Caribbean Banking – Island Crisis http://islandcrisis.net/ Wed, 21 Apr 2021 03:28:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 https://islandcrisis.net/wp-content/uploads/2021/04/default1-150x150.png Caribbean Banking – Island Crisis http://islandcrisis.net/ 32 32 FinTech and the Securities Market | Local company https://islandcrisis.net/fintech-and-the-securities-market-local-company/ https://islandcrisis.net/fintech-and-the-securities-market-local-company/#respond Wed, 21 Apr 2021 00:18:00 +0000 https://islandcrisis.net/fintech-and-the-securities-market-local-company/ Trinidad and Tobago Securities Commission AS THE regulator of the securities industry, the Trinidad and Tobago Securities Commission (TTSEC) is responsible for monitoring the sector, understanding its development potential and encouraging innovation to foster this development. This week’s article will highlight some leading fintech products typically used in the securities market. Internationally, innovative products, known […]]]>


Trinidad and Tobago Securities Commission

AS THE regulator of the securities industry, the Trinidad and Tobago Securities Commission (TTSEC) is responsible for monitoring the sector, understanding its development potential and encouraging innovation to foster this development. This week’s article will highlight some leading fintech products typically used in the securities market.

Internationally, innovative products, known as financial technologies or “Fintech”, are increasingly present. From robo-advisers to crowdfunding platforms, technological developments are changing the financial services industry. These changes create both opportunities and challenges for entrepreneurs, consumers and regulators. The term “financial technology” is used to describe new technologies that aim to improve and automate the delivery and use of financial services. It is often seen today as the new marriage of financial services and information technology. The advent of Fintech requires TTSEC to understand how to best apply current rules, principles and practices to innovative financial technologies and non-traditional business models.

This Fintech evolution takes place in the context of various global trends including:

1) Growth in computing power – The growth in computing power can be observed as follows:

a. lower costs for data storage, processing and collection;

b. the exponential increase in accessible data and data sources;

vs. the emergence of infrastructures and platforms where data can be shared; and

re. the number of applications under development that contribute to the emergence and growth of the various categories of FinTech.

2) Wider accessibility – The Internet has facilitated global connectivity and greater access to products and services.

3) Increased disintermediation and reintermediation – Innovative fintech business models are disintermediating and reintermediating certain regulated activities. For example, some international fintech platforms provide intermediation services for stock placements, leading to the disintermediation of exchanges and underwriters.

Innovative Fintech companies are already offering competing products and services in many key business areas of traditional intermediaries, including payments, wealth management, investment banking, retail banking, lending and banking functions. Treasury. In addition, there are potentially even more innovative business models to come, such as artificial intelligence-based research, investment and trading (which use online platforms) and decentralized and borderless registries combined. self-executing contracts. Here are some fintech products / services commonly seen in the securities market:

1) Funding Platforms – This includes Peer-to-Peer Lending (P2P) and Equity Crowdfunding (ECF). These alternative funding platforms bring together businesses and individuals seeking capital with others who have money to lend, invest, or give. P2P lending is a business model that in many cases allows investors, alone or with others, to provide financing to borrowers. Lenders / investors can earn monthly interest in addition to principal repayments. ECF is a business model that allows individuals to invest in a business, typically a start-up or start-up business, in exchange for shares in that business.

2) Retail and Investment Platforms – A review of technology-based retail and investing shows a growing variety of not only online trading and investing platforms, but also technologies that support the decision-making of retail investors on these platforms. This includes comparison websites, financial aggregator platforms, and robo-advisers. Comparison websites allow investors to compare the price and features of banking, insurance and investment products before buying or investing. Financial aggregator platforms give investors an overview and therefore better control of their spending. Robo-advisers aim to change the economics and scalability of providing advice, including to traditionally underserved segments. From a business perspective, financial institutions incur lower costs when providing advice through automated tools because these tools require fewer people to be employed. Additionally, financial institutions offering robotics advice are able to access a wider range of clients who might opt ​​to use online channels rather than face-to-face interaction.

3) Distributed Ledger Technologies (DLT) – This includes the application of blockchain technology and shared ledgers to securities markets. A distributed ledger is a consensus of replicated, shared and synchronized digital data geographically spread across multiple sites, countries and / or institutions. Distributed Ledger Technologies (DLT) are technologies used to implement distributed ledgers.

The ubiquitous nature of Fintech and other digital innovations in the financial sector have the potential to transform the securities industry in Trinidad and Tobago and enhance our global attractiveness for investment potential. This transformation can improve market efficiency while reducing transaction costs and encouraging the growth of the local securities industry. Although such opportunities exist, innovation without appropriate institutional guarantees can present serious risks to investors and have a negative impact on the stability of financial markets.

TTSEC’s approach

TTSEC intends to create a long-term, holistic approach to drive innovation and growth in Trinidad and Tobago’s securities industry, while ensuring strong investor protection, market integrity and security. financial solidity. As a result, TTSEC has developed an internal policy position on Fintech which is based on four fundamental pillars: stakeholder collaboration, knowledge, regulatory oversight and safety, as illustrated in Diagram 1.

Accessible on TTSEC’s Investor Education (IE) website, www.investucatett.com, is a fintech pledge, where investors and individuals can learn about financial technologies and understand how they work. : https://investucatett.com/caribbean -fintech-gage-initiative /.

For more information on the securities market, visit our website at www.ttsec.org or on the IE website and follow us on Facebook; Twitter; Instagram and YouTube.



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Chambers of Commerce Campaign to End Covid in the Region Call to Action | Local company https://islandcrisis.net/chambers-of-commerce-campaign-to-end-covid-in-the-region-call-to-action-local-company/ https://islandcrisis.net/chambers-of-commerce-campaign-to-end-covid-in-the-region-call-to-action-local-company/#respond Wed, 21 Apr 2021 00:15:00 +0000 https://islandcrisis.net/chambers-of-commerce-campaign-to-end-covid-in-the-region-call-to-action-local-company/ Call to Action: The ICC Campaign to End the Caribbean Pandemic COVID-19 has worsened an already difficult economic climate in Trinidad and Tobago and other countries in the region, many of which depend on tourism and related products. The declaration of a pandemic has almost paralyzed certain sectors, and even prompted a number of companies […]]]>


Call to Action: The ICC Campaign to End the Caribbean Pandemic

COVID-19 has worsened an already difficult economic climate in Trinidad and Tobago and other countries in the region, many of which depend on tourism and related products. The declaration of a pandemic has almost paralyzed certain sectors, and even prompted a number of companies to retreat. The private sector in the region therefore has a vested interest in all measures aimed at pulling our countries out of the pandemic and aligning with global efforts.

On April 28, 2021, the Trinidad and Tobago Chamber of Industry and Commerce, along with the Caribbean Chambers of Commerce (CARICHAM) and the Caricom Private Sector Organization (CPSO) will join the Chamber International Trade Council (ICC) for a regional webinar “Call to Action: The ICC Campaign to End the Caribbean Pandemic”. The T&T Chamber has been a member of the ICC for over two decades and is committed to achieving its overarching goals.

The ICC campaign is a global initiative executed through its national committees that seeks to advance measures to accelerate the exit from the crisis. According to the ICC, “… a growing body of evidence shows the critical role companies will need to play in addressing public concern about new vaccines, particularly as a reliable provider of information, advice and guidance. practical solutions. ”

The current pandemic is undoubtedly unprecedented in the Caribbean. No pandemic has been declared in the living memory of any of the current leaders. Moreover, where national disaster plans existed, it is unlikely that a global pandemic and its consequences would have been taken into account. The economies of the Caribbean have had to withstand several shocks over the past decade, whether due to declining tourism, falling oil prices or extreme natural events. However, typical resilience has been a bad match for Covid-19. And the longer the pandemic persists, the more at risk these islands are. As governments strive to strike a balance between lives and livelihoods, one inescapable fact remains: the rate of economic recovery will be dictated by how effectively the virus is brought under control.

In its February 2021 CCI Global Vaccine Campaign – End the Global Pandemic, the CCI notes that “… studies have shown that effective testing and verification systems have significant untapped potential for restore economic activity and global mobility. ”

He goes on to say that demand for vaccines is likely to exceed supplies for months to come “- and with the virus spreading faster than ever – it will be vital for governments to use all available tools to reduce transmission. virus. “

The campaign is supported by the ICC’s access to the Covid-19 (or ACT Accelerator) tools, which was launched on April 24, 2020. This aims to accelerate the development of tests, treatments and vaccines, and to ensure fair access to Covid-19 tools around the world. This was made possible with the support of a global coalition of public, private and multilateral donors.

The April 28 session aims to start the conversation on the role of the private sector in immunization deployment. The meeting will be moderated by the current President of CARICHAM and CIC Secretary General John WH Denton, AO, will deliver opening remarks. Secretary General Denton is a global business leader and international policy advisor, as well as a legal expert on international trade and investment. Currently, he is also a board member of the United Nations Global Compact and co-chair of the B20 working group on finance and infrastructure. A former diplomat, he was appointed an Officer of the Order of Australia for his service to business, the arts and refugee rights, including as founder of Human Rights Watch (Australia) and Teach for Australia.

Because of the importance of this discussion to the region, we invite businesses across the Caribbean to join the 90-minute Zoom webinar as we begin to chart the way out of Covid-19. The discussion will review and advocate for the adoption of the ICC Roadmap for Action. The roadmap is contextual in terms of five major downside risks. These include: Banking on vaccines as a quick fix; Vaccine nationalism; Production disruptions; Frictions related to trade logistics; and reluctance to vaccines.

As a responsible national business organization and member of the ICC, the T&T Chamber believes that the private sector has a key role to play in ensuring effective deployment of vaccinations to the population. This can be seen as a key part of the global cooperation needed to contain the pandemic and bring the region back to economic stability.

John WH Denton is the Secretary General of the International Chamber of Commerce.

The webinar is available free of charge to members of the T&T Chamber and representatives of businesses across the Caribbean. Join us on April 28, 2021 from 10 a.m. to 11:30 a.m. via Zoom to be part of this critical discussion.

For more information about this session, send an email to Chamber@chamber.org.tt.



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COVID-19 cost more in 2020 than combined natural disasters around the world over the past 20 years – Caribbean Business https://islandcrisis.net/covid-19-cost-more-in-2020-than-combined-natural-disasters-around-the-world-over-the-past-20-years-caribbean-business/ https://islandcrisis.net/covid-19-cost-more-in-2020-than-combined-natural-disasters-around-the-world-over-the-past-20-years-caribbean-business/#respond Tue, 20 Apr 2021 21:10:25 +0000 https://islandcrisis.net/covid-19-cost-more-in-2020-than-combined-natural-disasters-around-the-world-over-the-past-20-years-caribbean-business/ Ilan Noy, Te Herenga Waka – Victoria University of Wellington and Nguyen Doan, Te Herenga Waka – Victoria University of Wellington What have we lost due to the pandemic? By our calculations, many – and many of the worst affected countries and regions fall short of global media attention. Typically, the damage caused by a […]]]>


Ilan Noy, Te Herenga Waka – Victoria University of Wellington and Nguyen Doan, Te Herenga Waka – Victoria University of Wellington

What have we lost due to the pandemic? By our calculations, many – and many of the worst affected countries and regions fall short of global media attention.

Typically, the damage caused by a disaster is measured in separate categories: the number of deaths and injuries it caused and the financial damage it caused (directly or indirectly).

Only by bringing these various measures together into an aggregate total can we begin to paint a more complete picture of the burden of disasters, including pandemics.

The usual approach has been to attach a price tag to death and illness. Many governments calculate this “value of statistical life”.

They do this on the basis of surveys asking people how much they are willing to pay to reduce certain risks (for example, improving a road they often take), or by calculating the additional compensation people ask for when they occupy. high-risk jobs (for example, as a diver on an oil rig).

By observing the amount of money people associate with small changes in mortality risk, one can then calculate the overall price of a “statistical life” as valued by the average person.

By adding the monetary value of property damage to the “priced” value of life lost (or injured), the overall cost of an adverse event (such as an earthquake or epidemic) can be calculated.

Calculation of “ years of life lost ”

But the prices of the “value of life” can vary considerably from country to country and even within the same country. There is also an understandable public distaste for putting a price tag on human life. Governments generally do not openly discuss these calculations, making it difficult to assess their legitimacy.

An alternative is an “index of years of life lost”. It is based on the World Health Organization (WHO) measure of “disability-corrected life years” (DALY), calculated for a long list of diseases and published in an annual account of associated human costs.


Learn more: How would digital passports for COVID vaccines work? And what’s stopping people from faking them?


In conventional measures of the impact of disaster risk, the unit used is the dollar. For this alternative index, the unit of measure is “years of life lost” – the loss of the equivalent of one year of full health.

This is a sum of three key measures of the impact of the pandemic: the years of life lost due to death and illness due to disease, and the equivalent years lost due to the decline in activity. economic. The map below shows these figures per person, in order to allow a relevant comparison between countries.



For example, on the map above, we see that Australia has a years of life lost figure of 0.02. This means that on average, every person in Australia has lost just over seven days of life to the pandemic. In New Zealand, where fewer people have died and there have only been a few thousand cases, the figure is 0.01, meaning each person lost less than four days of life.

In India, on the other hand, the average person lost almost 15 days and in Peru the equivalent figure is 25 days. This loss is based on a combination of the precipitous recession and the deaths and illnesses caused directly by the virus.

So how do you put this in context? Is the 25-day loss a catastrophic loss that justifies the kind of public action we have seen around the world? We can answer this question by comparing the impact of COVID-19 to other disasters.


Learn more: COVID lockdowns have human costs as well as benefits. It’s time to consider both


The price of a pandemic

When we compare the total global costs of the COVID-19 pandemic in 2020 with the average annual costs associated with all other disasters over the past 20 years, we find that the pandemic has indeed been extremely costly (in terms of years of life lost).

And this despite the last two decades having seen many catastrophic events: horrific tsunamis in Indonesia (2004) and Japan (2011), very damaging hurricanes in the United States (2005 and 2017), cyclone with high mortality in Myanmar (2008) , deadly earthquakes in India (2001), Pakistan (2005), China (2008), Haiti (2010) and Nepal (2015), and others.

The graph below shows the years of life lost in 2020 by continent, per person, from COVID-19 compared to the average annual cost of all other disasters 2000-2019. As we can see, the costs of the pandemic are much higher – more than three times higher in Asia and more than 30 times higher in Europe.



The most vulnerable countries have been small open economies like Fiji, Maldives and Belize, which depend heavily on the export of services, especially tourism.

These are not necessarily countries that have seen a high number of deaths from the pandemic, but their overall loss is staggering.

More generally, the per capita loss associated with COVID-19 is particularly high in most countries in Latin America, southern Africa, southern Europe, India and some Pacific islands. This is in stark contrast to where global media attention has been directed (US, UK and EU).

Costs will continue to rise

These measures are only for 2020. Clearly, the pandemic continues to rage and will most likely continue to impact the global economy until 2022. Many of the negative economic impacts will still be felt for years to come.

Worryingly, some of the countries that have already suffered the greatest economic impact have also been slow to obtain sufficient doses of the vaccine for their populations. They may well see their economic downturns continue into the next year, especially with larger, richer countries having the resources to buy vaccines first.

Much of the public and media attention has focused on the death toll and the immediate economic impact of COVID-19. But the human and social costs associated with this economic loss are potentially much greater, especially in the poorest countries.


Read more: Global obsession with economic growth will increase risk of deadly pandemics in the future


The heavy burden borne by many small countries has to some extent been overlooked. Countries like Lebanon and the Maldives are experiencing dramatic and painful crises, largely under the radar of global attention.

However, our conclusion that the human cost of economic loss is likely much greater than the cost associated with loss of health does not imply that public policies such as lockdowns, border restrictions and quarantines have been unwarranted. .

On the contrary, countries that have experienced a deeper health crisis have also experienced a deeper economic crisis. There has been no effective trade-off between saving lives and saving livelihoods.


This story is part of a series The Conversation works on the link between disaster, disadvantage and resilience. You can read the rest of the stories here.

Ilan Noy, Chair of the Economics of Disasters and Climate Change, Te Herenga Waka – Victoria University of Wellington and Nguyen Doan, doctoral student in economics, Te Herenga Waka – Victoria University of Wellington

This article is republished from The Conversation under a Creative Commons license. Read the original article.



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Place for private sector investment in strengthening the region’s resilience https://islandcrisis.net/place-for-private-sector-investment-in-strengthening-the-regions-resilience/ https://islandcrisis.net/place-for-private-sector-investment-in-strengthening-the-regions-resilience/#respond Tue, 20 Apr 2021 18:30:52 +0000 https://islandcrisis.net/place-for-private-sector-investment-in-strengthening-the-regions-resilience/ The Natural Disaster Clauses and the Growth and Resilience Bonds are two of the proposals the Caribbean Community (CARICOM) is called upon to consider as leaders in the region seek to build resilience to natural disasters. The CARICOM Commission Report on the Economy highlights the need for the region to accelerate private sector investments in […]]]>


The Natural Disaster Clauses and the Growth and Resilience Bonds are two of the proposals the Caribbean Community (CARICOM) is called upon to consider as leaders in the region seek to build resilience to natural disasters.

The CARICOM Commission Report on the Economy highlights the need for the region to accelerate private sector investments in resilience by creating new demands on households and enabling the issuance of a new asset class to ‘bonds that would finance it.

Speaking on this recommendation at a recent online discussion forum hosted by the UWI Cave Hill Campus and the Sagicor Cave Hill School of Business and Management, CARICOM Economics Commission Chair Avinash Persaud , said this was essential to safeguard the region’s gross domestic product (GDP) during such disasters.

Recalling the massive loss of GDP in several islands due to hurricanes over the years, Persaud said it was proposed that every debt accepted by the public and private sectors contain natural disaster clauses.

“What they do is make sure that when you have a natural disaster of a certain magnitude, automatically without you having to ask, that two years of interest payment and debt repayment move. at the end of the loan agreement. So you have two years of free interest and principal repayments to essentially give you space to deal with the crisis, ”Persaud explained.

As part of its debt restructuring two years ago, Barbados included a natural disaster clause in the restructuring deal with bondholders, currently making the island the largest sovereign debt issuer with such clause.

This is expected to free up some 7% of GDP if the island were to face a natural disaster and need to suspend debt repayment.

Persaud said that effort was still underway as Barbados sought to include it in all debt contracts around the world.

He said that with climate change being an uninsurable event, it was essential for the region to build more resiliently, adding that this didn’t always mean building more expensive but building smarter.

It is for this reason that the CARICOM Economics Commission proposes to focus on accelerating private sector investments in building resilience.

“The commission estimates that for this amount of buildings, we need a minimum of 20 billion US dollars. Governments cannot afford it.
We are the most indebted region in the world, ”said Persaud.

“For example, let’s say we support all utilities, so when a hurricane hits we don’t need to spend a lot of the GDP to rewire the country. Grounding is really expensive, but maybe if we support the electric cables with the telephone cables, separately next to in parallel conduits, water, gas and all these other things and rebuilding the gas in same time, maybe we can make it cheaper, save cost.

Therefore, the private sector will be ready to invest in this area and get a return, and this is how we can spend maybe US $ 20 billion, making us the first climate resilient region in the world ”, he explained.

On Growth and Resilience Bonds, Persaud said it was high time the region’s more than US $ 50 billion banking system was leveraged to help build resilience.

“We are trying to plan for a new asset class, the first in the world, called Growth and Resilience Bonds. These Growth and Resilience Bonds will be fund managers who will sign up to invest only in things that will advance resilience and we will have independent assessors to determine if this is truly sustainable and resilient and they will sign up to do so. and we, as savers, can put our money into those funds, ”he explained.

“Fund managers will find good investment opportunities that undermine resilience, put their money to work and we will get more than what we are currently getting in the banking industry because of the returns to be made from building resilience, which either returns over cost savings or returns by generating more income, ”he added.

He further stressed that the plan was to ensure that funds from bonds issued were spent only on approved projects that make the region more resilient to climate change and other natural disasters.

Persaud suggested that a rating agency could be created to assess the sustainability of projects, adding that this would allow fund managers to invest in projects with a certain rating, which could attract new investment.

It is also proposed that the CARICOM Public Procurement Law be put in place as a matter of urgency to enable a Member State to open competitive bidding to businesses across the region.

“We also need to make sure that the private sector doesn’t have to live on good government contracts. So we need to minimize some of these government contracts, minimize the rate of return, and thus push the private sector to focus again on making money by being competitive rather than putting pressure on governments ”, Persaud added. (MM)

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Aruba turns to long-down oil refinery as drop in tourism weighs on economy https://islandcrisis.net/aruba-turns-to-long-down-oil-refinery-as-drop-in-tourism-weighs-on-economy/ https://islandcrisis.net/aruba-turns-to-long-down-oil-refinery-as-drop-in-tourism-weighs-on-economy/#respond Mon, 19 Apr 2021 20:19:00 +0000 https://islandcrisis.net/aruba-turns-to-long-down-oil-refinery-as-drop-in-tourism-weighs-on-economy/ A collapse in tourism due to the coronavirus pandemic has sent Aruba to one of the world’s biggest economic contractions, prompting the island to try to diversify beyond its image of sun and sand, including restarting a long-failed oil refinery. Aid from the Netherlands helped the Caribbean island fund a stimulus package, mitigating the impact […]]]>


A collapse in tourism due to the coronavirus pandemic has sent Aruba to one of the world’s biggest economic contractions, prompting the island to try to diversify beyond its image of sun and sand, including restarting a long-failed oil refinery.

Aid from the Netherlands helped the Caribbean island fund a stimulus package, mitigating the impact of the economy’s 25.5% contraction on workers and businesses in 2020. This slowdown did not was behind only Libya, Maldives and Venezuela, according to data from the International Monetary Fund (IMF).

But these subsidies led to an increase in Aruba’s budget deficit to 17% of gross domestic product (GDP), according to the IMF, prompting some experts and residents to argue that the island should diversify its economy to ensure that the government can balance its budget without the Dutch. assistance.

The 67% drop in tourist arrivals has been devastating for small businesses like Aruba Bob Snorkeling, which used to run multiple tours a day before the COVID-19 pandemic hit.

“When COVID happened, they broke down to once a day, once or twice a week, and then to nothing at all,” said instructor and co-owner Jesus Maduro, 30, while sipping coffee in shadow of solar panels. in the tree-lined backyard of the company.

But the company maintained rent and electricity payments with quarterly government grants of 4,000 guilders ($ 2,247.19). These payments have kept business closures below 2019 levels, said Martijn Balkestein, executive director of the Aruban Chamber of Commerce.

As the constituent country of the Kingdom of the Netherlands, Aruba receives assistance from Amsterdam. The Netherlands has agreed to cover Aruba’s financing needs during the pandemic subject to economic reforms, such as public sector wage cuts implemented last year. But Dutch officials said they ultimately expected Aruba, along with the other Caribbean islands, Curaçao and Sint Maarten – which are part of the Kingdom of the Netherlands but have autonomy in matters of internal affairs – be autonomous.

Fitch Ratings rates the island’s debt at BB, under the investment category. Aruba issued in 2012 a bond of $ 253 million with a yield of 4.625% maturing in 2023.

TALK ABOUT THE REOPENING OF THE REFINERY

After closing its borders in March 2020, the island reopened to tourism last June for visitors who test negative for the coronavirus. The country has reported 10,324 COVID-19 cases and 92 deaths.

But the local business community is not banking on an immediate rebound in tourism to restore public finances. The Aruban Hotels and Tourism Association predicts that hotel occupancy rates will remain below half of capacity in 2021.

