing, so it’s best not to try them. For evidence, check out this kangaroo-on-kangaroo street fight.

For more and video: http://mashable.com/2015/05/24/super-buff-kangaroo-australia/?utm_campaign=Feed%3A+Mashable+%28Mashable%29&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial&utm_medium=feed&utm_source=feedburner&utm_content=Google+Feedfetcher

 

Eastern Caribbean to sign free entrance pact with European countries

From Caribflame

The Organization of Eastern Caribbean States (OECS) will sign an agreement with the European Union (EU) to facilitate the free entry of Caribbean citizens in the so-called Schengen Space, officiasl sources said here officially Tuesday.

Camillo Gonsalves, Minister of Foreign Affairs of Saint Vincent and the Grenadines, told newspaper I-Witness News that the agreement will be signed Thursday, in Brussels, during a meeting of the EU Ministers Council.

Gonsalves said the agreement will be signed by Len Ishmael, OECS Ambassador, to represent the Caribbean part.

This agreement will allow free entry, stay and circulation of Caribbean citizens to the 26 territories of the EU for a period of 90 days.

Recently, the Prime Minister of Dominica, Roosevelt Skerrit, said that Europe will give these facilities after evaluating aspects such as passport security and economic conditions in the OECS member states.

That organization has Antigua and Barbuda, St. Vincent and the Grenadines, Granada, Montserrat, St. Kitts and Nevis, Dominica and St. Lucia as full partners, while Anguilla and British Virgin Islands act as associate partners.

Once the pact is signed, those nations will join Barbados, Trinidad and Tobago, and Jamaica to be the Caribbean states be accessing that benefit.

The Schengen area involves Germany, Austria, Belgium, Czech Republic, Denmark, Slovakia, Slovenia, Spain, Estonia, Finland, France, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Netherlands, Poland, Portugal, Sweden and Switzerland.

In 1995 these countries signed the Schengen agreement, through which the block operates as a single territory in terms of travel and only requires checks at external borders.

This agreement disclaims people from 42 nations from short term visa.

For more: http://www.caribflame.com/eastern-caribbean-to-sign-free-entrance-pact-with-european-countries/

 

US army says 22 possibly exposed to anthrax at S. Korea base

AFP From Business Insider

Seoul (AFP) – As many as 22 personnel may have been exposed to anthrax during a training exercise at a US military base in South Korea, a military statement said Thursday.

“Twenty-two personnel may have been exposed during the training event,” the statement from Osan Air Force Base said, while adding that none of the personnel have shown “any signs” of possible exposure.

For more: http://www.businessinsider.com/afp-us-army-says-22-possibly-exposed-to-anthrax-at-s.-korea-base-2015-5#ixzz3bS5jbhpU

 

‘Nano-paper’ chips end up in compost heaps, not landfills

By Andrew Tarantola From engadget

Today’s cast-off gadgets are far more likely to end up in a landfill than they are being responsibly disposed of. In fact, 41.8 million tons of e-waste were scrapped last year alone. To combat this, a team from the University of Wisconsin-Madison has invented a radically new kind of ecologically-friendly semiconductor chip made from wood. No, seriously.

The University of Wisconsin team, led by professor Zhenqiang “Jack” Ma and working in collaboration with the U.S. Department of Agriculture Forest Products Laboratory (FPL), published their findings on Tuesday in the journal Nature Communications. Their research centers around using a uniquely flexible (and biodegradable, natch) material known as cellulose nanofibril (CNF) as a semiconductor substrate. “If you take a big tree and cut it down to the individual fiber, the most common product is paper. The dimension of the fiber is in the micron stage,” Zhiyong Cai, a project leader at the FPL explained in a statement. “But what if we could break it down further to the nano-scale? At that scale you can make this material, very strong and transparent CNF paper.” Plus, it’s flexible which means that chips built on a CNF substrate can easily be incorporated into bendable electronics.

It’s most important physical attribute however, is the fact that when the chip is compostable. “The majority of material in a chip is support. We only use less than a couple of micrometers for everything else,” Ma said in a statement. “Now the chips are so safe you can put them in the forest and fungus will degrade it. They become as safe as fertilizer.” The team has already spent over a decade developing the substrate. Up next, researchers need to prove that CNF can perform on par with current chip materials like the highly-toxic gallium arsenide before marketing the technology to chipmakers.

For more: http://www.engadget.com/2015/05/27/nano-paper-chips-end-in-compost-heaps-not-landfills/?ncid=rss_truncated

 

Restaurant customer expresses gratitude with a $2,000 tip

iNews b 2000-tipBy Lindsey Robertson From Mashable

While it is considered good form to tip well, tipping $2,000 is something else entirely.

