Caribbean Banking – Island Crisis http://islandcrisis.net/ Wed, 21 Jul 2021 13:15:09 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://islandcrisis.net/wp-content/uploads/2021/04/default1-150x150.png Caribbean Banking – Island Crisis http://islandcrisis.net/ 32 32 Popular formalizes its ESG priorities and promotes sustainable investment | National company https://islandcrisis.net/popular-formalizes-its-esg-priorities-and-promotes-sustainable-investment-national-company/ https://islandcrisis.net/popular-formalizes-its-esg-priorities-and-promotes-sustainable-investment-national-company/#respond Wed, 21 Jul 2021 13:01:31 +0000 https://islandcrisis.net/popular-formalizes-its-esg-priorities-and-promotes-sustainable-investment-national-company/

SAN JUAN, Puerto Rico – (BUSINESS WIRE) – July 21, 2021–

Firm in its commitment to its customers, employees, communities and shareholders, and aware of its responsibility as Puerto Rico’s leading banking institution, Popular announced, in its second annual sustainability report, the evolution of its community efforts towards a vision of sustainable corporate development that takes into account the environmental, social and governance (ESG) impact of the company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210721005292/en/

By formalizing its ESG priorities, Popular joins thousands of companies around the world who are increasing their level of transparency around their socio-environmental impacts and setting themselves responsible and sustainable growth objectives. Popular’s second annual sustainability report, which is released as a supplement to the annual report and proxy, summarizes the company’s efforts in 2020 with highlights from the first half of 2021.

“Going forward, meaningful change will only occur if the private sector works collaboratively with the public and nonprofit sectors to address these challenges in the same systematic way that it runs its business. I believe there is an opportunity for Popular and others to engage in constructive dialogues and develop innovative solutions for the benefit of all, ”commented Ignacio Alvarez, President and CEO of Popular, Inc.

As part of Popular’s sustainability vision, the report highlights community, environment and people (employees) as critical areas for continuing to invest responsibly. The report stresses the importance of improving the social and economic well-being of employees and customers and paves the way for the acceleration of entrepreneurship, the use of technology as a means of expand access to financial services, and so that young people can obtain more and better opportunities using education as a basis.

In addition, the company works with a dual approach to the environment. For several years, it has reduced the environmental impact of its daily operations through environmentally friendly branches and other projects such as solar panels and water use, among other initiatives. In addition, Popular is currently developing a plan to offer environmentally conscious products and services, such as loans to finance solar panels, and has incorporated a “green” consideration into the credit analysis process.

Popular is committed to being a great place to work and is focused on fostering a culture that promotes performance excellence and where Diversity, Equity and Inclusion (DCI) is valued. Popular also supports social engagement and promotes and invests in the well-being and development of its employees by following the guidelines provided by the Global Reporting Initiative to retain and attract top talent.

Likewise, the company unveiled the most important goals it will focus on this year. The three main objectives are the training of commercial banking relations managers on the value and importance of ESG due diligence, the establishment of an environmental and social risk management (ESRM) framework and the creation of specific objectives. , to monitor progress and regularly communicate results to be transparent on all ESG priorities.

For Popular, investing and operating responsibly is a step in the right direction. For more information and to view Popular’s ESG report, please access the following link: https://www.popular.com/en/corporate-sustainability/

Popular, Inc. (NASDAQ: BPOP) is the leading banking institution by deposits and assets in Puerto Rico and among the top 50 bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s main subsidiary, provides personal, mortgage and business banking services in Puerto Rico and the United States Virgin Islands. Popular also provides auto and equipment financing, investment, and insurance services in Puerto Rico through specialized subsidiaries. In the United States, Popular provides personal banking, mortgages, and commercial banking services through its New York-based banking subsidiary, Popular Bank, which has branches in New York, New Jersey, and New York. Florida.

English PR: P-EN-PR

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210721005292/en/

CONTACT: Media Relations:

MC González Noguera, 917-804-5253

Executive Vice-President and Head of Communications and Public Affairs

mc.gonzalez@popular.com

KEYWORD: CARABES PUERTO RICO

INDUSTRY KEYWORD: FINANCE BANKING ENVIRONMENT PROFESSIONAL SERVICES HUMAN RESOURCES

SOURCE: Popular, Inc.

Copyright Business Wire 2021.

PUB: 07/21/2021 9:00 a.m. / DISC: 07/21/2021 9:01 a.m.

http://www.businesswire.com/news/home/20210721005292/en

Copyright Business Wire 2021.


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Hackensack University Medical Center Foundation Welcomes New Trustees – Network News, Press Releases https://islandcrisis.net/hackensack-university-medical-center-foundation-welcomes-new-trustees-network-news-press-releases/ https://islandcrisis.net/hackensack-university-medical-center-foundation-welcomes-new-trustees-network-news-press-releases/#respond Tue, 20 Jul 2021 18:19:05 +0000 https://islandcrisis.net/hackensack-university-medical-center-foundation-welcomes-new-trustees-network-news-press-releases/

July 20, 2021

From left to right: Stephen Martinez, Tom Evans and Tom Geisel. Not in the photo, Behnaz Baker.

Hackensack Meridian The Hackensack University Medical Center Foundation is pleased to announce the addition of Behnaz Baker, Thomas Evans, Stephen J. Martinez and Thomas X. Geisel to its Board of Trustees.

“These new directors are all great additions to our board,” said Clare Ward, Interim Executive Director, Hackensack University Medical Center Foundation and Vice President, Principal Giving, Hackensack Meridian Health Foundation. “Tom Evans and Stephen joined us at the height of the COVID-19 pandemic and immediately stepped up to help Hackensack University Medical Center through its most difficult time in its history. Behnaz joins us as the pandemic appears to be ending, but she has been involved in medical center-related child-related causes for several years and is eager to use her time and talents as Hackensack University Medical Center continues. its expansion and recognition as one of the best hospitals in the country. Tom Geisel’s extensive experience in regional and national organizations, combined with his leadership experience, involvement in many leading industry associations and passion for extending his expertise to business organizations and the local community make him a wonderful addition to our board of directors.

Baker is the CIO and Executive Director of Integration at Riverside Medical Group, which is part of Optumcare. As a member of the leadership team, she leads several divisions of the practice to execute Riverside’s vision and strategy to provide the best possible care to New Jersey residents through partnerships with internal and external stakeholders. through growth and acquisitions. In 2018, Baker was recognized as one of New Jersey’s “50 Best Business Women” by NJBIZ. She and her husband, Omar Baker, MD, established the Dr. Omar and Behnaz Baker Patient Assistance Fund at Hackensack Meridian Children’s Health at Joseph M. Sanzari Children’s Hospital to provide financial assistance to children and families. faced with chronic health problems. Additionally, she was a member of the Hackensack Meridian Health Children’s Hospital Advisory Committee for the past two years. Baker resides in Manhattan with her husband and three children.

Evans retired from PwC after a 38-year career where he helped develop the organization’s best leaders and teams at all levels. He began his career at PwC in 1977 as a Chartered Accountant in the firm’s insurance practice before joining the Leadership & Development team to launch his industry-specific training efforts where he quickly rose to prominence. through the ranks, eventually becoming the firm’s first Chief Learning Officer, followed by the Development Leader for PwC West businesses in Canada, Brazil and Mexico, as well as in other Latin American and Caribbean countries. He is a member of the Association of the US Army (AUSA), the Association for Talent Development (ATD) and the AICPA. He is also very active in his community and is deputy mayor and commissioner of revenue and finance in his hometown. Evans lives in Nutley.

Martinez is an architect at RSC Architects, a full-service architectural firm specializing in healthcare, education and municipal works. Previously, he worked in New York for Kohn Pedersen Fox, an international architectural firm specializing in skyscrapers in New York and Asia. Martinez is a registered architect in the state of New Jersey and a member of the American Institute of Architecture and the National Council of Architectural Registration Board. He received his BA from Lehigh University and his MA in Architecture from the New Jersey Institute of Technology. Recently married, Martinez lives in Ridgewood with his wife Burgess.

Geisel is President of Corporate Banking at Sterling National Bank, where he leads corporate banking strategic, innovation and execution activities. His responsibilities include strategic planning, mergers and acquisitions, capital allocation and overall execution of revenue generation. In addition, Geisel is a member of numerous committees of the bank, as well as a number of major professional societies in New York and New Jersey. He was named one of New Jersey’s “50 Most Influential People in Banking” by NJBIZ and his ideas have been featured in many leading media outlets.

To learn more about how you can support the Hackensack University Medical Center Foundation, please contact Clare Ward, Acting Executive Director, Hackensack University Medical Center Foundation, at Clare.Ward@hmhn.org or visit hackensackumc.org/givenow.


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US STOCKS-Dow drops 2% as wave of viruses stifles hopes of recovery https://islandcrisis.net/us-stocks-dow-drops-2-as-wave-of-viruses-stifles-hopes-of-recovery/ https://islandcrisis.net/us-stocks-dow-drops-2-as-wave-of-viruses-stifles-hopes-of-recovery/#respond Mon, 19 Jul 2021 16:35:00 +0000 https://islandcrisis.net/us-stocks-dow-drops-2-as-wave-of-viruses-stifles-hopes-of-recovery/ (For a live Reuters blog on the US, UK and EU stock markets, click LIVE / or type LIVE / in a news window) * Spike in virus cases hits travel, inventory related to recovery * Five9 jumps on Zoom’s $ 14.7 billion buyout deal * Index slide: Dow 2.35%, S&P 1.72%, Nasdaq 1.14% (add […]]]>


(For a live Reuters blog on the US, UK and EU stock markets, click LIVE / or type LIVE / in a news window)

* Spike in virus cases hits travel, inventory related to recovery

* Five9 jumps on Zoom’s $ 14.7 billion buyout deal

* Index slide: Dow 2.35%, S&P 1.72%, Nasdaq 1.14% (add comment, details; updates early afternoon)

July 19 (Reuters) – The Dow Jones fell more than 2% on Monday as investors sold economy-sensitive stocks and travel stocks and sought the perceived safety of bonds over fears that a spike in cases COVID-19 will derail a broader economic recovery.

New infections have increased in parts of Asia and England, while COVID-19 cases in the United States soared 70% last week, fueled by the Delta variant.

All 11 S&P sectors fell, with so-called value stocks, including financials, industrials, materials and energy, falling between 2.0% and 3.9%.

The banking sub-index fell 3%, following a decline in the benchmark 10-year Treasury yield to its low in mid-February.

“Investors are concerned that the Delta variant will reset the clock in terms of the progress we’ve made with COVID-19 and the economy recovering,” said Andre Bakhos, managing director of New Vines Capital LLC in New Jersey .

The benchmark S&P 500 ended a three-week winning streak on Friday with only defensive sectors, seen as relatively safe in times of economic uncertainty, registering small gains.

On Monday, the tech-rich Nasdaq Index outperformed the broader market as investors again flocked to growth-related stocks that led Wall Street to recover from its coronavirus lows last year .

“It’s a way for investors to hedge the risk of COVID-19,” said Max Gokhman, head of asset allocation at Pacific Life Fund Advisors in Newport Beach, California.

“We know that tech stocks will tend to do better when there is less stability, because they are less responsive to consumers who increase their spending on services and exit.”

Still, at 12:07 a.m. ET, the Nasdaq Composite was down 1.14%.

By comparison, the Dow Jones Industrial Average lost 815.67 points, or 2.35%, and was on track for its worst session since October 2020, while the S&P 500 slipped 1.72% and was pegged. for its largest single-day percentage drop since May.

Small caps and economically sensitive transportation fell 0.7% and 1.6% respectively.

The CBOE volatility index, dubbed the Wall Street fear gauge, hit a two-month high.

Shares of travel-related companies, which had just started to climb after suffering heavy losses in closures due to the pandemic last year, fell again on Monday. The S&P 500 Airlines sub-index fell 2.9%.

Cruise lines Royal Caribbean Group, Carnival Corp and Norwegian Cruise Line fell more than 2.9%.

After strong quarterly reports from the big banks last week, the focus is now on tech earnings with companies like IBM, Netflix, Texas Instruments and Intel expected to release their report this week.

U.S.-listed shares of Alibaba Holding, Baidu, and ride-sharing app Didi Global fell 2.3% to 7.3% amid renewed fears of anti-monopoly action against large technology companies.

Zoom Video Communications Inc fell 4.2% after the teleconferencing service provider announced a $ 14.7 billion stock deal to buy cloud-based call center operator Five9 Inc.

Five9 shares jumped 5%.

Falling issues outnumbered the 5.37 to 1 advances on the NYSE and 2.29 to 1 on the Nasdaq.

The S&P Index recorded 12 new 52-week highs and no new lows, while the Nasdaq recorded 17 new highs and 231 new lows.

Report by Devik Jain in Bangalore; Editing by Sagarika Jaisinghani and Shounak Dasgupta



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Smart Money Spreads and three big bets https://islandcrisis.net/smart-money-spreads-and-three-big-bets/ https://islandcrisis.net/smart-money-spreads-and-three-big-bets/#respond Mon, 19 Jul 2021 16:30:00 +0000 https://islandcrisis.net/smart-money-spreads-and-three-big-bets/ Researching Unusual Options Activity (UOA) gives us great insight into how traders view the market … Last week, for example, traders bet on falling stocks. Each of the options trades I’m going to highlight today involved stocks that lagged the market. It makes sense. We’ve seen some volatility in the market, with just a few […]]]>


Researching Unusual Options Activity (UOA) gives us great insight into how traders view the market …

Last week, for example, traders bet on falling stocks. Each of the options trades I’m going to highlight today involved stocks that lagged the market.

It makes sense. We’ve seen some volatility in the market, with just a few stocks pushing us higher and others wiping out. It’s only natural for options traders to start looking for oversold moves to bet on those stocks that are catching up.

It’s actually part of my strategy in Quick profits, where I use a Relative Rotation Graph (RRG) to spot turning points in struggling companies.

I do this because I’ve learned that most companies don’t stay ahead or behind in the market for long. In fact, the average time is a little over a week …

This means that stocks spend most of their time moving – from leading the market to weakening and then lagging behind – before improving and ultimately dominating the market. This cycle is the whole concept behind the RRG.

So I like to see traders bet on stocks for short term rebounds. And the heaviest bet came on top-flight stock from the start of this year …

A high-risk, big-money game on cannabis

Cannabis companies love Canopy Growth Corporation (Nasdaq: CGC) have been extremely volatile since states began legalizing recreational cannabis. Their heyday was back in 2018, when they were in a huge bubble.

CGC also had a big run in February, nearly hitting the highs of 2018. But since then, stocks have plunged more than 60% to around $ 20 a share.

But a trader stepped in last Thursday – as the stock traded more than 2% that day – with a big bet of $ 1.5 million for the stock to rally 20% over the course of the next month.

(Click here to enlarge the image.)

I have shaded the prices on the chart based on the RRG – with red being the lagging section, blue improving, green leading, and yellow weakening.

Even though the stock plunged 60% from the high, it wasn’t yet. The title has gone through several periods of lagging, improving and even leading the market in between. So it’s not unreasonable to think that CGC might turn around here.

The option they negotiated was the August 20, 2021 $ 22.50 call options for about $ 0.90 per share. With 17,000 contracts purchased and $ 90 per contract, that’s $ 1.5 million at stake.

Since this was a clear directional bet, it means that they stand to lose everything in this trade if the stock fails to climb. And CGC needs to climb about 21% just for this trade to break even.

When someone is willing to invest a lot of money in a short-term, high-risk move, I take it… and you should too.

And that’s far from the only major risk-taking that my scanner noted this week.

3 other high-risk moves to keep on your radar

Another notable element of the options business concerned the banking giant Charles Schwab Corp. (NYSE: SCHW).

SCHW is lagging behind the market, but has moved sideways over the past two months. This trader took the July 23, 2021 $ 71.50 calls for about $ 1.35. Over 3,400 contracts negotiated, valued at over $ 450,000.

Since the option expires on Friday, they opted for a strike just above the stock’s trading level. This means that the trader only needs to see the stock jump 3.5% this week to break even and earn a significant salary.

You might remember that the last time we highlighted bank stocks in UOA, they delivered monster returns – in one case 622%. It is therefore to watch …

Lordstown Motors (Nasdaq: RIDE), an electric vehicle maker, has fallen more than 70% since a peak in February. But a trader is willing to invest $ 380,000 on a higher rebound.

They bought 10,000 of July 30, 2021 $ 10 calls for about $ 0.38.

For them to break even, the stock must climb to $ 10.38, or 21% above the price it closed on Friday. Interestingly, these buyers surged after the stock rose 10% in a single day. There was no news to move the title… but it’s a volatile company that sees fluctuations of 5-10% quite often.

This means that a 15% jump over the next two weeks is quite reasonable.

The last company is Royal Caribbean (NYSE: RCL). I reviewed RCL in May on my Bank It or Tank It YouTube series and put it on my Bank It list.

Since then, the stock has jumped 15%… before giving up those gains and falling.

Now a trader steps in with a big bet on a massive short term rally. They bought 5,000 of August 13, 2021 Calls at $ 90 for about $ 0.55. That’s a bet of $ 275,000.

Honestly, looks like they’re just throwing a quarter of a million here. The stock has to climb 22% in less than a month for it to pay off. I would be surprised to see that happen.

It sounds crazy …

But, one of the main reasons that some large companies and whales in the market will still bet $ 275,000 on a whim is because if the stock jumps 23% – just 1% more – they risk falling. double their money.

Let’s say they’re right and the stock jumps 25% over the next month. This trader would cash in nearly a million dollars.

The odds seem slim. But RCL is expected to release a earnings report on August 9. A profit surprise could ignite a fire under the stock price and get the stock where that trader needs it just before expiration.

Again, some of these traders have money to spend and aren’t afraid to bet $ 275,000 for a chance to win a million dollars in payday. For most of us, this is not a bet we would like to place.

But we don’t have to take that exact trade, of course. We can look at these bets as a belief that the stock will move… and place our own more conservative trades.

For example, you could buy an option that is closer to the money. That way, you wouldn’t need the stock to move that far just to break even.

As with any UOA transaction, be smart, take profits quickly, and never risk more than you can afford to lose.

Greetings,

Chad Shoop CMT

Chad Shoop, CMT
Editor, Quick profits

PS To get content like this delivered to your inbox every day, subscribe to True masters of options. Click here and subscribe.



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FEEEDS-GALLUP 8th Annual Africa Forum – “Africa’s Business Economy & the AfCFTA – The key role of SMEs” https://islandcrisis.net/feeeds-gallup-8th-annual-africa-forum-africas-business-economy-the-afcfta-the-key-role-of-smes/ https://islandcrisis.net/feeeds-gallup-8th-annual-africa-forum-africas-business-economy-the-afcfta-the-key-role-of-smes/#respond Tue, 13 Jul 2021 06:20:00 +0000 https://islandcrisis.net/feeeds-gallup-8th-annual-africa-forum-africas-business-economy-the-afcfta-the-key-role-of-smes/ Keynote speakers Dr. Fofack from Afreximbank and Dr. Mangeni, Senior Advisor of AfCFTA, discuss their institutions’ support and programs for SMEs WASHINGTON, DC, USA, July 13, 2021 /EINPresswire.com/ – 8th Annual African FEEEDS-GALLUP Forum – Join Us! – “Business economics in Africa and the AfCFTA – The key role of SMEs” The FEEEDS initiative press […]]]>


Keynote speakers Dr. Fofack from Afreximbank and Dr. Mangeni, Senior Advisor of AfCFTA, discuss their institutions’ support and programs for SMEs

WASHINGTON, DC, USA, July 13, 2021 /EINPresswire.com/ – 8th Annual African FEEEDS-GALLUP Forum – Join Us! – “Business economics in Africa and the AfCFTA – The key role of SMEs”

The FEEEDS initiative press announcement first appeared on Allafrica.com

Event date: Thursday, July 15, 2021
Time: 9 a.m. to 11 a.m., Eastern Daylight Time

Register now

Ambassador Co-Host (Dr.) Robin Renee Sanders and Gallup Global Managing Partner Jon Clifton with event partners allAfrica.com, African & Caribbean Business Council (ACBC), United People for African Congress (UPAC) and the US-Africa Trade Conseil, invite you to the 8th Annual FEEEDS-Gallup Africa Forum – “Business Economics in Africa and AfCFTA – the Key Role of SMEs”.

