Caribbean Banking – Island Crisis http://islandcrisis.net/ Wed, 21 Sep 2022 03:33:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://islandcrisis.net/wp-content/uploads/2021/04/default1-150x150.png Caribbean Banking – Island Crisis http://islandcrisis.net/ 32 32 Inter-American Development Bank chief hits out at misconduct probe https://islandcrisis.net/inter-american-development-bank-chief-hits-out-at-misconduct-probe/ Tue, 20 Sep 2022 23:26:26 +0000 https://islandcrisis.net/inter-american-development-bank-chief-hits-out-at-misconduct-probe/ The president of the Inter-American Development Bank has attacked his own institution over its investigation into allegations that he had an undisclosed relationship with a senior executive, arguing that an external report had not substantiated the “false” assertions. Mauricio Claver-Carone, a Trump-era candidate who heads Latin America’s leading development bank, told the Financial Times that […]]]>

The president of the Inter-American Development Bank has attacked his own institution over its investigation into allegations that he had an undisclosed relationship with a senior executive, arguing that an external report had not substantiated the “false” assertions.

Mauricio Claver-Carone, a Trump-era candidate who heads Latin America’s leading development bank, told the Financial Times that the IDB broke its own rules on confidentiality, privacy and privacy. due process “more than a dozen times” during the investigation.

The Washington-based institution has hired US law firm Davis Polk to investigate anonymous whistleblower allegations made against Claver-Carone and the top executive in March, which also included allegations of travel expense claims. excessive.

The report was delivered to the bank’s board this week and has not been released.

“The bottom line is that there have been over a dozen breaches of the bank’s rules of confidentiality, privacy and due process against me, and no real evidence to support any breach of my part,” Claver-Carone told the FT. “The score is 12-0 against those trying to smear me and my staff.”

In a public statement, the IDB President said he had “supported and participated in this unprecedented investigation, which, as expected, does not substantiate the false and anonymous allegations that have been made against me or the staff of the IDB. IDB in the press”.

He added: “I would welcome the opportunity to respond formally to the findings of the investigation in accordance with banking rules and international standards.

Last year, the IDB, the leading development bank for Latin America and the Caribbean, directly lent a record $13.1 billion to finance infrastructure and improve health, education and sustainability in the region as it struggles to recover from the coronavirus pandemic.

Several major Latin American countries, led by Argentina, opposed Claver-Carone’s 2020 nomination on the grounds that he was a partisan figure in his previous role as Trump’s top adviser in the region.

They also objected that he was an American candidate, when the bank had always been run by a Latin American. However, Claver-Carone largely won, with support from smaller countries in the region, particularly Central America and the Caribbean, traditionally underrepresented in the top ranks of the institution.

“Now their continued efforts [against me] is based on loosely fabricated claims that have already been dismissed,” Claver-Carone told the FT.

He also dismissed suggestions that he had not fully cooperated with the investigation: “Clearly anyone who looks at this rationally will see that I participated [in the investigation] above and beyond. My refusal to give up my constitutional rights and never tell anyone about it doesn’t make me uncooperative.

Friends of the accused senior official told the FT they believed the allegations against her were false and largely based on opportunistic testimony from her ex-husband, who they said had been discredited. “The council is waging an asymmetric war against her,” a friend said.

The law firm’s report could provide ammunition for some Latin Americans on the bank’s board that have sought to remove Claver-Carone before the end of his five-year term. It is unclear what action the council will take next.

Claver-Carone has previously said the attacks on him were unfair and motivated by his desire to reform the IDB.

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Why does Australia have a public holiday for the Queen’s funeral? https://islandcrisis.net/why-does-australia-have-a-public-holiday-for-the-queens-funeral/ Mon, 19 Sep 2022 10:35:01 +0000 https://islandcrisis.net/why-does-australia-have-a-public-holiday-for-the-queens-funeral/ Australian Prime Minister Anthony Albanese has confirmed the country will get a public holiday to mourn the death of Queen Elizabeth II. Queen Elizabeth II died Thursday, September 8 at the age of 96 at Balmoral Castle, after 70 years on the throne. The late monarch will be buried on Monday September 19 at Westminster […]]]>

Australian Prime Minister Anthony Albanese has confirmed the country will get a public holiday to mourn the death of Queen Elizabeth II.

Queen Elizabeth II died Thursday, September 8 at the age of 96 at Balmoral Castle, after 70 years on the throne.

The late monarch will be buried on Monday September 19 at Westminster Abbey, London.

His coffin was airlifted to London from Edinburgh on Tuesday (September 13) and will be carried in a ceremonial procession from Buckingham Palace to Westminster Hall on Wednesday (September 14) to begin lying in state.

Here’s everything you need to know about the Australian bank holiday to mourn the Queen.

What is the public holiday in Australia to mourn the Queen?

Australians will be given a public holiday on Thursday, September 22, after the Queen’s funeral.

It will officially be called the National Day of Mourning for Her Majesty The Queen.

Why is Australia taking a public holiday to mourn Queen Elizabeth II?

Until her death, the Queen was Australia’s head of state. The new head of state is King Charles III.

The surprise holiday was first announced by Albanese on Sunday, September 11.

He said at the time: ‘Over the coming weeks Australia will continue to commemorate our late Queen.

“I encourage all Australians, wherever you are, to take the time to pause and reflect on Her Majesty’s extraordinary life of service.”

Why does the Australian Bank Holiday take place after the Queen’s funeral?

According to the Australian broadcaster Nine Newsthe holiday is timed for the return of Albanese and Governor-General David Hurley to Australia from the UK, after attending the Queen’s funeral.

Albanese and Hurley will travel to London on Thursday September 15 and return on Wednesday September 21.

How did Australians react to the news?

Albanese faced a backlash from retail and business groups for announcing the holiday at such short notice, with many worrying about staff costs and the loss of business on the day.

But the prime minister defended the decision as “appropriate” and said: “This is the first time we have had a change of head of state.

“Australia needs it, it wants to mourn the contribution of Queen Elizabeth II. A one-time public holiday is an appropriate response.

Will Australia have the bank holiday again next year?

No, the public holiday to mourn the Queen is a one-time event and will not happen again after this year.

What other countries have declared a public holiday to mourn the Queen?

A handful of other countries where the Queen was head of state have also announced public holidays to mourn her death.

On Tuesday September 13, New Zealand Prime Minister Jacinda Ardern announced that the country will get a unique public holiday on Monday September 26, called “Queen Elizabeth II Memorial Day”.

She said a state memorial service for the late monarch will be held at Wellington Cathedral of St Paul’s in the city of Wellington on the same day.

Canada has also announced a National Day of Mourning to be held on Monday (September 19), which will be a statutory holiday.

Prime Minister Justin Trudeau said while the Canadian government is still working out “some details” with provinces and territories, “declaring an opportunity for Canadians to mourn on Monday will be important.”

Some Caribbean countries, such as Jamaica, have announced a period of mourning to mark the Queen’s death. However, only the Cayman Islands have declared Monday, September 19, the day of Her Majesty’s funeral, to be a public holiday.

According to local reports, the Turks and Caicos Islands government will decide whether a public holiday will be granted to residents in the coming days. Antigua is also reportedly considering a public holiday to mark the Queen’s passing.

Follow live updates ahead of the Queen’s funeral at Westminster here

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The Caribbean – but not as you know it https://islandcrisis.net/the-caribbean-but-not-as-you-know-it/ Sat, 17 Sep 2022 08:00:00 +0000 https://islandcrisis.net/the-caribbean-but-not-as-you-know-it/ All at sea in the BVI Clustered more closely than the Caymans, the British Virgin Islands are another good idea for vacationers who want more than a place in the sun. This “overseas territory” is a cornucopia of Caribbean life, its four main outcrops – Tortola, Anegada, Virgin Gorda and Jost Van Dyke – complemented […]]]>

All at sea in the BVI

Clustered more closely than the Caymans, the British Virgin Islands are another good idea for vacationers who want more than a place in the sun. This “overseas territory” is a cornucopia of Caribbean life, its four main outcrops – Tortola, Anegada, Virgin Gorda and Jost Van Dyke – complemented by 50 other islets and cays. Road Town – the capital, on Tortola – has a nice unavoidable charm. Mount Sage National Park, near the western end of the same island, encompasses 1,716 feet of volcanic magnificence.

How to do

Abercrombie & Kent (0330 173 4712; abercrombiekent.co.uk) offers a stylish way to tour the BVI – six-berth yacht The Moorings. A seven-night charter costs from £5,999 pp (based on six sharing – including flights, and a dedicated captain and chef).

Living life on the lee side

The easiest way to cruise the Caribbean islands is, of course, via cabin and cruise… On December 4, small ship specialist Seadream Yacht Club (00 47 6779 2585; seadream.com) will launch a six-week voyage day Leeward Islands Explorer cruise which will slip into a range of exotic ports along the line where the Caribbean Sea and the Atlantic meet. The BVI and Puerto Rico (the end of the trip) will be part of the itinerary, as will the French-Dutch island of St Martin (the starting point), the always refined St Barths and Nevis. The latter, the junior partner of the larger St. Kitts, may prove the highlight – its central peak rising visibly volcanically. From £3,170 pp (plus flights)

Windward ho with a fortnight on deck

If ‘just’ glimpsing the Leeward Islands on a Caribbean cruise sounds like an abbreviated attempt, what about a more detailed voyage that also calls into the Windward Islands? Silversea (0844 251 0837; silversea.com) offers a cruise from Bridgetown to Bridgetown scheduled for November 24 to December 5. As the title suggests, this 11-day trip will begin and end in Barbados. It will also go south to Bequia and Grenada, as well as northwest to the Virgin Islands (US and UK) and Puerto Rico. Other stops will be Antigua, lava-engulfed Montserrat (where major eruptions in 1995 and 2010 buried half the island) and the French connection to Martinique. From £5,300 pp (including flights)


Covid rules

For full details of entry requirements and Covid rules for your favorite destinations, see telegraph.co.uk/tt-travelrules. Refer to gov.uk/foreign-travel-advice for more travel information.


Have you visited any of these places in the Caribbean? Please share your experiences and tips in the comments below.

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At Pirate’s Cove fishing derby, a last-minute win for Outer Banks residents – The Virginian-Pilot https://islandcrisis.net/at-pirates-cove-fishing-derby-a-last-minute-win-for-outer-banks-residents-the-virginian-pilot/ Thu, 15 Sep 2022 18:56:01 +0000 https://islandcrisis.net/at-pirates-cove-fishing-derby-a-last-minute-win-for-outer-banks-residents-the-virginian-pilot/ Down 50 points just five minutes from the end of the Pirate’s Cove Billfish tournament, captain Charles Foreman thought his Country Girl team would have to settle for second place. With 85 boats vying for the top prize from August 15-18, it would be a very good performance, but Foreman was worried. The 60′ Blue […]]]>

Down 50 points just five minutes from the end of the Pirate’s Cove Billfish tournament, captain Charles Foreman thought his Country Girl team would have to settle for second place.

With 85 boats vying for the top prize from August 15-18, it would be a very good performance, but Foreman was worried. The 60′ Blue Sky and the 58′ Right Hook were only 50 points behind his team and if they brought a door-to-door, Country Girl would drop to third.

“Honestly, I was just watching the clock, hoping it would miss for second place,” he said. “Afraid someone might beat us to second place.”

It was only minutes before 3 p.m. when the tournament ended and his mate Lee Collins said he would go prospecting – putting bait on the side of the boat and reeling it in, hoping to attempt a doorstep. -sword with an easy snack.

“He did it about three or four times. The third or fourth time he did it, a sailboat came after him,” he said.

At 2:55 p.m. the sailboat was on Jeff Campbell’s line. There was no time to waste, no time to do anything but bring it back, register the hold and release it.

At 2:59 a.m., with a minute to spare, the sailboat was on deck, taped and released – a 100-point catch that edged Bill Collector for top spot in the leaderboard.

“Nothing like this has happened to me before,” Foreman said. “It was pretty wild.”

It wasn’t just Campbell’s last-minute heroics that marked the day. The Country Girl team entered the day far down in the standings. Foreman’s wife Meredith caught and released a sailfish and teammate Weyman Chapman released a blue marlin. This gave Country Girl 350 points, but the next two days they caught nothing.

Wayne Camden got the team back on a winning streak early on the final day, catching and releasing a blue marlin at 8:52 a.m. It was the first blue marlin he had ever landed and he later paid off with a traditional dive when the boat returned to the dock.

An hour and 15 minutes later, Meredith snagged a sailboat and Country Girl was in second place, just 50 points behind Bill Collector. Then nothing until the last five minutes of the tournament.

According to published reports, what might be the most notable ingredient in Country Girl’s victory is that Captain Foreman used his knowledge of local waters to put Country Girl where she needed to be. He didn’t use any of the many devices that can help a captain see underwater.

But Foreman, who started fishing the Outer Banks with his father and grandfather, got the boat where it needed to be. The boat itself is part of the family’s sport fishing heritage in local waters. Country Girl is a 57′ Buddy Cannady design built in 1990.

“Charles grew up in the industry,” Meredith Foreman said. “His grandfather built the boat. He built it for his father.

Country Girl’s winning score of 800 is a low score for a winning team. Tournament Director Heather Maxwell says the past few years haven’t seen many billfish and this year was no exception.

“It has been a bad year for fishing everywhere. It was a very slow year for us,” she said.

The Pirates Cove Bill Fishing Tournament concludes the Outer Banks Bill Fishing Tournament season for the year, although bill fishing traditionally remains strong in the Gulf Stream through September.

But for most of the 85 boats and their crew, the international waters of the Caribbean are their destination.

Over $1 million in prizes were awarded this year for the Pirates Cove Bill Fishing Tournament. Taking home $370,438 as top boat as well as cash prizes for top points on the final day, Country Girl was the big winner.

But as important as the prize money might be, there was also the knowledge that Captain Foreman, who grew up on the Outer Banks and went to school in Manteo – and married his high school sweetheart – won the tournament trophy against a national field of competitors.

“For him to be the hometown guy and win is really, really special,” Meredith said.

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Capacity of Latin American and Caribbean cats crushes fear as sector faces impact of drought in Brazil | New https://islandcrisis.net/capacity-of-latin-american-and-caribbean-cats-crushes-fear-as-sector-faces-impact-of-drought-in-brazil-new/ Tue, 13 Sep 2022 00:08:04 +0000 https://islandcrisis.net/capacity-of-latin-american-and-caribbean-cats-crushes-fear-as-sector-faces-impact-of-drought-in-brazil-new/ The tightening of Cat hedging seen in mid-2022 will continue Brokers prepare clients for rate hikes and tougher T&Cs Reinsurers have withdrawn from the region or withdrawn entirely Capacity for Caribbean cats already tight with hurricane crisis fears Prices in Colombia to pick up after falling behind Chile and Peru […]]]>

  • The tightening of Cat hedging seen in mid-2022 will continue
  • Brokers prepare clients for rate hikes and tougher T&Cs
  • Reinsurers have withdrawn from the region or withdrawn entirely
  • Capacity for Caribbean cats already tight with hurricane crisis fears
  • Prices in Colombia to pick up after falling behind Chile and Peru
  • Uncertainty over extent of drought losses in Brazil

In late June, market sources polled by this publication said property damage reinsurers had pushed for rate hikes of up to 15% in the Caribbean, with programs in Chile and to a lesser extent Peru as well. face significant increases in the cost of hedging at mid-year renewals.

As one contact noted at the time, a general lack of available capacity for the Caribbean meant that the region’s reinsurance market was “quite difficult”.

Another contact described preparations for the Caribbean renewal mid-year as “a mess”, while a brokerage source said they had managed to get renewal lines placed – albeit at high prices – but trying to find an additional limit to replace the one that was out was a struggle.

Sources noted in June that renewals in Chile and Peru for earthquake-prone business had faced rate increases ranging from about 8% to 10%.

These market findings were supported by comments from Gallagher Re, which in its 1st View report analyzing mid-year reinsurance renewals stated that lossless catastrophe business in Latin America was renewed with pricing up 3-12%, while accounts hit by losses faced increases of 7%. -20 percent.

Real estate rate movements in Latin America in mid-2022

“The most significant factor causing reinsurers to reduce capacity was reduced appetite for wind exposure in the Caribbean and earthquake exposure in Chile, which led to increases in rates consistently above +7.5% in these regions,” said Gallagher Re.

As of July 1, Gallagher Re said the greatest impact was being felt in the most dire areas of Latin America and also for large placements where capacity supply and demand were most finely balanced.

As Gallagher Re noted at the time, the increases seen in mid-year reinsurance renewals in Latin America continued the trend seen in the January 1 and April 1 renewals.

Curing rate to continue

Latin America-focused executives the insurer spoke to in late August were confident that the price trends for cat coverage seen during mid-year renewals would continue for the foreseeable future, particularly in the Caribbean, while prices in Colombia are expected to rise at a potentially faster rate than Chile and Peru.

“We have seen a shortage of capacity, particularly in Chile and Peru in Latin America and then in the Caribbean,” a source said.

“I also anticipate that places like Colombia might catch up a bit as rates haven’t moved in a positive direction at all, and I think that depends on historical profitability,” the source added.

Another contact noted that a clear sign that the Caribbean market is contracting is concern among brokers in the region.

“They expect the market to really harden up,” said a source regarding Caribbean businesses.

“They now spend time prepping customers and telling them to forget their wish lists and think about what’s most important in their terms and conditions. What do they really care about the most and what are they willing to concede? they added.

As various sources have explained, the past year has seen many markets reduce capacity or pull out of the region entirely, with the Caribbean being a particularly difficult situation.

Hurricanes Irma and Maria in 2017 and Hurricane Dorian in 2019 all caused major losses in the Caribbean, with reinsurers taking heavy losses and raising prices in response.

AM Best noted in a recent report that although there has been a low level of claims activity in 2021 – and so far in 2022 – reinsurance pricing continues to tighten as insurers and reinsurers are feeling the effects of inflation.

Along with the broader reduction in appetite for real estate cat capacity that has seen companies such as Axis Re and Tokio Marine Kiln withdraw globally, Latin America, and in particular the Caribbean, has also seen companies like Everest Re, TransRe and Scor reduce their engagement.

“Over the past 12 months, so many people have withdrawn from the Caribbean that schedules will be tight. Brokers will struggle to get the last 15-20% of capacity they need,” a source predicted.

Another market contact summed it up by saying “not a very happy picture if you’re a buyer in the Caribbean”.

“God forbid there is a hurricane this year. The capacity in the Caribbean will not be sufficient at the end of the year, so if there is another hurricane, it will become quite serious because reinsurance is absolutely essential for the economies of these islands,” the source said.

“None of the insurance companies has the strength of capital. So if reinsurance capacity is insufficient, insurance companies cannot absorb it, so they have to reduce what they do. It then affects the banks and their lending, and it becomes a government economic problem,” they added.

Another concern for Caribbean insurers is their proximity to Florida, whose carriers are exposed to the same weather events. Reinsurers will focus where they can get the best returns, and given the limited resources of most Caribbean carriers, Florida insurers often find favor.

“Rates have gone up, but they can’t go up that much. Fares in the Caribbean now, you can’t push them much higher because customers won’t buy,” a source said.

As a result, the focus will be more on terms and conditions, the source explained.

“Caribbean ceding companies will need to understand that ceding commissions, profit commissions and event limits will all have to be reduced, and other restrictions will be placed on their contracts. This is a turning point,” they said. they stated.

Drought in Brazil hits hard

The catastrophic drought that has gripped the Paraná River Valley in Brazil since the end of last year has presented heavy losses to reinsurers, with IRB Brasil Re, Mapfre Re and Scor all revealing significant exposure to the event .

Sources have previously pegged the market exposure north of $1 billion.

Scor estimated first-half losses at 193 million euros ($192 million) from the drought and said it would cut its agricultural exposures by 50% next year in response. In addition to providing reinsurance to Brazilian agricultural insurers, Scor supports AgroBrasil Administração e Participações Ltda, an MGA that underwrites primary agricultural activities in the country.

At the end of June 2022, Mapfre Re had suffered a blow of 88 million euros.

However, the IRB is by far the most exposed, with the Rio de Janeiro-based reinsurer having paid or provisioned around 1.5 billion reais ($294 million) in drought losses in mid-2022, as it has revealed that he had exhausted his retro cover.

IRB is considering several options to address a 36% capital shortfall reported in its second quarter 2022 results, including an equity offering and sale of real estate assets and a potential loss portfolio transfer.

With the ongoing drought and claims still filed with insurers, the risks of increased reinsurance losses remain.

Sources said reinsurers are closely studying their agricultural books and considering how they will respond to losses, whether by staying in the market or pulling out. Either way, prices will rise for coverage that is essential to supporting Brazil’s vast agricultural industry.

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Levi Roots’ Best Caribbean Hangouts in the UK | Travel https://islandcrisis.net/levi-roots-best-caribbean-hangouts-in-the-uk-travel/ Sat, 10 Sep 2022 23:01:00 +0000 https://islandcrisis.net/levi-roots-best-caribbean-hangouts-in-the-uk-travel/ I was born in Jamaica, a small island that is big in spirit. When my parents moved to South London they couldn’t bring all the children at once, so I was the last to be sent to join them when I was 11. This means that I spent a lot of time in Jamaica with […]]]>

I was born in Jamaica, a small island that is big in spirit. When my parents moved to South London they couldn’t bring all the children at once, so I was the last to be sent to join them when I was 11. This means that I spent a lot of time in Jamaica with my grandmother, who raised me and taught me how to cook.

I can attribute a large part of my success to him. But I can also attribute a lot of it to the carnival scene here in the UK, my adopted home. The late 1970s coincided with my teenage years and I was playing St Pauls Carnival in Bristol as part of the Sir Coxsone Outernational Sound System. Indeed, many stores and takeaways around Stapleton Road, Clifton and St Nicholas Market (look for Jenny Reid’s stall, Caribbean Wrap, in the latter; caribbeanwrap2.co.uk) have thrown their support behind me.

The annual Notting Hill Carnival in West London is, of course, one of the best Caribbean parties this side of the Atlantic. It’s a fantastic flow of people who come to see dazzling mas bands and floats, dance to reggae and eat an all-day buffet of Caribbean cuisine. I first went there in 1975 and opened my food stand there in 1991. The weekend attracts two million people – it’s one of the biggest carnivals outside of Rio – in the back streets of London, and I appreciate that it comes with its challenges, but the atmosphere is something else.

A Caribbean jerk chicken stall

ALAMY

I may be a London boy, but it’s not all about the south. In Leeds, the Caribbean is alive and well in Chapeltown, in the northeast of the city. It’s home to the Leeds Caribbean Carnival every public holiday in August (the same weekend as Notting Hill – so it’s quite difficult to do both), but you can find great Caribbean food here all year round, especially the oxtail. Takeaways in these areas really understand how to braise oxtail properly, and by that I mean slowly. Try the one from Dutch Pot on Chapeltown Road with a dollop of juicy butter beans (dutchpotleeds.co.uk).

When it comes to Caribbean cuisine, however, you have to come to Brixton. And believe me, I know all about Brixton. If you’re in a hurry, Refill’s fried dumplings on Brixton Road are a delicious on-the-go snack. Brixton Market operates stalls on Electric Avenue all week, but Healthy Eaters around the corner is where you’ll find Bob Marley’s favorite Italian food, which is vegetarian and all about locality (healthyeaters.co.uk) .

Step into Brixton Village for two of my favourites: Fish, Wings & Tings (fishwingsandtings.com) and Etta’s Seafood Kitchen (ettaskitchen.com). The latter serves the traditional Jamaican dish, ackee and saltfish, while the former focuses on wings. Sit at the tables outside with a rum punch and go.

Finally, for the best goat curry in London, walk down Brixton Hill to plant-covered Negril. It is served as it should be: with rice and lots of sauce (negrilonline.co.uk).

Lunch at one of the many Caribbean restaurants on Atlantic Road, Brixton

Lunch at one of the many Caribbean restaurants on Atlantic Road, Brixton

GETTY PICTURES

To learn more about the UK’s Caribbean community and culture, stay in Brixton and visit the Black Cultural Archive. It makes sense that they found a home here since, like Bristol, this part of the UK really retains the history of the Windrush generation. From war and music to riots and revivals, the Black Cultural Archives tells all these stories and more (£5; blackcultural archives.org).

● What is the best Caribbean island for you?
● The best family hotels in the Caribbean

Speaking of culture, I went to the Hayward Gallery In the dark fantasy exhibited recently and it blew my mind. Located inside the Southbank Centre, it is a kind of large dystopian showcase of contemporary artists from across the African diaspora. Hew Locke, whose father is from Guyana and who grew up partly in its capital, Georgetown, displays fantastic empirical sculptures here. Worth stopping in before it closes on September 18 (£13.50; southbankcentre.co.uk).

For a more traveling slice of Caribbean culture, you have to watch the band Jah Shaka. They’ve been around since the early 1970s and I’ll follow them almost everywhere, especially when they play reggae nights in London. It’s a Jamaican sound system but Jah Shaka himself is a very inspiring guy. Everyone knows him – the police even tried to ban his music in south London in the 1970s. Check their Facebook page to find out which venue they’ll be playing next.

In the Fantastic Dark at the Hayward Gallery

In the Fantastic Dark at the Hayward Gallery

Finally, if I could give any advice to anyone experiencing the best of the Caribbean in the UK, it would be to watch the flags. If you attend a carnival or street food market, you’ll notice unusual flags that can guide you to the food of some of the lesser-known Caribbean islands, which often have amazing things to offer besides chicken. typical jerk and rice. . Opt for the French Caribbean islands or those with a strong Creole influence, such as Guadeloupe and Trinidad.

And remember, if it’s Jamaican street food you’re ordering, it’s a patty, not a paste!

Interview conducted by Hannah Ralph

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Top African fund managers gather at Oxford’s Saïd Business School to support Africa’s tech innovation boom https://islandcrisis.net/top-african-fund-managers-gather-at-oxfords-said-business-school-to-support-africas-tech-innovation-boom/ Tue, 06 Sep 2022 13:56:43 +0000 https://islandcrisis.net/top-african-fund-managers-gather-at-oxfords-said-business-school-to-support-africas-tech-innovation-boom/ Download logo From September 12-16, 2022, Boost Africa Technical Assistance Facility and AfricaGrow Technical Assistance Facility will host 40 leading fund managers from select African investment funds for an in-person program hosted at Saïd Business School in Oxford University. The objective of the program is to engage in dialogue and expand expertise to lead Africa’s […]]]>
Download logo

From September 12-16, 2022, Boost Africa Technical Assistance Facility and AfricaGrow Technical Assistance Facility will host 40 leading fund managers from select African investment funds for an in-person program hosted at Saïd Business School in Oxford University. The objective of the program is to engage in dialogue and expand expertise to lead Africa’s exponential growth in technology venture capital (VC).

The Africa Venture Finance Program is designed specifically for venture capital fund managers investing in early-stage and growth-stage technology companies in Africa. The week-long course will focus on peer-to-peer best practice and knowledge sharing, and provide cutting-edge information and learning opportunities in all relevant aspects of fund management.

A total of 15 funds will be represented, with attendees including fund managers from AfricInvest, Knife Capital, TL Com Capital, Ventures Platform Fund, Janngo Capital, Atlantica Ventures and others. Reflecting the industry-wide need to improve the inclusion of women (https://bit.ly/3RG9wqa) at senior levels, more than half (62%) of participating fund managers are women .

Fund managers will also have the opportunity to interact with business leaders, industry experts as well as representatives from development finance institutions (DFIs) such as the European Investment Bank and DEG Invest.

Africa’s tech ecosystem has grown by leaps and bounds in recent years, tripling from 2020 to USD 5.2 billion (https://bit.ly/3TJnglT) in 2021. However, the proportion of African-led start-ups receiving significant funding remains woefully low, remaining in single digits (https://bit.ly/3KQNsHk). In addition to its intrinsic benefit, locally-led leadership is key to channeling venture capital investments into innovations that effectively address challenges within and outside Africa. African start-ups have proven to be competitive, profitable and world-class when they have the support and expertise of investors and fund managers who truly understand their value and growth potential.

This program therefore aims to bring together African fund managers at the forefront of the continent’s unique growth trajectory, leveraging their own expertise as well as that of key ecosystem players to usher in the unicorns of tomorrow led by Africa.

“The EIB is committed to supporting high-impact innovation investments around the world. We are pleased to support the Boost Africa program which shares investment best practices to enhance the sustainable impact of investment partners across Africa.Ambroise FayolleVice-President of the European Investment Bank.

“We are extremely excited to bring together a group of leading African venture capital funds for this course in Oxford. Over the course of the week, attendees will engage with global venture capital experts, Oxford professors and, most importantly, each other. We hope the course will contribute to strengthening and connecting the African venture capital ecosystem.Aunnie Patton PowerProgram Director, Oxford Said Business School.

“AfricaGrow and Boost Africa both aim to have a catalytic effect on the emerging ecosystem of African start-ups, by investing and supporting venture capital funds in Africa. This week at Oxford Said Business School is very unique in bringing together 40 of Africa’s most relevant investors and will certainly help deepen the conversation on how we can ensure the continent’s most promising founders have a chance. to start and grow their businesses. .”David van DijkTeam Leader, Boost Africa Technical Assistance Facility.

The authors take full responsibility for the content of this article. The opinions expressed do not necessarily reflect the views of the European Union or the European Investment Bank.

Distributed by APO Group on behalf of the European Investment Bank (EIB).

Press contacts:
EIB:

Richard Willis
[email protected]
Such. : +352 43 79 82155 / Mobile: +352 621 55 57 58
Website: www.eib.org/press
Press office: +352 4379 21000 – [email protected]

Boost Africa:
[email protected]

Social media:
EIB:

Twitter: bit.ly/3pMKidw
Facebook: bit.ly/31TarPV
Instagram: bit.ly/3IES169
YouTube: bit.ly/3yoLR57
RSS feed: bit.ly/3dOhXy0
LinkedIn: bit.ly/3m0yZNN

EIB Global:
Twitter: https://bit.ly/3Rnp7v4
LinkedIn: https://bit.ly/3wZsAYA

Boost Africa:
LinkedIn: https://bit.ly/3ATRpGH

About BEI Global:
EIB Global (https://bit.ly/3AMfXRX) is the new specialist arm of the EIB Group dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster a strong and focused partnership within Team Europe (https://bit.ly/3qhWSC0), alongside other development finance institutions and civil society. EIB Global brings the Group closer to local people, businesses and institutions through our offices around the world (https://bit.ly/3ASvr6H).

