Caribbean, Latin America Business In Brief
September 3, 2010
CaribWorldNews, NEW YORK, NY, Fri. Sept. 3, 2010: Trade with the Caribbean and Latin America is set to surge this year, a new report from the United Nations economic body for Latin America said on Thursday.The report said exports have risen by 21.4 percent from 2009 and imports are up 17.1 percent as the region bounces back from global crisis.The best performance is seen in countries that export raw materials, while the recovery is slower in countries that import basic products and are dependent on tourism and remittances,` the report said.CARIBBEAN TOURISMCaribbean Hotel and Tourism Association President Josef Forstmayr has called for urgent action by all Caribbean governments for a sustainable cooperative marketing and promotion fund and regional integration and removal of barriers for intra-Caribbean travel. At the same time, he urged the citizens and governments of all Caribbean nations to support strong advocacy for the recognition of tourism as the number one industry generating jobs in the region.LATIN AMERICABurger King Holdings Inc. is selling itself to investment firm 3G Capital in a deal valued at $3.26 billion.3G Capital owns stakes in brewer Anheuser-Busch InBev; Lojas Americanas, a major retailer in Latin America; and America Latina Logistica, the largest railroad and logistics company in Latin America.LATAM STOCKSLatin American stocks traded nearly unchanged in early trading on Thursday as a bout of profit-taking was offset by signs the U.S. economy could be strengthening.A jump in Brazilian state-controlled energy giant Petrobras after the government announced long-awaited details of an oil-for-shares plan also helped pull indexes higher.The MSCI Latin American stocks index .MILA00000PUS dipped 0.07 percent in the morning, the day after booking its biggest single-day gains since the end of May.
Caribbean, Latin America Business In Brief
August 27, 2010
CaribWorldNews, NEW YORK, NY, Fri. Aug. 27, 2010: High levels of debt and elevated inflation will continue to cast a shadow over the coming years` food and drinks value growth in the Caribbean, a new report claims.The latest Caribbean Food and Drink report claims that foreign direct investment in the mass grocery retail industry will be deterred by the lack of immediate rewards. Researchers said that although the Caribbean is not a homogenous food and drinks market, the fact that most of the region remains heavily debt-ridden poses downside risks to consumer outlook. `While we expect that debt will be more successfully managed in the medium term, this will be reliant on the successful implementation of the governments` fiscal stabilization strategies,` the report said, while adding that as European economies are grappling with the effects of debt overhang and deflation and the U.S. is already showing signs of another slowdown in economic activity, the outlook for tourism and FDI into the Caribbean does not look overly positive, with clear implications for food values growth.CAYMAN ISLANDS-BASED COMPANY FILES FOR BANKRUPTCY The U.S. operations and the Cayman Islands holding company of Trico Marine Services Inc., the Woodlands, Texas, offshore-energy-services provider, has filed for bankruptcy. In a late Wednesday statement, Trico Marine said it filed the petitions in U.S. Bankruptcy Court in Wilmington, Del. The company has sold assets and cut costs, and Trico is `beginning to see indications of improved operational performance,` Chairman and Chief Executive Richard A. Bachmann, who took the helm at the company in May, said in the statement. But `the combination of a sluggish economy, a highly leveraged balance sheet and imminent interest payments due` led the company to conclude that a reorganization was its best option, he said. Funds managed by Tennenbaum Capital Partners LLC, the Santa Monica, Calif., investment firm, have committed as much as $35 million of debtor-in-possession financing, Trico Marine said.MASTERCARD LATIN AMERICA AND CARIBBEAN PURCHASE VOLUME UP MasterCard`s Latin America and Caribbean region has posted double-digit growth in gross dollar volume, purchase volume and transactions for its MasterCard-branded programs. Company officials say for the second quarter ending June 30, 2010, MasterCard cardholders in the LAC region used their MasterCard branded cards for 685 million purchase and cash transactions, up 12.7 percent versus the same period of 2009. ECUADOREcuador`s recent decision to place the Yasuni Ishpingo Tambococha Tiputini National Park under the protection of a UNDP trust fund is the first of its kind. This particular plot of Amazon forest is worth $7.2 billion because of the 846 million barrels of natural oil reserves resting quietly beneath its surface. But Ecuador refuses to cash in.Bisrat Aklilu, Executive Coordinator for the UNDP`s Multi-Donor Trust Fund Office, told MediaGlobal, `This is a very, very unique decision. No oil-producing country has ever chosen not to extract it, especially in a time of economic crisis. It`s a historic decision.`
Caribbean, Latin America Business In Brief
August 23, 2010