This is an opportunity to hear first-hand the “honored speakers of the event”: Dr Hippolyte Fofack of the African Import-Export Bank (Afreximbank) and Dr Francis Mangeni, advisor to the Secretary-General of the African Continental Free Trade Area (AfCFTA)). Each will discuss how their institutions support the essential role of small and medium enterprises (SMEs) in Africa and the African Diaspora and the essential role they play in the overall economy of the region and ultimately the broader success of the AfCFTA.

Bio notes from the co-hosts:
Ambassador (Dr.) Robin Sanders, CEO of FEEEDS, has been one of the United States’ top diplomats on African issues during a long career in the United States diplomatic corps, reaching positions of leadership ranging from Ambassador to the Republics of Nigeria, Republic of Congo, two terms – Director of the CNS for Africa at the White House and Permanent Representative of the United States to the West African Regional Organization ECOWAS. Dr Sanders received her doctorate in science from Robert Morris University in Pittsburgh, where she also holds the title of Distinguished Public Service & Rooney Scholar; has master’s and master’s degrees from Ohio University; and, a BA from Hampton University. She is a recognized thought leader on Africa’s political, economic, technological and political issues, as well as thematic topics of the region such as SDGs, SMEs / entrepreneurship, trade, diaspora, food security, democracy / elections, education and climate. change. In addition to co-hosting the annual African Forum with Gallup World Poll, FEEEDS publishes @the FEEEDS Index based on development data from Gallup World Poll Africa. Jon Clifton is the global managing partner of Gallup World Poll. Gallup World Poll is a leading global company specializing in the analysis of big data from employees, customers, students and citizens. Jon’s mission is to help 7 billion citizens have a voice on their most pressing work and life issues through the Gallup World Poll, a century-old initiative spanning 150 countries. Jon holds a BA in Political Science and History from the University of Michigan, a Juris Doctor from the University of Nebraska, and an Honorary Doctorate in Humanities from the University of Midland.

Biographical notes of the honored speakers:
Dr Hippolyte Fofack is Chief Economist, Director of Research and International Cooperation at the African Import-Export Bank (Afreximbank). He will speak on “How Afreximbank is leveraging its programs to support the SME sector”. Dr. Fofack has over 20 years of experience in development economics, international trade, banking, international finance and academia. Prior to joining the African Import-Export Bank, he worked for the World Bank Group, where he held several positions, including as Senior Economist and Head of the Macroeconomic Research and Growth Program. In 2005, Dr Fofack was elected to the African Academy of Sciences, served on the advisory board of Lincoln University of Pennsylvania, and is a member of the board of trustees of the Africa Society of the National Summit on Africa. Dr Francis Mangeni is Senior Advisor to the Secretary General of AfCFTA and responsible for promotion and trade programs. Its subject will be “AfCFTA: How it supports the participation of SMEs in regional trade”. Dr Mangeni has worked and consulted extensively on the multilateral trading system and African economic integration, is a senior researcher at the Nelson Mandela School of Public Governance and was Director of Trade, Customs and Monetary Affairs at the Common Market East and Southern Africa (COMESA).

Given that the FEEEDS-Gallup Africa Forum was established eight years ago with the aim of “highlighting key Africa topics with dialogue and data,” Gallup Regional Director for Sub-Saharan Africa , Magali Rheault, will stage the Forum with key data from Gallup on the “Current African Business Environment for SMEs and Regional Economies.”

FEEEDS & FE3DS, LLC
FEEEDS & FE3DS, LLC
write us here



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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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