About Boost Africa:
The Boost Africa Technical Assistance Facility provides tailored support to build the core professional and operational skills of partner fund managers and their grantees to realize the growth potential of innovative technology start-ups and small and medium enterprises. (SMEs) with strong growth in the sub-regions. Saharan Africa. The Facility is funded by the European Union and the Organization of African, Caribbean and Pacific States, through the 11th European Development Fund. The financing is managed by the European Investment Bank (EIB) and implemented by Adam Smith Europe, part of the Adam Smith International group. The Technical Assistance Facility is part of the broader Boost Africa programme, a joint initiative launched by the EIB and the African Development Bank (AfDB) to foster and strengthen entrepreneurship and innovation in sub-Saharan Africa.

About AfricaGrow:
AfricaGrow is a German-domiciled fund of funds, which aims to support small and medium-sized enterprises (SMEs) and start-ups on the African continent by investing in pan-African regional and national private equity and venture capital funds with proven track record and capabilities. The Fund intends to have a catalytic effect on the emerging and dynamic ecosystem of African SMEs and start-ups, and thus contribute to the promotion of jobs and incomes, as well as the strengthening of sustainable economic growth. As a legally independent entity, AfricaGrow is a central instrument of the Compact with Africa (CwA) initiative, launched in 2017 under the 50 German G20 Presidency. The Technical Assistance Facility is financed by the German Ministry for Economic Cooperation and Development (BMZ), while the fund is managed by Allianz Global Investors and advised by DEG Impact GmbH.

This press release was issued by APO. Content is not vetted by the African Business editorial team and none of the content has been checked or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.

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Red theory: imperialism or monopoly capitalism https://islandcrisis.net/red-theory-imperialism-or-monopoly-capitalism/ Mon, 05 Sep 2022 00:56:08 +0000 https://islandcrisis.net/red-theory-imperialism-or-monopoly-capitalism/ Now that we’ve spent some time reviewing the basic concepts of Marx’s critique of political economy, let’s move on to Lenin’s analysis of imperialism. Towards the end of the 1800s, the internal laws of the movement of capitalism brought it into a new and final stage of its development – monopoly capitalism. In the essay […]]]>

Now that we’ve spent some time reviewing the basic concepts of Marx’s critique of political economy, let’s move on to Lenin’s analysis of imperialism. Towards the end of the 1800s, the internal laws of the movement of capitalism brought it into a new and final stage of its development – monopoly capitalism. In the essay “Imperialism and the Split in Socialism”, Lenin defines it as follows:

“Imperialism is a specific historical stage of capitalism. Its specificity is threefold: imperialism is monopoly capitalism; parasitic or decaying capitalism; moribund capitalism. The supplanting of free competition by monopoly is the fundamental economic characteristic, the quintessence of imperialism. Monopoly manifests itself in five main forms: (1) cartels, syndicates and trusts—the concentration of production has reached a degree which gives rise to these monopolistic associations of capitalists; (2) the monopolistic position of the big banks – three, four or five giant banks manipulate the entire economic life of America, France, Germany; (3) the seizure of the sources of raw materials by the trusts and the financial oligarchy (finance capital is monopoly industrial capital merged with banking capital); (4) the (economic) partitioning of the world by international cartels has begun. There are already more than a hundred international cartels of this type, which control the entire world market and share it “amicably”, until the war divides it again. The export of capital, as opposed to the export of commodities under non-monopoly capitalism, is a highly characteristic phenomenon and is closely linked to the economic and political territorial partition of the world; (5) the territorial partition of the world (the colonies) is complete.

Lenin goes on to point out that “imperialism, as the highest stage of capitalism in America and Europe, and later in Asia, took its final form in the period 1898-1914. The Spanish-American War (1898), the Anglo-Boer War (1899-1902), the Russo-Japanese War (1904-05) and the economic crisis in Europe in 1900 are the main historical milestones of the new era of world history. .”

It is important to emphasize that, as Marxist-Leninists understand, imperialism and monopoly capitalism are identical. You can’t have one without the other.

In The misery of philosophy, Marx writes that monopoly derives dialectically from competition. Marx argued that, through the process of capitalism’s own internal laws of motion, capital becomes more and more centralized, more and more concentrated, in the hands of fewer and fewer capitalists. But it was Lenin who saw the practical results of this process and well understood the relationship between imperialism and proletarian revolution.

Every modern industry is currently dominated by only a handful of monopoly firms. The big banks mingled with industry, creating finance capital and with it a finance oligarchy. They exploit workers both at home and abroad. These financial oligarchs have come to dominate the bourgeois states, using their money to manipulate the media and buy off politicians, and thus use the imperialist army to partition and divide the world according to their own economic interests. This led to two world wars in the name of imperialist re-distribution of the world.

A main characteristic of imperialism is national and colonial oppression. We will come back to this in more detail later, but for now it is important to understand that national oppression is a product of monopoly capitalism. Seeking relief from the chronic crises of capitalism, monopoly capitalists seek to dominate markets and export capital around the world. They rob and plunder the so-called third world and bring the spoils of super-profits home. This process locks and strengthens semi-colonial and semi-feudal relations in these countries, hampering their development. American imperialism lives as a parasite of the oppression of entire nations and peoples. The United States has colonies in the Caribbean like Puerto Rico and in the Pacific like Guam and the Marshall Islands. Within its own borders, imperialism also uses national oppression to dominate the Hawaiian Nation, the Chicano Nation in the Southwest, and the African American Nation in the Black Belt South.

At the end of World War II, the United States became the dominant imperialist power. However, it has since racked up a series of military defeats against rising national liberation struggles, most notably Vietnam in the 1970s, which marked the beginning of the decline of US imperialism. The rise of socialist countries has largely contributed to this decline. And while the United States is currently at the forefront of the imperialist powers, inter-imperialist rivalry still exists, and other imperialist blocs, such as the European Union and Japan, are also seeking market dominance. global.

Currently, however, the main contradiction on a global scale is the contradiction between imperialism on the one hand and national liberation movements on the other. It is the anti-imperialist struggles of the masses of the oppressed nations that are today the main force against imperialism.

National liberation wars that weaken imperialism are progressive. As Stalin said in Foundations of Leninism“The fight led by the Emir of Afghanistan for the independence of Afghanistan is objectively a revolutionary fight, despite the monarchist views of the emir and his associates, because it weakens, disintegrates and undermines imperialism”. Revolutionaries in imperialist countries should be what Lenin called “revolutionary defeatists”, opposing and seeking the defeat of their own country in imperialist wars.

Modern imperialism has many tools at its disposal. It relies on and maintains a vast network of military bases and military alliances such as NATO, imposes sanctions and uses economic coercion and blackmail through institutions such as the IMF, WTO and the World Bank. It uses direct military intervention and instigates coups for destabilization and regime change purposes, or pours billions of dollars into proxy wars across states like Israel and Ukraine. Because he is in decline, he becomes more belligerent and desperately seeks every possible way to restore the balance of power in his favor.

Marxist-Leninists analyze imperialism because we want to put this analysis into practice. We must understand who our friends and enemies are, and we must understand how and why our enemies do what they do so that we can act most effectively to bring down the imperialist monster of slaughter and plunder once and for all.

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Crypto Lists Interview Sara Negron about Caribbean Crypto https://islandcrisis.net/crypto-lists-interview-sara-negron-about-caribbean-crypto/ Fri, 02 Sep 2022 09:30:00 +0000 https://islandcrisis.net/crypto-lists-interview-sara-negron-about-caribbean-crypto/ London, United Kingdom, September 02, 2022 –(PR.com)– The Spanish-speaking market for cryptocurrency transactions is growing rapidly. In the Caribbean alone, more than 25.3 million people from the Dominican Republic, Puerto Rico and Cuba speak Spanish as their primary language. Worldwide, 592 million people are fluent in Spanish according to the 2021 Instituto Cervantes report. Sara […]]]>
London, United Kingdom, September 02, 2022 –(PR.com)– The Spanish-speaking market for cryptocurrency transactions is growing rapidly. In the Caribbean alone, more than 25.3 million people from the Dominican Republic, Puerto Rico and Cuba speak Spanish as their primary language. Worldwide, 592 million people are fluent in Spanish according to the 2021 Instituto Cervantes report.

Sara Negron makes it easy for people in the Spanish-speaking crypto market to buy and sell crypto. Many seniors find it difficult to purchase cryptocurrencies themselves, and Sara aims to simplify the process for a commission of around 3%. After a wire transfer, some of the major crypto coins can be purchased over the counter. In short, transfers with crypto debit and credit cards will also be possible.

When she asks Sara Negron how she manages to manage transactions much faster than most other sites, she answers: “We have a great team working around the clock, as well as other technologies that help make the faster and easier process.”

Read the full Crypto Lists interview with Sara Negron and learn about her favorite cryptocurrencies, where her business plans to expand, and how big the crypto market is in the Dominican Republic.

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GraceKennedy to Acquire Scotia Insurance Caribbean Limited | Company https://islandcrisis.net/gracekennedy-to-acquire-scotia-insurance-caribbean-limited-company/ Tue, 30 Aug 2022 21:47:07 +0000 https://islandcrisis.net/gracekennedy-to-acquire-scotia-insurance-caribbean-limited-company/ GraceKennedy reports that it has reached an agreement with the Bank of Nova Scotia to acquire Scotia Insurance Caribbean Limited (SICL). GraceKennedy says the transaction is subject to regulatory approvals and other customary closing conditions. The announcement comes a year after GK acquired another Bank of Nova Scotia subsidiary, Scotia Insurance Eastern Caribbean Limited (SIECL) […]]]>

GraceKennedy reports that it has reached an agreement with the Bank of Nova Scotia to acquire Scotia Insurance Caribbean Limited (SICL).

GraceKennedy says the transaction is subject to regulatory approvals and other customary closing conditions.

The announcement comes a year after GK acquired another Bank of Nova Scotia subsidiary, Scotia Insurance Eastern Caribbean Limited (SIECL) in August 2021, which was later rebranded as GK Life Insurance Eastern Caribbean Limited (GK Life).

Like GK Life, SICL is a licensed life insurance company, which provides credit protection to customers on personal loans, residential mortgages, personal lines of credit, personal and small business credit cards.

SICL currently operates in Barbados, Belize, British Virgin Islands, Cayman Islands and Turks and Caicos Islands.

“The acquisition of SICL is another step in achieving our strategy to grow GK’s insurance business in the Caribbean as we continue to expand our financial group’s footprint in the region,” said Don. Wehby, CEO of GK Group.

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