“The pandemic is making it very clear to everyone who lives in Aruba that we cannot rely on just one pillar,” Balkestein said.

To this end, the authorities are in talks with a US company seeking to build a liquefied natural gas import terminal on the site of an oil refinery that has been down since 2012. Another company is seeking to restart the plant. -even.

In 2012, the former refinery operator, US company Valero Energy Corp (VLO.N), abandoned it due to low profits.

Still, some residents are hoping its rebirth could change the fortunes of San Nicolas, the dilapidated refinery town on the southeastern tip of Aruba, a half-hour drive from the glittering beachfront hotels and casinos dotting the area. west coast of the island, whose largely empty frescoed streets are lined with shuttered dive bars.

“You can see, it’s a ghost town,” said Kendrick Kock, a cellphone repair shop owner who saw sales drop 50% last year, prompting him to lay off its two employees. “If they don’t open the refinery soon, that would be the closed case for San Nicolas.”

(1 USD = 1.7800 guilders)

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Bank Nova Scotia Halifax Pfd 3 – Consensus indicates potential rise of 15.6% https://islandcrisis.net/bank-nova-scotia-halifax-pfd-3-consensus-indicates-potential-rise-of-15-6/ https://islandcrisis.net/bank-nova-scotia-halifax-pfd-3-consensus-indicates-potential-rise-of-15-6/#respond Mon, 19 Apr 2021 10:21:59 +0000 https://islandcrisis.net/bank-nova-scotia-halifax-pfd-3-consensus-indicates-potential-rise-of-15-6/ Bank Nova Scotia Halifax Pfd 3 with mnemonic code (BNS) now have 4 total analysts covering the stock. The consensus rating is “Buy”. The range between the high target price and the low target price is between 74.01 and 69.67 for the calculation of the average target price that we have 71.51. Now, with the […]]]>


Bank Nova Scotia Halifax Pfd 3 with mnemonic code (BNS) now have 4 total analysts covering the stock. The consensus rating is “Buy”. The range between the high target price and the low target price is between 74.01 and 69.67 for the calculation of the average target price that we have 71.51. Now, with the previous closing price of 61.85, that would imply a potential upside of 15.6%. The 50 day moving average is now at 61.12 and the 200 moving average is now at 51.87. The company’s market capitalization is $ 74,981 million. Company website: http://www.scotiabank.com

The Bank of Nova Scotia offers a variety of banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America and abroad. It operates in the Canadian banking, international banking, global banking and markets, and global wealth management industries. The company offers financial advice and solutions, as well as day-to-day banking products, including debit and credit cards, chequing and savings accounts, investments, mortgages, loans and insurance. to individuals; and business banking solutions comprising lending, depository, cash management and trade finance solutions to small businesses and commercial customers, including auto finance solutions to dealers and their customers. It also provides wealth management advice and solutions, including online brokerage, mobile investing, full-service brokerage, trust, private banking and private investment advisory services; and retail mutual funds, exchange-traded funds, liquid hedge funds and institutional funds. In addition, the company provides international banking services to individuals, businesses and commercial customers; and lending and transaction services, investment banking advice and access to corporate capital markets. In addition, it provides Internet, mobile and telephone banking services. The company operates a network of 952 branches and approximately 3,540 ATMs in Canada; and approximately 1,400 branches, 5,200 ATMs and 22 contact centers around the world. The Bank of Nova Scotia was founded in 1832 and is headquartered in Halifax, Canada.



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NCB Cap Markets Stratus Alternative Launches TRIP Fund https://islandcrisis.net/ncb-cap-markets-stratus-alternative-launches-trip-fund/ https://islandcrisis.net/ncb-cap-markets-stratus-alternative-launches-trip-fund/#respond Sun, 18 Apr 2021 18:05:09 +0000 https://islandcrisis.net/ncb-cap-markets-stratus-alternative-launches-trip-fund/ Stratus Alternative Funds, managed by NCB Capital Markets (NCBCM), the region’s leading investment bank, has announced the launch of its Tourism Response Impact Portfolio (TRIP) fund. The fund is designed to meet the specific needs of companies operating in the tourism sector, designing tailor-made financing solutions for different industry players. The announcement took place during […]]]>


Stratus Alternative Funds, managed by NCB Capital Markets (NCBCM), the region’s leading investment bank, has announced the launch of its Tourism Response Impact Portfolio (TRIP) fund.

The fund is designed to meet the specific needs of companies operating in the tourism sector, designing tailor-made financing solutions for different industry players. The announcement took place during the Island Finance Conference 2021 which was held virtually April 13-16, 2021.

Economic importance for the Caribbean region.

TRIP will provide tourism players with the creative financing solutions needed to reorganize and support their operations while facilitating wider investor participation in the fund.

Simone Hudson, Assistant Vice President, Alternatives and Fund Management at NCBCM, said: “Tourism is a major contributor to GDP and employment in the Caribbean region. We understand that the industry has been hit hard by the pandemic, however, as vaccine penetration increases across the world, there is certainly light at the end of the tunnel. We are committed to reaching out to our hoteliers and other tourist interests along the way and offering them tailored solutions to help them get through this lull thanks to TRIP. “

The regional travel and tourism industry, which contributes up to around 33% of GDP and over 52% of export earnings, has been hit hard by the onset of the coronavirus (COVID-19) pandemic, resulting in a 45% drop in international arrivals, billions of dollars in lost income and more than a million job losses in 2020.

TRIP is the fourth fund managed under the Stratus Alternative Funds (SCC), which offers investors a wide range of high yield, non-traditional alternative investment solutions.

Its launch takes place in the context of increased reflection on sustainable development, which was at the heart of the themes of the Island Finance Forum a few days ago.

Timar Jackson, Director of Origination and Structuring, NCB Capital Markets, notes that “Funding a Blue-Green takeover for the Caribbean will require innovation in funding structures; developing new risk assessment frameworks; and among others, the fall in the cost of funds under the financing conditions of industry players. “

With the launch of the TRIP fund, through Stratus, investors will be able to diversify their portfolios and earn higher returns than traditional wealth products such as stocks and bonds.