CaribWorldNews, NEW YORK, NY, Fri. Aug. 20, 2010: The Jamaican economy has been deeply impacted by the global crisis and Real Gross Domestic Product is projected to fall by 3.5 percent in FY 2009/10.That`s according to a recent assessment by the Executive Board of the International Monetary Fund. The board said tourism on the island has also been negatively affected, although it has proven to be far more resilient than in the rest of the Caribbean. However, inflation fell steadily from 26.5 percent in August 2008 to 9 percent in November 2009, reflecting weak domestic demand and a decline in global commodity prices from their mid-2008 peaks. The external current account deficit, according to the IMF, is expected to narrow from 18 percent of GDP to 9.5 percent, as the contraction in imports exceeds, by far, that of exports.Directors are recommending that Jamaican authorities implement more sustainable public employment reforms, with a view to securing fiscal savings over the long term, limit foreign exchange intervention to smooth excessive volatility and address longstanding institutional weaknesses through structural reforms. Meanwhile, they welcomed recent steps to divest Air Jamaica and encouraged the Bruce Golding administration to make further efforts to successfully conclude ongoing discussions with a foreign airline.JETBLUE BRINGS BACK `ALL YOU CAN JET` PASSJetBlue is bringing back its popular All-You-Can-Jet pass, which allows anyone to travel to an unlimited number of cities over a one-month period. It`s a chance for the airline to fill empty seats during a slow time of year and to create the same buzz it generated last year when it launched the promotion for the first time. And for consumers with wanderlust, stamina, $700, or a combination of all three, it`s a continual ticket to any destination in the United States and Caribbean for 30 days. The pass is valid for flights between Sept. 7 and Oct. 6.TOP GLOBAL AIRLINEThe two biggest carriers in Latin America are merging in what analysts say would `create a regional airline giant that rivals some of the top global carriers.`In 2009, Chile-based LAN and Brazil-based TAM had combined 2009 revenues of $8.5 billion, though each would continue to operate as separate brands under a single parent company, the Financial Times reports. The transaction may generate about $400 million in annual savings, the airlines said. They will provide service to 115 destinations in 23 countries and will have 200 aircraft scheduled for future delivery.LATIN AMERICAN STOCKSLatin American stocks fell Thursday, dragged down by a retreat in shares of Brazil`s state-run oil firm Petrobras while shares in Chile firmed after data showed surprisingly strong economic growth.The MSCI Latin American stock index .MILA00000PUS lost ground for the first time in five sessions, falling 0.36 percent. Brazil`s Bovespa index .BVSP slipped 0.55 percent.
Island unfazed by Obama visit – Boston Globe
August 19, 2010
Island unfazed by Obama visit Boston Globe Mark Wahlberg is having another go with the porn business. The Dorchester-bred star of Paul Thomas Anderson's 1997 movie “Boogie Nights,'' Wahlberg is ... |
Baby slapping aboard flight sets off debate – Salon
August 18, 2010
 CNN International | Baby slapping aboard flight sets off debate Salon "We live in such a 'mind your own business' and 'I'll sue you for getting involved' society that I feel we're afraid to stand up sometimes for the right ... Note to media: Time to retire the M-word |
Pinera’s $1 Billion Loss Is Gain for Cueto Family in Lan-Tam Airline Deal – Bloomberg
August 17, 2010
Pinera's $1 Billion Loss Is Gain for Cueto Family in Lan-Tam Airline Deal Bloomberg “I said you have to buy the same amount as them,” said Rafael Alonso, senior vice president of Latin America and the Caribbean region for Airbus. ... |
New York mayor to host West Indians at Gracie Mansion – Caribbean Net News
August 6, 2010
New York mayor to host West Indians at Gracie Mansion Caribbean Net News ... medical missions, trade and the transfer of skills and other resources, Labor Day presents an opportunity for Caribbean tourist boards, investment banks ... |
Slow recovery takes a toll on small businesses – Chicago Tribune
August 1, 2010
Slow recovery takes a toll on small businesses Chicago Tribune A survey of 400 small-business owners released last week said economic uncertainty is the main challenge for 73 percent of businesses owners, followed by a ... |
Mark Hemingway: Congressmen like Rangel are subject to a different standard – Washington Examiner
July 25, 2010
Mark Hemingway: Congressmen like Rangel are subject to a different standard Washington Examiner August 2008: The New York Post reports that Rangel's tax filings showed no income on his Caribbean villa, even though it was being rented out. ... |
Louisiana biologist sees future in shrimp crawfish – The Associated Press
July 19, 2010
Louisiana biologist sees future in shrimp crawfish The Associated Press "We strictly go to the domestic out-of-state and into Canada, Alaska, the Caribbean," he said. "The product seems to keep growing each year even though we ... |
