The Eastern Caribbean Central Bank (ECCB) has published its Annual Report and Statement of Accounts for the financial year ended 31 March 2016.  

The report highlights the work undertaken by the Bank during the 2015-2016 Financial Year to maintain financial sector and monetary stability and to promote money and capital market development. 

In addition, the report presents the Bank’s new Governor, Timothy N. J. Antoine, while paying tribute to The Honourable Sir K Dwight Venner who served as Governor from 1989 to 2015. The Bank’s new mantra which depicts a celebration of the core values of the Bank; a change in the Bank’s culture; and a call to collective action for all staff is also highlighted. 

The ECCB’s 2015/2016 Annual Report can be accessed from the Bank’s website at www.eccb-centralbank.org  

 

(Reuters) A relief plan to help Puerto Rico address its $70 billion debt cleared a critical hurdle in the U.S. Senate on Wednesday, getting the super majority it needed to advance to debate and a final vote this week.

The measure, which got 68 votes, is identical to the plan passed by the House of Representatives earlier this month, as Congress tries to send it to President Barack Obama to sign into law by July 1. That is when Puerto Rico faces a potential default on a chunk of its debt if it cannot make a $1.9 billion payment.

(Demarara Waves) Guyana is preparing to pass new legislation, tighten existing regulations and establish a new oversight body to govern the still lucrative oil and gas sector, according to a well-placed source.

The proposed regulatory board for oil and gas is expected to include representatives from civil society, the opposition and government, rather than just the minister responsible for petroleum. “There is too much power in the hands of the minister,” according to the source.

Disclosure of the new regulatory mechanism for oil and gas comes as American oil giant, Exxon-Mobil, continues work on Liza 2 offshore Guyana to conclude the overall size of the reservoir that preliminary estimates are  700 million barrels.

With commercial oil production set to begin in less than five years, sources said Guyana is getting assistance from the United States’ Energy Governance Capacity Initiative, the Mexican Petroleum Institute and the United Nations Development Programme , the United Kingdom-based think-tank- Chatham House- and The Commonwealth to put in place a raft of new laws and regulations. They include amendments to the Petroleum Act, enactment of the Sovereign Wealth Fund legislation and accession to the Norway-based Extractive Industries Transparency Initiative (EITI).

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(Trinidad Newsday) Years after the financial crash of 2008, the Government is still paying out millions of dollars to Clico/CL Financial affected customers, according to the latest bailout report tabled in Parliament last Friday.

The Eighteenth Quarterly Report of the Central Bank as at March states the Bank had to intervene in the corporate group as “the institutions were not maintaining high standards of probity or sound business practices.” The report stated there were 12,020 eligible STIP (short-term investment product) holders with products valued at $347 million in relation to people with balances of less than $75,000. 

“Over the period March 1, 2011, to March 22, 2016, $335.6 million was paid to the 11,126 STIP holders who applied,” the report states. 

“These represent 96.7 per cent of the total value outstanding. There remain 7.4 per cent of STIP holders who have not applied for the offer. This represents 3.3 per cent of the original outstanding liability.” In relation to the implementation of a 2015 resolution plan, it noted further payments. 

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LONDON (AP) -- European stocks and the pound fell further on Monday as concern grew over the potential economic costs of Britain's vote to bring its country, the world's fifth-largest economy, out of the European Union.

The British pound, which last week plunged to its lowest level since 1985, dropped another 2.4 percent to $1.3352, despite the British Treasury's reassurances that the economy was strong enough to withstand the uncertainty.

European stock markets added to their painful losses from Friday, when concern over the vote outcome wiped out $2.1 trillion of stock value from Hong Kong to London to New York.

Britain's FTSE 100 was down 1.3 percent at 6,056 while Germany's DAX shed 1.3 percent to 9,434 and France's CAC 40 dropped 1.3 percent as well to 4,053.

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