“Stratus Alternative Investments is transformative; it represents the future of boutique investment banking and its creation tangibly demonstrates our commitment to deepening regional financial markets, ”said Steven Gooden, CEO of NCBCM.



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Best Buy of the Day: Scotiabank | The Motley Fool Canada https://islandcrisis.net/best-buy-of-the-day-scotiabank-the-motley-fool-canada/ https://islandcrisis.net/best-buy-of-the-day-scotiabank-the-motley-fool-canada/#respond Sun, 18 Apr 2021 17:02:15 +0000 https://islandcrisis.net/best-buy-of-the-day-scotiabank-the-motley-fool-canada/ Bank stocks have rebounded strongly as the vaccine rollout gains momentum in Canada. Yes, when it comes to undervalued stocks, I’m talking mostly about non-financial companies. However, I think Bank of Nova Scotia (TSX: BNS) (NYSE: BNS) is not getting the respect it deserves from the market right now, even after its strong fourth quarter […]]]>


Bank stocks have rebounded strongly as the vaccine rollout gains momentum in Canada. Yes, when it comes to undervalued stocks, I’m talking mostly about non-financial companies. However, I think Bank of Nova Scotia (TSX: BNS) (NYSE: BNS) is not getting the respect it deserves from the market right now, even after its strong fourth quarter results.

Of course, there might be some risk associated with this action compared to its peers. However, it looks like there could be a great opportunity for investors starting today.

Scotiabank international exposure is optimistic for investors

Although emerging markets are riskier than developed markets, the former is much more rewarding. Indeed, they have the capacity to generate returns above the market in the long term. Therefore, when the opportunity arises to gain access to this exposure on the cheap, investors must cash in. The Bank of Nova Scotia is Canada’s third largest bank and is a clear winner when it comes to global ambition.

Recently, the company has made various acquisitions which have helped to diversify its activities outside of Canada. Indeed, the increased presence of the lender in Mexico, the Caribbean and parts of South America, which include Chile, Peru and Colombia, is now optimistic for growing investors.

In addition, this bank has an efficient management team with great strategic foresight. I think Scotiabank remains the best option for investors today to gain exposure to the international banking services of a Canadian bank.

Scotiabank is a great income game

The company gets a return on equity of 11% and grew its profits at a compound rate of 5% between 2008 and 2020. Yes, its ROE is lower than that of other major banks in Canada. However, I believe Scotiabank’s exposure to emerging markets will continue to provide long-term growth on this metric.

Of the six major Canadian banks, this company has the most exposure to emerging markets, which are growing at an accelerating pace. Between 2018 and 2019, this company made a number of buyouts, including two large asset management companies, namely MD Management and Jarislowsky Fraser.

The company has halted some non-essential operations that have created headwinds in recent times. Therefore, these cost-cutting measures should free up capital and allow Scotiabank to focus on its most profitable businesses. Indeed, I think these changes will be very positive for the image of the company’s long-term profits.

In addition, these measures will also allow the company to finance more acquisitions and increase its dividend. At the time of writing, Scotiabank had a market cap of $ 94 billion and a valuation multiple of 14.5 times its earnings. This represents a great opportunity for investors today.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a premium Motley Fool service or advisor. We are Motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer, so we’re posting sometimes articles that may not conform to recommendations, rankings or other content.

Silly contributor Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool recommends BANK OF NOVA SCOTIA.



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The damage caused by “blacklisted” Caribbean countries https://islandcrisis.net/the-damage-caused-by-blacklisted-caribbean-countries/ https://islandcrisis.net/the-damage-caused-by-blacklisted-caribbean-countries/#respond Sat, 17 Apr 2021 20:32:22 +0000 https://islandcrisis.net/the-damage-caused-by-blacklisted-caribbean-countries/ At the end of 2017, the European Union (EU) began publishing a list of countries it said had not done enough to tackle international tax evasion and profit shifting. The list of ‘non-cooperative jurisdictions for tax purposes’ was implemented as part of the EU’s attempt to tackle tax evasion following the revelation of widespread evasion […]]]>


At the end of 2017, the European Union (EU) began publishing a list of countries it said had not done enough to tackle international tax evasion and profit shifting. The list of ‘non-cooperative jurisdictions for tax purposes’ was implemented as part of the EU’s attempt to tackle tax evasion following the revelation of widespread evasion schemes used by businesses and high net worth individuals to reduce their tax burden.

The EU’s blacklist mainly includes small economies like Palau and Samoa, although territories better known for their offshore activities, including Panama and the Cayman Islands, are on it. The list is constantly updated as countries comply with EU standards and recommendations based on three criteria: the proximity of their economies to the EU, the size of their financial sector and the quality of their governance.

Alicia Nicholls Says Blacklist Has ‘Significant Impact’ on Caribbean Economies

“There are actually two lists, the Blacklist itself and Annex II, which includes jurisdictions that do not yet comply with all international tax standards but are committed to reform,” said Alicia Nicholls, Barbados-based international trade specialist in Nearshore Americas.

Although many countries within the EU do not meet the criteria on the list, they are excluded from the design review. The list has drawn criticism for giving a laissez-passer to European territories – despite the fact that several EU member states, including Cyprus, Ireland, Luxembourg, Malta and the Netherlands, present indicators economies typical of tax havens – while being arbitrary and excessively punitive against small developing economies.

“The blacklist has a significant impact at all levels. If you produce goods or get involved in fashion or music industries, it will affect you. The list affects the economies of the Caribbean even as tourist destinations, mainly due to additional difficulties for the corresponding bank connections, ”said Deodat Maharaj, executive director of the Caribbean Export Development Agency.

Impacts of the blacklist

Several financial institutions in various Caribbean jurisdictions have lost important correspondent banking relationships, defined as bilateral agreements between banks, due to their blacklisting as non-compliant in tax matters. This trend is compounded by various factors, including the increasing pressure on banking institutions to increase their capital, streamline their business models and reassess their risk exposure. While the Caribbean region relies heavily on international trade, remittances, offshore banking, and tourism, correspondent banking relationships are a central component of their economies due to the constant need to secure fast, cross-border transactions.