The staff at Blue 44, a restaurant in Washington, D.C., had their faith in humanity revived when one of their regulars decided to tip $2,000 for a $93 bill.

The generous patron and his dining companion ate fried chicken, gumbo and drank Old Chub Scotch Ale before departing. At the bottom of the bill, the patron had specified that the tip should be divvied up: $1,000 to the chef, James Turner, and $500 each for waitress Laura Dally and restaurant owner Christofer Nardelli.

$2000 tip

When the staff noticed the incredible note at the bottom of the bill, everyone was speechless.

“This is the kind of stuff you see in the restaurant business that happens to some guy in the Midwest or the West Coast,” Nardelli told the Washington Post. “You think, who are these people who give these extraordinarily generous tips that just made a server or bartender’s day. And then sure enough, it happened to us.”

Nardelli emailed the customer to express his gratitude and receive an explanation for the extreme generosity. The patron’s explanation was simple: He appreciates his regular haunt.

“He said he’s very happy with what we’ve built and that he’s proud to be a customer,” Nardelli explained.

Waitress Dally says that the tip is enough to cover the costs of her summer class. Nardelli and Chef Turner both say they intend to spend the money on their families.

Chef Turner told WJLA that it was incredibly touching to have someone express appreciation in such a dramatic gesture. “To have an individual take the time to thank me for something that I put time and effort into is so appreciated.”

For more: http://mashable.com/2015/05/27/restaurant-2000-dollar-tip/?utm_campaign=Feed%3A+Mashable+%28Mashable%29&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial&utm_medium=feed&utm_source=feedburner&utm_content=Google+Feedfetcher

 

ON THE RIGHT: Regional plan to boost FDI

By Alberto Espaillat, From Barbados Nation News

FOREIGN DIRECT investment (FDI) plays a more crucial role in small economies.

In the greater Caribbean region, the countries attracting more investment mainly include Mexico, Colombia, Venezuela, and within the island zone, Trinidad and Tobago and Dominican Republic, due to the sizeable contribution made by FDI to their mining industry.

Additionally, a 2006 United Nations Economic Commission for Latin America and the Caribbean report noted that Latin American and Caribbean companies have intensified their internationalisation processes, especially since the 1990s. This process has been driven by factors such as economic reform, saturated local markets, opportunities in neighbouring countries and the need to diversify risks.

Thus, a new approach to promoting regional investment flows is to encourage emerging Latin American transnational companies (trans-Latin) that have made direct investments outside their countries of origin to consider Caribbean states as attractive options for investment, and convince governments to formulate active public policies so that local companies could form part of the chain of suppliers, promote the transfer of technology and establish the required regulatory framework.

In order to succeed in attracting FDI in the Caribbean region, it is imperative that governments coordinate political and commercial macro-economic policy. Although most of the countries that constitute the region could be considered as open economies, it is important that policies be focussed on the national and regional objective.

The establishment of trade and investment liberalisation agreements between the Latin America and the Caribbean and other countries has also complemented FDI policy in the determination of inward FDI.

The Association of Caribbean States, as an intermediary body is supporting the growth and development of the region, seeks to play a pivotal role in promoting the attraction plan and re-launching the promotion of regional FDI by its member states.

The vision to strengthen the regional integration process with the greater Caribbean entails the ACS alongside other regional international organisations cooperating with their members and offering the technical capacity, knowledge and guidance required.

The joint efforts geared toward formulating functional and integrationist policies to promote FDI in the region should consider analysing trade and investment flow trends, organising investment forums and issuing economic information to inform and assist the responsible country officials in their decision make. The promotion of new systems for trade and investment agreements is a task yet to be undertaken by many of the countries belonging to the region.

Recent studies also indicate that there is the ongoing challenge of attracting the type of FDI that would contribute to the development of new sectors, and innovation, or which would have the capacity to enhance the productivity and performance of the sectors already existing in the region.

Transnational/trans-Latin companies possess the technological and production capabilities that countries could capitalise upon in order to develop new sectors or expand existing ones.

In light of the foregoing, the zone comprising the countries of the greater Caribbean has the opportunity to improve its investment attraction policies; to consider trans-Latin companies such as significant investors in their member countries, with a view to generating regional value chains, thereby producing a positive impact in order to strengthen regional production integration, and overall growth and development in the region.

Alberto Duran Espaillat is director of trade development, Association of Caribbean States.

For more on this story go to: http://www.nationnews.com/nationnews/news/66397/-regional-plan-boost-fdi#sthash.jvFF8A5k.dpuf

 

 

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *