(Jamaica Gleaner) Macau Gaming Lounge and Bar has had its bank accounts closed in what is being seen as the continued fallout from de-risking by foreign banks, and regulators of the gaming sector are already warning they don't expect an immediate resolution.
Sector interests say operators other than Macau have been affected, based on anecdotal evidence.
Macau Managing Director Matthew Chinn and General Manager Francisco Mignott told the Financial Gleaner that Scotiabank Jamaica gave the company a month to find another banker, without a full explanation as to why their accounts were being shuttered.
"They didn't even give us a reason. They came by twice, said they wanted to know about our regulations; then in September of 2015, they sent a letter saying they are giving us a month's notice that they are going to close our accounts," Mignott said.
The Macau managers spoke to the Financial Gleaner about their experience on the margins of last week's Gaming Industry Summit held in Kingston. They went on the record following an in-conference address by Finance Minister Audley Shaw, who raised the de-risking issue in the context that the actions by the banks could end up pushing the gaming sector back underground.
(Jamaica Observer) Could Jamaica be the next Caribbean country to profit from oil, following recent finds in Guyana?
George Cazenove, Head of Communications for Tullow Oil plc, says exploration in South America continues to be an area of strong interest for Tullow and other industry parties.
The recent Guyana oil find has increased interest in the region, he stated, but noted that Tullow is already in the ground in that nation where it is particularly focused offshore on low-cost, light oil plays which can be targeted with simple wells.
“In early 2016, Tullow’s substantial acreage position in the Guyana basin was further strengthened with the award of the Orinduik licence, immediately updip of the significant Liza-1 oil discovery made by Exxon in 2015,” Cazenove told the Jamaica Observer in a recent interview.
(Trinidad Guardian) Chairman of the Economic Development Advisory Board Dr Terrence Farrell says the business community is doing little to advance the welfare of the country and has even been creating some of the problems that exist today.
“There is inertia on the part of the business leaders. The private sector in T&T has been doing the same thing, buying and selling and putting a mark up for the last 200 years. There is no innovation, they are not conducting R&D. They are looking for the best deals they can get from Japan and China to import to mark up. That is inertia and poor work ethic on their part,” he said yesterday at the launch of the 2016-2017 Global Competitiveness Index Rankings at the Arthur Lok Jack Graduate School of Business, Mt Hope.
Farrell, who took part in a panel discussion at the launch, said while T&T’s macro economic problems are a result of external forces, there are other issues that can be rectified.
SAN JUAN, Puerto Rico (AP) -- Scotiabank filed a lawsuit against Puerto Rico's government Wednesday seeking repayment of a multimillion-dollar loan despite a debt moratorium imposed amid an economic crisis.
The Canada-based bank's Puerto Rico operation argued in the filing that the moratorium is unlawful. It said it loaned the island's Metropolitan Bus Authority nearly $38 million in 2012 and accused the state agency of not making any payments since November 2015.
The lawsuit marks the first time that the U.S. territory's government is sued over a loan and not over bond payments since the governor declared a $70 billion public debt unpayable last year.
GUANICA, Puerto Rico (AP) -- Puerto Ricans are buying rice produced on the island for the first time in nearly 30 years. They are also eating locally grown mushrooms, kale and even arugula, along with more traditional crops such as plantains and pineapples.
The U.S. territory is seeing something of an agricultural renaissance as new farms spring up across the island, supplying an increasing number of farmers' markets and restaurants to meet consumer demand for fresher produce.
Farming has become one of the few areas of growth on an island struggling to emerge from a 10-year-old recession and a still-unfolding debt crisis. The most recent statistics from the governor's office show farm income grew 25 percent to more than $900 million in 2012-2014. The amount of acreage under cultivation rose 50 percent over the past four years, generating at least 7,000 jobs.