Although many countries in the EU itself do not meet the criteria for the list, they are excluded from screening by design.

“We have banks that have completely cut off correspondent banking connections. It is not a great situation. This has major implications for attracting investment, ”said Nicholls.

Beyond the risks to a country’s reputation, the direct consequences of the blacklist include various sanctions imposed by EU member countries, ranging from withholding at source to a higher rate on payments received in blacklisted jurisdictions to limit the ability of these countries to access funds from international development programs and controls on transactions with the EU. The EU is also stepping up the monitoring of transactions and stepping up audits of taxpayers who benefit from listed schemes.

“Many jurisdictions are becoming less attractive to investors due to being blacklisted. And then the transactions take longer to pass; that has an impact on trade and supply chains. Considering the reputational risks arising from inclusion on such a list, it could reduce the attractiveness of a jurisdiction for investors who wish to create or have already established knowledge services businesses in that jurisdiction. This is especially true for companies established in the financial services industry and professional services firms, ”said Nicholls.

Deodat Maharaj says region’s recent economic decline is due to pandemic

Covid-19 relief has been limited

Despite the consequences of being blacklisted, recent data does not suggest a significant long-term effect on foreign direct investment in Caribbean economies. “The recent decline in investment in the region is more related to the economic effects of the Covid-19 pandemic,” Maharaj said.

However, the EU has also considered banning companies with subsidiaries based in blacklisted jurisdictions from being eligible for Covid-19 economic relief. These measures deter EU companies from investing in blacklisted countries.

There are no conclusive studies on the effects on Caribbean exports, but blacklisting could have significant effects on the long-term development plans of Caribbean countries, as many focus on development. and the export of services. “The Caribbean countries, with perhaps a few exemptions, cannot compete in the mass production of commodities. We need to focus on areas such as business outsourcing and knowledge services, as well as leveraging the ingenuity of our people, digitization and technology.

The Caribbean offshore banking sector has been hit hard by the implementation of the EU blacklist. The Cayman Islands, a British overseas territory, were listed between February and October 2020 due to the presence of investment funds that “did not reflect real economic activity”. This decision was based on the assumption that this practice could lead to the creation of investment vehicles to reduce taxes in other jurisdictions and illustrates the danger for the Caribbean economies which depend heavily on offshore banking as a main sector. economic.

“Different governments have pushed back, but we haven’t seen a change in the EU’s approach” – Deodat Maharaj

“The response from Caribbean countries has been mixed. We must respect and preserve financial relations, but our governments are also trying to engage politically with the EU, ”added Nicholls.

Many governments in the Caribbean have tried to maintain a balance. With the support of international organizations such as Oxfam International and the Tax Justice Network (TJN), the Caribbean authorities have questioned the accuracy and morality of this list. A TJN report found that countries on the European Union’s blacklist cause less than 2% of global tax losses, while EU member states generate 36%.

“Different governments have fought back, but we haven’t seen a change in the EU’s approach,” Maharaj said.

Despite some success in terms of policy and transparency, it is so far difficult to measure the overall effect of this list in the fight against international tax evasion. At the same time, the impact on the economies of the Caribbean has not yet been fully explored. For Alicia Nicholls, we “just need empirical evidence to move forward”.



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Top five conclusions from emergencies that defeated Nirav Modi’s extradition appeal to UK courts – ThePrint https://islandcrisis.net/top-five-conclusions-from-emergencies-that-defeated-nirav-modis-extradition-appeal-to-uk-courts-theprint/ https://islandcrisis.net/top-five-conclusions-from-emergencies-that-defeated-nirav-modis-extradition-appeal-to-uk-courts-theprint/#respond Sat, 17 Apr 2021 13:33:00 +0000 https://islandcrisis.net/top-five-conclusions-from-emergencies-that-defeated-nirav-modis-extradition-appeal-to-uk-courts-theprint/ Nirav Modi Image File | ANI Text size: A- A + Bombay: The approval by the government of the United Kingdom (UK) of the extradition of fugitive jeweler Nirav Modi, the main accused in more than 12,000 crore rupees to the Punjab National Bank (PNB), is seen as a bullet in the arm for investigative […]]]>


Nirav Modi Image File | ANI

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Bombay: The approval by the government of the United Kingdom (UK) of the extradition of fugitive jeweler Nirav Modi, the main accused in more than 12,000 crore rupees to the Punjab National Bank (PNB), is seen as a bullet in the arm for investigative agencies) and the Central Bureau of Investigation (CBI) – in cases brought against him and other defendants three years ago.

At least five key investigative findings have been submitted to UK courts through the Crown Prosecution Service, which has helped India respond to its extradition request for Modi which it had challenged in UK courts.

“Crucial evidence” included ED’s detection of Modi’s attempt to acquire citizenship of another country, before the scam came to light in January 2014, to evade the law, thereby establishing him as a “ risk of leakage, ” sources familiar with the investigations told ThePrint. .

In addition, the CBI had presented “voluminous oral and documentary evidence to support charges of criminal conspiracy, cheating, criminal breach of trust, criminal misconduct of officials, destruction of evidence and criminal intimidation of evidence” , said an agency source.

The two agencies have, since January 2018, provided evidence in the form of case files, testimonies and cell phone details against Modi, convincing the court and UK authorities that Modi has a case to answer in India on charges. fraud and money laundering.

UK Home Secretary Priti Patel’s approval for Modi’s extradition on Thursday came two months after the Westminster Magistrates’ Court ruling. In February, District Judge Sam Goozee said Modi had a case to answer in Indian courts and that extradition bans under UK law did not apply in his case.


Also read: Nirav Modi may be extradited to India, has a case to answer in PNB scam, finds UK court


Honorary Citizenship of Vanuatu

ED’s investigation, which began in February 2018 to examine money laundering charges, found that Modi allegedly paid for the acquisition of honorary citizenship of Vanuatu at the end of 2017, but authorities in immigration officials rejected his request after an exercise undertaken by them had yielded unfavorable results. against him.

“Vanuatu immigration authorities confirmed to ED that Nirav attempted to acquire his citizenship. He later fled India by plane on January 1, 2018, weeks before the scam was detected, and eventually traveled to the UK to go into hiding. Evidence linked to Modi’s attempt in Vanuatu helped India establish in UK courts that he was at risk of absconding, ”a source from the agency said.

ED also submitted evidence to UK courts hearing Modi’s extradition appeal showing that he allegedly held a business visa, a work visa, a Schengen visa, a residence visa from seven countries including states United Kingdom, Hong Kong, United Arab Emirates, Singapore and Canada.

ED said three Modi companies – Solar Exports, Stellar Diamonds and Diamonds R US – had secured funds worth Rs 6,498 crore, despite being ineligible, via Letters of Commitment (LoU) from the PNB branch. at Mumbai Brady House.

Like Modi, his uncle and fugitive jeweler Mehul Choksi, who is accused in the PNB fraud case, also left India in January 2018. Choksi is accused of defrauding the PNB of Rs 6,097 crore.

On January 31, 2018, the CBI had registered a case against Modi, his companies, their partners and others, including then officials of PNB, over a complaint by the bank that the defendants had hatched a criminal conspiracy between them to defraud the public sector bank. by fraudulent issuance of LoU.

“The CBI investigation showed that a few accused PNB officials, in a conspiracy with the accused companies, had fraudulently issued a large number of LoUs to foreign banks to obtain buyer’s credit in favor of the accused companies without any sanctioned limit or margin. cash flow and without making any entries into the bank’s system, ”the CBI source said.

Interpol had issued red corner notices against Modi and Choksi at India’s request. CBI and ED have accused Modi, Choksi, their accused companies and others in the case. India has also requested the extradition of Choksi, who had acquired citizenship of the Caribbean island of Antigua and Barbuda before the scam was discovered.


Also read: ‘Astonishing, extremely insensitive’ – what UK court said about Katju comparing BJP government to Hitler


“ Attempts to detain false directors ”

The Law Enforcement Branch and the CBI had also submitted to the UK courts evidence relating to Modi’s alleged use of persuasive powers and the sequestration of a few bogus directors of his shell companies overseas, for dissuade them from returning to India after the investigation began in January 2018. The LOU funds illegally drawn from the bank had been diverted to these shell companies.

ED sources said the arrest of the bogus directors could reveal secrets about one of the biggest frauds in India’s banking industry. Modi allegedly tried to convince them that they would be arrested and their property seized if they returned home. The statements of some of these directors who became witnesses were recorded by the ED investigation.

These dummy directors first met in Dubai, then flew to Cairo to be temporarily confined there against their will. The full cost, including the plane ticket, would have been borne by Modi, according to ED sources.

During the period of their forced stay, the passports of these fictitious directors were reportedly taken away. They were ultimately only allowed to return after a lot of cajoling and persuasion – and that too only two at a time and after the alleged signing of a few documents, according to ED sources.

ED’s investigation also revealed that the phones of the fictitious directors were reportedly destroyed. One of the fictitious directors, who became a witness, claimed that during his stay in Egypt he had received threats. He alleged that he was told that if he did not accept Rs 20 lakh and made a false statement to thwart the investigation, he would be killed.

“ Bank funds have been siphoned off ”

ED’s investigation also gathered evidence showing that the companies accused of Modi have allegedly siphoned off a substantial portion of the funds obtained from the bank through payments to 17 foreign shell entities in Hong Kong, Dubai and the United States since 2011 under covered in questionable exports / imports, in addition to using them to offset previous LOUs. ED’s investigation found that the directors and shareholders of the shell company were bogus directors and were employees or former employees of the Firestar group of companies, who allegedly worked on instructions from Modi and his representatives of trust.

Statements from various fictitious directors and associated persons revealed that they were mechanically transferring property and money as directed by Modi without any economic justification and logic. The ED source said: “ED discovered that the alleged embezzlement of the proceeds of crime in the amount of $ 629.21 million was attributed to several group companies, relatives and other bogus companies under their authority. control.”


Also read: A billionaire from nowhere: the over-ambitious journey of diamond tycoon Nirav Modi


‘Bank funds used to obtain assets’

The investigation also gathered evidence to establish that Modi allegedly used the proceeds of funds taken from the bank to purchase real estate assets abroad. This was done through a maze of transactions to obscure the investigation and to cover up traces of money laundering. However, the investigation obtained foreign bank accounts and financial statements from various foreign fictitious entities to track these transactions, the sources said.

Sources cited the example of real estate in the United States allegedly obtained by Modi in 2017 for $ 25 million, using bank funds. The property was purchased in the name of a trust, Ithaca Trust, using funds that ED traced that would be owned by a Dubai shell company – Fine Classic, FZE – controlled by a relative of Modi.

“Fine Classic, FZE had received funds from certain fake Nirav Modi companies, based in Dubai and Hong Kong, which were the recipients of fraudulent LOUs illegally obtained from PNB,” according to one of the ED sources.

“ Attempts to destroy the material probative value ”

The inquiries also chronicled alleged attempts by Modi and his associates to destroy evidentiary value in the case, which in turn reinforced the arguments against the accused, sources said. “After the case broke, an associate of Nirav Modi had the secure server located in the UAE destroyed. Thanks to this server, the defendants and others used to communicate secretly with their close collaborators, ”added the source.

“Printouts of some of the incriminating electronic communications from this secret server were obtained from Dubai. Apart from that, the probe could recover some bank tokens from foreign fake companies through which fraudulent funds were transferred, ”the source added.

A team, consisting of Satyabrata Kumar, joint director of ED Mumbai and a senior CBI officer, traveled to London nine times to coordinate with the CPS to lobby for Modi’s extradition.

Modi, 50, imprisoned at Wandsworth Prison in London since March 19, 2019, has 14 days to seek leave to appeal the UK Home Secretary’s order to the High Court in London.


Also read: Did not defend Nirav Modi, appeared in UK court as expert, says former HC Thipsay judge


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